Question on the Definition of Payroll

I received this question seeking clarification on the definition of Payroll from an Australian-based insurance broker. Hi Allan. Just a refresher please. Quite often we ask our clients for Turnover, Wages, purchases etc. Wages should include the following: Wages Super Workcover FBT I doubt that many would include these. Am I correct in including them and if so is there anything else I am missing? My […]

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Three Cases of Under-insurance

LMI was appointed on three new business interruption losses in Melbourne this week and in every case the Insured was well under-insured. In one case only 1/3 insured. This in the most hazardous of all businesses! The hard facts are that without a major cash injection to keep paying the bills, this business will soon fail. At least one other will most likely fail while […]

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When will the nonsense stop?

Back on the 4th October 2011 I expressed my concern on the fact that some insurers and loss adjusters were using a single judge decision in the US and applying to the losses arising in Christchurch following the earthquake. See http://www.allanmanning.com/?p=14 The issue there is that some are arguing that the interruption would have been just as bad if their building had not been damaged […]

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US tornados top US$1billion – Minor damage only from latest Japanese earthquake

The latest figures coming through from the US state that the losses from the series of tornados that hit over late February and early March 2012 will top US$1 billion. This means that insurers and reinsurers in the property space have not had any let up with losses. On a happier note there appears to have been no reported loss of life while damage from the […]

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US tornadoes still causing deaths and wide spread property damage

Last Friday, I posted an article (see http://www.allanmanning.com/?p=651) on the tornadoes that have gone through the Midwest  of the United States on 28/29 February that killed 13 people and caused wide spread damage. More have now hit. The latest storms hit central and southern regions of the United States, spawning more than 100 tornadoes that killed at least 39 people and caused widespread property damage. The National […]

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Causes for business interruption to business

RiskCentric a UK based research house and risk management consultancy carry out a survey of businesses as to the cause of disruption to their businesses. They have just published their latest survey results for the period August 2011 to 1 March 2012. Refer www.riskcentric.co.uk. The stastics here while a good guide to reality they are limited by the fact that only those companies that responded to the […]

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Postings revisited

One of the LMI team, Max Salveson wrote to me in relation to two of my recent blogs suggesting some advice in addition to that which I provided and I share them with you in view of their importance. On the issue of Theft of Metals (5th February 2012) http://www.allanmanning.com/?p=484 This one suggests to me that there is a need to leave a further message […]

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SME Businesses Should Consider Developing a Business Continuity Management Plan

Just about every risk management journal has an article about the need for, and benefits of, a small to medium enterprise having a Business Continuity Management Plan. From my own experience in managing insured losses for over 40 years, it is extremely clear to me that the exponents of risk management are correct. With an insured loss, the business owner has the benefit of an insurance […]

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Answer to Question on BI

I received two questions this week on the Ask Me a Question section of this blog. The first one reads: Can I get an expert opinion from you on interpretation of Indemnity period under BI claims. The main issue – Is the actual interruption period is not equivalent to Indemnity period? While there is a BI claim for 7 weeks of interruption (spillover interruptions) out […]

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One Email Makes It All Worthwhile

It takes hundreds of hours to write a book on insurance and with the cost of printing, you never are financially rewarded for the effort that you put in, but that is not why most people make the effort. You do it because you want to help others and make a difference. I was fortuneate enough to receive an email that made it all worthwhile […]

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