Keep an Eye on the Wordings

Metaphor Compare Apples To Oranges LightJust a gentle reminder that not all policies are the same. Sometimes it really is apples v oranges.

Yesterday I dealt with a business pack where the public utilities section did not include telecommunications. Phone and data are vital to the vast majority of insured’s today and to not have this written into the base wording is a serious gap in coverage.

The ISR which was written before the internet does not cover it, but any one of several endorsements will correct this. The most popular being UTILAXB4.

The next issue is the definition of flood. Despite the ICA and Federal Government (Bill Shorten) coming to an agreement on a standard definition, some home and contents policies and a strata policy which was brought to my attention by Peter at Scott Winton during a visit yesterday, worry me. This particular wording is one of the narrowest I have seen and takes away claims that would normally be paid as rainwater.

This sort of thing worries me as I can see the entire industry getting dragged through the media after the next major flood when people who thought they were covered, find out they are clearly not.

Remember to use if you have access to it as this will quickly show the differences between policies.

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