One Insurer reduces Victorian Fire Services Levy

We are now over 6 weeks into the so-called “transition year” of the removal of Fire Services Levy on insurance in Victoria and yet there is still no legislation before parliament nor any word as to when it will be released. Meanwhile the first of the Insurers that increased the Fire Services Levy following advice that there would be no gentle phasing out of the […]

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ISR Additional Benefit # 3 – Fire Extinguishment & Mitigation Costs

This week we look at the 3rd of the additional benefits provided by the Australian Mark IV Industrial Special Risks (“ISR”)Policy. The wording of this benefit reads: “Subject to the liability of the Insurer(s) not being increased beyond the Limit(s) of Liability already stated herein, the Insurer(s) will also indemnify the Insured for:… (c)       Costs and expenses necessarily and reasonably incurred for the purpose of extinguishing […]

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The same question popped up twice today on Additional Increase in Cost of Working

I am taking part as a speaker in an insurance industry conference being hosted by TIO in Darwin. Over half the personnel engaged in general insurance are attending which is a great result and a testament to the organisers. At the conference I was asked a question on Additional Increase in Cost of Working and last night when I got back to my apartment I […]

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Lack of transition legislation on Victoria FSL continues to cause confusion and concern

As if the huge amount paid out by insurers and underwriting agencies due to the spate of natural disasters in Australia and New Zealand has not been enough disencentive for Lloyd’s and insurers in general to do business in Australia, we now have the ongoing problem of being 6 weeks into the so-called transition year for the removal of the fire service levy in Australia, and we still do […]

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Insurance & Risk Management to be taught in US school

I have been over in the United States this past week and in London for a few days before that working on taking the LMI electronic services into both countries. BIcalculator has been in the UK for a year and is gaining more and more support. We introduced PolicyComparison in May and already we have a good following and on this trip we signed up our […]

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ISR Additional Benefit # 2 – Government & Statutory Fees

The second of the Additional Benefits afforded by the Australian Industrial Special Risks Policy is Government & Statutory Fees. The wording of the benefit reads: Subject to the liability of the Insurer(s) not being increased beyond the Limit(s) of Liability already stated herein, the Insurer(s) will also indemnify the Insured for:… (b) Any fee, contribution or other impost payable to any Government, Local Government or […]

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New Zealand Government to review Fire Service Levy

My campaign to remove fire service levy from insurance was not confined to Australia but included New Zealand and it was with real delight that I heard that the NZ Minister of Internal Affairs Chris Tremain announced a review of the functions and funding of New Zealand’s fire services. The announcement reads “An independent panel will provide advice on how New Zealand can have a 21st century […]

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Blog Question – Goodwill

I received the following question on the question of : Hi Allan I’ve been approached by a financier, acting on behalf of a client leasing a motel. A couple of clauses on the contract have raised concerns for the client. Email from “My client is purchasing the Leasehold to the motel, and we are lending them money to fund the purchase ($2m+).  The main points […]

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Is Business Interruption all Greek to you?

My best selling book, Business Interruption Insurance and Claims is being translated into Greek as there is no book available in that country in the native language to train and guide brokers and underwriters. Vassilis Vatsas of Fair Consulting contacted me and said that after reading all the books on business interruption mine was the clearest and easiest to understand. I was really pleased to receive this […]

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Blog Question – Differences between the Mark IV and Mark V ISR wordings.

I received this email overnight from the “Ask me a Question” area of the blog. Hi Prof. Manning, Wondering if you can help me explain to acolleage the major differences between a (standard) Mark IV and V wording, I understand it is the way in which the policy operates not the more recent wording that needs to be taken into account. I would also love […]

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