Compulsory Third Party Insurance Explained

Compulsory Third Party Insurance Explained

When the statistics came out showing just how few people understood Compulsory Third Party Insurance, it created quite a discussion with several of my longest standing friends. Within LMI, there are a number of our staff who have been involved in motor vehicle accidents where the third party had no insurance at all. The worst was an overseas student, who had borrowed a friend’s car, […]

Read Me

The emotional & financial stress following a major loss

The emotional & financial stress following a major loss

Gary Price, our Tasmanian Manager with over 50 years of experience in the industry wrote to me after reflecting on a new total loss claim he is involved in. “I have a total loss fire with a modest sum insured $430,000. No issues regarding policy indemnity. The claims officer wants the premises valued as they consider the premises was under insured and want to apply average. You can […]

Read Me

Are fines imposed on SME’s for data breaches fair?

As from 23rd February 2018 legislation now requires that Australian businesses report data breaches. I have heard that there have already been an average of 10 notifications a week but this figure was on social media and I have not been able to verify the number. I appreciate that we all have a duty to protect the personal data of our customers and employees but I […]

Read Me

Alarming Trends – Part 1: Indemnity Periods

Over the past month or so, I have been inundated with questions regarding moving from reinstatement and replacement conditions to indemnity, in reducing Sums Insured and reducing indemnity periods. Over the next couple of days, I will address each of these and I will start today with Indemnity Periods. Back when I first wrote my blue book on Business Interruption insurance in 2001, I was […]

Read Me

Another broker angry at the NSW Government

I received this email last night and it mirrors many phone calls and emails I have received. “The NSW ESL Insurance Monitor has now gazetted a new Section 30 Notice which requires premium comparisons to be provided with renewal invitations and renewal schedules for residential property insurance in NSW from 1 July 2017.” At what point does the State Government pull their head in & […]

Read Me

Happy to see some relief for Insurance Taxes in NSW (unless there is yet another back flip)

New South Wales Treasurer Dominic Perrottet says the state’s 2017 budget will relieve cost pressures for 600,000 small businesses in the region through the reduction of red tape, including by axing insurance duty on a range of policies for businesses with annual turnover of $2 million or less. As an aside, I am convinced governments want businesses to stay small for as soon as you […]

Read Me

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 […]

Read Me

46 years on: a lot has changed, some good, some not so good.

46 years ago, today, I started as a claims officer at the General Accident Fire and Life Assurance Corporation in Brisbane straight from high school. In that first year I assisted in handing claims from Cyclone Ada which hit the Whitsundays in 1970 and later in 1971, it was Cyclone Althea that hit Townsville. Fast forward 46 years and we are back handling claims not […]

Read Me

Blog Question on Landlords seeking the tenant to arrange the building insurance

Over the past week I have had two similar questions on how to name the landlord on a policy of insurance where the tenant is required under the lease to arrange the insurance. Before I answer this particular question, I would like to share my views on the approach by landlords to not just have the tenant pay for the building insurance but arrange it. […]

Read Me

Lessons learned from a fire in Brisbane – Part 1

On the 350th anniversary of when the Great Fire of London was finally brought under control and extinguished, a fire in Paddington, a suburb of Brisbane, destroyed two homes and damaged two others. Two differences between now and then is that we now have permanent fire brigades with excellent equipment and highly trained staff protecting our cities and major towns and we also have fire insurance to […]

Read Me