Natural Perils – learn more about floods, hurricanes, sinkholes, and volcanoes with Disaster Week on SBS

Natural Perils – learn more about floods, hurricanes, sinkholes, and volcanoes with Disaster Week on SBS

Coinciding with the release of LMI’s ContinuityCoach.com Version 2.0 next month, SBS is kindly running a 4 part series of documentaries on Natural Perils. While Natural Perils are only 1 of 12 categories of risk that ContinuityCoach addresses, it is an important one with not all necessarily covered by insurance. Sinkholes: Deadly Drops’ Imagine if your backyard just disappeared one day – falling into a […]

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2 milestones reached today

2 milestones reached today

Today marks the 1,100 article posted to this site. As with all the services that the LMI team and I have developed, it is designed to educate in risk management and insurance, be a sales tool to insurance brokers, and protect the professional indemnity program of advisers. We were recently told that we had done far more to assist brokers in these areas than any […]

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Business Continuity Awareness Week 14 – 18 May

Business Continuity Awareness Week 14 – 18 May

As part of my doctoral research into how small and medium enterprises can, with the assistance of the insurance industry, better manage a crisis, I came to appreciate the benefits of business continuity plans. They not only are of great benefit at the time of a critical event, in that they allow an organisation to manage the crisis better and therefore recover quicker, they also have a […]

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Which small businesses have mandatory data breach reporting obligations? + 1st Quarter statistics

Which small businesses have mandatory data breach reporting obligations? + 1st Quarter statistics

Another topic I have written a lot on is the Federal Government’s mandatory reporting regime. I have been asked many times to explain the obligations on small business and so I outline them below. After that I provide some stats at a high level on the first quarter reporting. From 22 February 2018, the Notifiable Data Breaches scheme (“NDB scheme”) requires a wide range of […]

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The major risks facing business in 2018

Business Interruption, cyber attacks, and natural catastrophes are, not surprisingly to us in the industry, the leading business risks this year, according to more than 1,900 risk experts from 80 countries polled for the latest Allianz Risk Barometer. The survey by Allianz Global Corporate and Specialty reveals that cyber attacks and business interruption remain the leading two risks in Australia. What remains disappointing is that […]

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Product Recalls Australia – 26 September 2017

This week’s product recalls includes the following: Knog Pty Ltd — Knog Frog Strobe Bicycle Light Read more Mazda Australia Pty Ltd — Mazda BT-50 Read more Cyclingdeal — Road Mountain Bike Bicycle Cycling Adult Helmet Read more Lenoxx Electronics Aust Pty Ltd — Electric Blanket Read more

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Finally something a government has done that actually makes sense!

It was really great to read that the Victorian Government has removed stamp duty from insurance on farm policies. Well done! This on top of the removal of Fire Services Levy is a great initiative and makes the vital protection provided by insurance affordable by a segment of our economy who can least afford not to have it. Now if only other governments would show […]

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Business Interruption Issues Series – Part 5 – Time Excesses – Part D – Possible Solutions

After addressing 3 common problems in time excesses last week, I return to the topic with some possible solutions. What is the Answer? I would suggest there are several answers to the problems of time deductibles, and would like to explore three with you. The first is to replace the excess/deductible with a franchise. If the insured business is disrupted due to an event for a […]

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Business Interruption Issues Series – Part 4 – Time Excesses – Part C

  This is the third post in this series on time excesses and the fourth on common business interruption issues that started on Monday 10th April 2017.   I continue the examination of time excesses using another case study. Case Study 3: The Policy will not Cover Losses within the First 48 Hours The third case involves a wording that states the policy will not cover […]

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Recap of week one.

LMI activated its Emergency Response plan on Thursday 30 March starting first in Mackay, Proserpine, Bowen and surrounds and as we were able to gain access, extended this into the Whitsundays. Other teams looked after claims in South East Queensland, Murwillumbah and Lismore. Within this first 10 days, we have arranged for progress payments for close to $40 millions to be made to assist business recovery. This […]

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