Over the next few weeks, I thought I would go over one of the additional benefits provided by the Industrial Special Risks (“ISR”) Policy. We start with the first of the additional benefits, architect, surveryor’s and similar fees. The exact words of the Mark IV wording are: “Subject to the liability of the Insurer(s) not being increased beyond the Limit(s) of Liability already stated herein, […]
More on Extra Costs of Reinstatement
I had many requests for a full copy of Howell Swanton’s paper on Extra Cost of Reinstatement. I attach a copy of the full paper, as follows. Thanks again to Robert Riddock for providing a copy. Extra costs paper
Today Tonight miss the point
During the week in Victoria (hopefully just there) Today Tonight ran an article on the differences in price of insurance going so far as to critisise some of Australia’s largest multi brand insurers for having different prices within their own stable of brands. This reinforces one of the biggest urban myths about insurance. that is, all insurance policies are all the same. The reality is as anyone in […]
Taxes are damaging business
I travelled down to the Gippsland this week to build a business continuity plan using www.continuitycoach.com for a small manufacturer and then complete a review of their insurances for their insurance broker. It disappointed me to learn that the business had decided to stop exporting to countries such as Singapore, New Zealand and the United States due to a combination of a hike in the cost […]
More Victorian businesses elect not to insure due to absurd FSL rates
On Friday I visited a broker in Ballarat to provide training to their staff on PolicyComparison, BIcalculator and RiskCoach and heard several cases of where Insured’s are, as I had early in the week, elected not to increase their sums insured or worse still elected not to insure at all. This is extremely worrying for not having property insurance is one thing but where a […]
Cost of bricks increases
As predicted (see http://www.allanmanning.com/?p=1350) the cost of many building materials has increased since July 1 due to the Carbon Tax. The latest that I am aware of is clay bricks which have increased by $40 per 1,000 by some manufacturers. What I found interesting is that as the ACCC is taking such a keen interest in all things Carbon […]
US hit with large storms –
A widespread severe weather outbreak killed at least three, and affected several U.S. states today, including Pennsylvania, Ohio, as well as some Southeastern states., the Midwestern U.S., and states of the Mid-Atlantic and New England regions. Notably higher damage concentrations were found in the Northeast, including New York, Pennsylvania, New Jersey, Ohio, and Connecticut. The storm front was described as a “Derecho”. A “Derecho” is a wide, long-track […]
This week’s posts
It has been quite a week and Thursday in particular was quite a day. First up, on Thursday, I attended the ANZIIF Insurance Industry luncheon and was formally acknowledged as an honorary life member. That same day, the Midway Club, a Victorian based insurance club bestowed the Feat of the Year award on me for my work on the fire service levies and for my recent text […]
Overseas Customers and Suppliers Extension
A broker contacted me for advice on insuring the risk of a related New Zealand based business effecting an Australian businesses insurable gross profit. The endorsement the broker had tried to use which was rejected by the Australian Insurer was: Customers and Suppliers – Unspecified Unspecified property at the premises of Your suppliers or customers of goods or materials or services (other than those services provided […]
Complaint to Victorian Sitting Member
This is a copy of an email sent to one Victorian sitting member on the issue of Victorian Fire Services that was shared with me. Dear Member, I rang your office 2 weeks ago to express dismay at the approach being taken by Government to the change from insurance levies to council levies in Victoria. Your adviser seemed to think this was a non event. […]