LMI Celebrates 15 Years of Service to the Insurance Community

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Today represents the 15th anniversary of when I started the LMI Group.

Several things amaze me when I reflect on this milestone.

The first is just how quick the time has gone.

The second is the size and diversity of the LMI Group of today, compared to the very humble genesis of an idea.

Today the business operates in seven countries and provides loss management, risk assessment, legal and technical advice to the insurance and wider communities.

The wide range of services provided by a highly dedicated and qualified team fall into the following areas:

 

Consulting   eServices
  • Claims Services
  • PolicyComparison
  • Legal Services
  • BIcalculator
  • Financial Forensics
  • RiskCoach
  • Policy Drafting and Reviews
  • PolicyCoach
  • Risk Management including Business Continuity
  • ContinuityCoach
  • Education and Training
  • Publications
  • Under insurance and building cost Apps
  • ClaimsComparison

The senior leadership team of the LMI Group are meeting in Melbourne for the balance of this week, to celebrate the fifteen year milestone and reflect on the huge amount achieved in such a relatively short time. Also, to plan how the business can better serve the insurance and business communities for the next fifteen years and beyond.

I would like to personally thank the team at LMI Group who have taken on the dream and made it happen and also each and every customer that has allowed LMI to be of service.

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Do Not Just Rely on the Construction Policy to Protect Against Liability Claims

bigstock-DIY-tools-set-collage-Isolate-50333078There are a great many trades involved in the construction of a house or other building. Where there are people involved you invariably have human error.

If the error occurs and manifests itself during the construction period, then a good quality Contract Works policy will often cover the resultant damage from faulty workmanship, faulty materials etc. However, to encourage the builders themselves to do good quality work, the cost of rectifying the faulty workmanship itself is typically not insured.

A good quality Contract Works policy will also cover the builder and other named Insureds for their liability that may arise during the maintenance period. For example, a tradesman may come back during this period to remedy a defect and during the course of this visit cause property damage or personal injury. Again, the exclusions for faulty workmanship etc. will apply, but the resultant damage will, or should I say, should be covered.

Quite often an issue can arise where something faulty is done during the construction period but it may not manifest itself for a period well after practical completion. It is in this situation that the vast majority of construction policies do not respond, even those that are annual policies rather than covering a single project.

To fully protect a builder, principle contractor, sub-contractor etc. to have a broadform liability policy in place to cover their work as a builder, tradesman etc. This should if set up correctly protect the insured for damage and personal injury that manifests itself long after the workmanship etc. that gave rise to the damage or injury occurred. The trigger for the broadform liability wording is property damage or personal injury occurring during the period of the damage and is not linked to when the cause of that property damage or personal injury took place.

With all policies it is necessary to understand the exclusions that are in place. For example a liability policy with a blanket (all encompassing) exclusion for faulty workmanship is of little or no value.

The absence of a broadform liability policy for a contractor comes up quite often and hopefully this post will reduce the issue moving forward.

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