The 2012 financial year was interesting to say the least. It ended with wonderful news for us at LMI in that 2 of our staff had children this week. First up Prasad a senior researcher in LMI RiskCoach division had a baby girl on Tuesday 26th June. Today, Gloria, our graphic artist who works in both our IT division and LMI Media had a baby boy. I wish both children live […]
The Age continues fight on Fire Service Levy in Victoria
Source: The Age, 20 June 2012 Following up on the article in The Age on 20th June 2012 titled “Fire Levy Abolition Delay”, http://www.theage.com.au/business/fire-levy-abolition-delay-20120619-20m2f.html the newspaper has followed up with another piece by Tom Arup and Madeleine Heffernan under the banner: “Insurance bill fires up farmers”. An electronic copy of this article can be found at http://www.theage.com.au/victoria/insurance-bill-fires-up-farmers-20120629-218ad.html I congratulate both The Age and the two reporters […]
Recent Cases Reinforce the Need to Understand the Product Being Sold
Three cases, one in the insurance press and the other two matters that LMI are assisting on are examples of where the belief that all insurance policies are the same and that all that matters is the price is plain wrong. The first is a matter involving the use of a commercial dive boat that was being used for private purposes at the time of an […]
Today is the 75th Anniversary of the Start of Fire, Police and Ambulance Emergency Number
In Australia it is triple zero in New Zealand 111, in the United Kingdom and many of its former colonies it is 999 and the whole world knows that in the United States (and Canada) it is 911. How it all started This simple but important change to how emergency services are contacted came from an idea from the actions of someone frustrated with the current way of […]
Young Insurance Professionals – Aims, website and more.
While I am not directly involved, I just wanted to spread the word on the initiative of Michael Doonan of Suncorp and others in Queensland who are working hard to establish a chapter of the Young Insurance Professionals in that state. Back in my youth, I was the foundation President of the Young Insurance Group, an off shoot of the Insurance Institute, which was a really great […]
Unusual Plea for Help
Of all the hundreds of requests for advice I have had since starting this blog, the following one is the most unusual. It is looking to track down the insurer of a yacht that got into difficulty and the owner went missing. If you can help, I would very much appreciate it. I will pass on to a couple of people I know in the industry at […]
TIO Shows Great Social Responsibility – Well Done!
The media and our politicians love to knock the insurance industry (Bill Shorten was at it again this week) and yet so many insurance companies, brokers and others in the Insurance Industry do great things over and pay out billions of dollars in claims and put people’s lives back together. Much of the extra work goes into community initiatives that really benefit society and take the pressure […]
Changing technology means changes in insurance.
A Toyota Prius fitted with Google Driverless Technology. Source Google via UK Telegraph Andrew Aisbett, head of IT at LMI Group did his research for the Honour’s component of his Engineering Degree for driverless cars. He worked on developing the technology that would allow this to happen. His research, while only a few short years ago was at the beginning of what was then just a dream. It […]
Well-written Article on the Flood Issue in Australia
I was alerted to this article by Paul George, General Manager of MGA Insurance Brokers. After all the bad press our industry received, it is pleasing to read a balanced piece titled “The Truth is in the Flood Maps” published in The Global Mail on 17 May 2012. Although it starts off looking like another attack on the industry, the final paragraph sums up the quality […]
Blog Question – How best to insure loss of rent?
In response to a question on how best to insure loss of rent, I provide the following answer: It is possible to insure loss of rent under the material damage or the business interruption section of an ISR, or under the fire/property or business interruption section in many business policies. We look at the alternatives and then move on to other areas of interest in the insurance of […]