This is the headline from ABC News on the 23rd February 2012. To read the entire article please go to http://www.abc.net.au/news/2012-02-23/insurance-ombudsman-urges-staff-training/3847102. In a nutshell Ombudsman John Price told AM there must be a greater focus on training and communication in the industry to ensure frontline staff provide customers with clear information. Policies do not clearly inform individuals, and it’s not only the consumer that’s confused […]
Local v absent claims departments and other claim service considerations.
There is a cost to an insurer to have claims departments in each state and or territory in Australia. To reduce costs many insurers have centralised their claims department in one or two states while some insurers have elected to use a Third Party Administrator or Claims Management provider. (Claims Management should not be confused with Claims Preparation or Loss Management). After 40 years of […]
The importance of contract review and product recall cover
I received a call early in the week from a business owner (the Insured) who was being sued for failure of their product and had been told their insurance program would not respond. The background of the case was that the Insured was a company that mixed food stuffs under contract for a major manufacturer. They entered into a long term contract for this work […]
Insuring wages – Why is it so important
My wife has 6 brothers and a sister all of whom along with their families mean the world to us. One of my brother-in-laws rang yesterday to wish my wife a happy birthday and during the course of the conversation it came out that his wife, the sole breadwinner for the family had lost her job due to damage to the shop in which she worked along with a […]
Australian Industry Stats on Natural Disasters and Claims – what it means.
I spoke at a conference and several professional development days in the last week and shared with the group the latest industry statistics on the cost to the insurance industry arising from the natural disasters in Australia during 2011. I share them with you in the attached slide. Presentation2 I also attach a page from the ICA’s latest statistics on premiums and claims incurred to 30 September […]
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 […]
LMI Group turns 13 – a time for reflection
LMI turned 13 this weekend, having been founded by me and starting operations officially on 25 February 1999. We have done a lot of growing up in that 13 years and we continue to do so bringing skilled people into our business not only to do our core businesses of claims services, risk management, business continuity, knowledge management, and training but also to support those that […]
Take Care When Choosing Professional Indemnity Cover for Manufacturers
I was recently asked to review a Professional Indemnity claim that had been denied by the insurer. A lawyer had looked at the wording of the policy and had described the cover as a ‘Clayton’s Cover’. For those who cannot remember the advertisement from the 1960s to 1980s advertising non-alcoholic spirits, Claytons was the drink you had when you were ‘not having a drink’. In […]
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 […]
Troubles with Insufficient Sum Insured
Protect your assets with good quality insurance Here is the second question. Again it is from overseas, which makes it a bit more difficult to answer but the principles should be the same. Good Day, My wife and I purchased, in 2003, American Family’s best policy they offered. A Form V, Gold Star Policy. We have never denied coverage or failed to report any […]