Product Recall’s for Australia this week include:
Product Recall’s for Australia this week include:
One of the driving forces for me personally and the LMI Group, where it is enshrined in our mission statement, is to reduce the level of under insurance. We have tackled this previously with products like BICalculator.com, the Australian Building Cost Calculator and the Under-insurance calculator, the latter two available as free apps.
What we have struggled with is the accurate calculation of business assets. We therefore, came up with the Business Assets Sum Insured Calculator, or BASIC for short.
The product was launched yesterday in the United Kingdom, where it is being demonstrated to a number of major insurers in that market. This is the first occasion where we have chosen to launch a new product in the United Kingdom but we are pleased to say we have interest with our first insurer within Australia also.
The product has been in development for many years and we are confident that it will, over time, greatly reduce the level of under-insurance which will be of great benefit to insurers, brokers, insureds and the communities our industry protects.
I head over to the UK this evening to support Steve Manning in the launch of the product, however when I return I am more than happy to show the product to anyone interested.
Latest updates from Product Safety Australia
See Product Safety Recalls Australia for more.
As many of you know LMI have created arguably one of the largest libraries in Australasia of insurance texts and publications. While we do add to it each year with purchases of new books that come onto the market in addition to those by Steve Manning and myself, we do rely heavily on the donations (of books and memorabilia) we receive from insurers, brokers and professionals within the industry who no longer have room for their books and would rather see them put to good use than be thrown out.
The latest lots we received are from Mr James Lording who dropped off 13 texts on Saturday. The books include the early history insurance, the history of some of the insurers and Lloyd’s as well as technical books on marine, construction and bonds. I cannot thank James enough.
Some members of the Victorian based Midway Club also had a clean out which pleased me as what we received from them included many old editions of the Australian Insurance Institute Journals that we did not have in our colletion including volume 1 from 1919 and the next 14 editions. The books included a Accident Tariff (which I was able to assist a lawyer with just after I received it) and an early book on “Profits Insurance” by the famous Mr Honour. Again I would like to thanks members such as Keith Wehl and Ken Davidson who kindly donated the books. Their wives and LMI are all happy!
As always we give the books a very good home after cataloging them. This catalog we keep on the LMI Group website so that anyone in the insurance industry that would like to access them is able to. Details of how to do this on the site.
We also continue to grow our policy library which we have widened beyond Australia and New Zealand and currently has over 20,000 Australian policies alone. Again these are regularly used often when the insurer involved cannot easily find their own policy.
So, if you have any old policies, books or insurance memorabilia that you have been thinking about getting rid of, but would rather they go to a good home where they will be treasured please let me know.
Dear Professor Manning,
Firstly thank you for your blog and books which I refer to almost daily. In my career I have learned more from your writing & seminars than from any other source.
My sister is a geologist and tsunami expert who writes articles & papers about how to prepare for a tsunami. She recently asked me some questions about insurance for which I would greatly appreciate your feedback. In these questions we looked at the cover provided by the Chubb Masterpiece policy wording as a reference.
Allan thank you for reading my email and thanks in advance for your reply.
I could just about start a separate blog for scam alerts there are so many different forms of email and phone scams of late. Here is just one to be wary of.
This week on FM Radio, Triple M, the insurance industry was once again vilified, this time by the hosts of breakfast radio.
The background of the matter was that one of the journalists was hit in the rear while driving across the Bolte bridge, and as a result of the hit, was pushed into the vehicle in front of him. The vehicle that caused the accident, failed to stop and the police nor City-link would assist with providing the registration number of the vehicle that caused the accident.
The insurer, in this case GIO, were criticised because they required the insured to pay the policy excess.
The reality is, a policy excess means that the insured is responsible to pay the first amount as shown on the schedule for any claim under the policy. The size of the excess is reflected in the premium charged on the policy. To make it easier for clients and as a value add, many insurers including GIO, have been waiving the Insured’s need to pay the excess where a third party who was 100% responsible is identified. This probably saves them the hassle of collecting the excess and then refunding it. But for whatever reason, it is to the Insured’s benefit that this process takes place.
Where this is not possible, then in the first instance the Insured is required and should, based on the price paid for the product, pay the excess. If during the recovery process the insurer is able to identify the vehicle and a successfully recovery is able to be retained from the third party, then the excess will be refunded.
As the excess is by definition the first part of any claim, it is only reimbursed when the balance of the claim has been paid to the insurer.
Rather than demonising the insurance industry for the approach taken in this case, all the people who are not required to pay the excess when they can provide the registration number and details of the responsible party, should be appreciative of the no-fault excess process.
With more and more people thinking it is acceptable to hit and run and an increase in road rage, coupled with a continued drop in price, my recommendation is to get a front and rear dash cam fitted to your vehicle and then this whole matter would be avoided.
The last point I would make is that whilst I was not present, I cannot understand with modern seat belts how the journalists chin hit the steering wheel if driving the vehicle correctly.
This week’s product safety recall includes the following:
This week’s product safety recalls are as follows: