One of the great things about LMI’s role in assisting claims is the appreciation that our customers show. Every week I receive one or two emails thanking us and or complimenting the team on our service. I thought I would share those from the past week with readers. The first involves a business interruption claim where through the help of our claims expert Derek Jorgensen, the […]
Is it any different in Australia?
More than four in five Americans (81 percent) know that a standard homeowner’s policy does not cover flood damage, according to new research from Bankrate.com. However, a similarly vast majority have not acted upon this key information. In the US only around 14% of households have flood insurance. After all the poor publicity that the Insurance Industry received in Australia following the 2011 Brisbane Floods I […]
A good news story for a welcome change
After getting so frustrated and angry about the lack of flood mitigation, here is an uplifting video that shows why the right insurance, including business interruption insurance is so important. Look at the faces of the Insureds and please consider the coverage afforded by the policy, the financial strength rating and most importantly the claims service when considering which policy to take. http://www.youtube.com/watch?v=Lq1DHzOXxWU&list=UUjhEx7nh9g8l6cO-0JU8l_g&index=1 The final point I would […]
The cost of recent storms in the US and Australia
Insurance regulators in New Jersey and New York — the two states hardest-hit by Superstorm Sandy — report that insurers have settled 93 percent of the claims they received in the wake of Sandy, according to the US Insurance Information Institute. Bearing in mind this storm only occurred back in last October that is a super human effort. More than half of the 1.5 million […]
News Corp claim under their Directors and Officers Policy
On Monday 22nd April 2013, News Corporation advised that it had recovered $139 million in insurance proceeds in a settlement with shareholders over the board of directors’ actions related to the company’s phone hacking scandal and its acquisition of Shine studios. The company said the money would come from insurance policies held by members of the board who were the defendants in the suits. While this matter did […]
FSL Monitor Draft Guidelines
Prof. Alan Fells, the monitor of the Victorian Fire Service Levy transition has prepared a sets of draft guidelines on misleading conduct, and price exploitation. He has also prepared a webinar on the subject. Here are links to them. FSL draft price exploitation FSL monitor draft guildeslines on misleading conduct Tough new guidelines for insurance companies
Congratulations to Insight Award Winners
I had the honour of speaking at this year’s Insight Conference in Cairns last week. This, was the 12th or 13th year I have done so. At the final dinner, three awards were presented and I would like to congratulate the winners and the finalists that all did so well. Simplex Insurance Solutions broker Samantha Baker won the Norm Dyer Award of Excellence. The award, […]
Is a 12 month Indemnity Period long enough? Far too often it is not.
While the length of recover for every business is different, it is my experience that in more and more claims, 12 months no longer cuts it. As I explain under the heading: “How long should I Insure for?” on LMI BIcalculator (http://www.bicalculator.com/KC/kc1.aspx?id=39) there are a number of factors that need to be considered. (Remember brokers, you can copy and send a link to your clients […]
Man Made Catastrophes – Texas explosion in hindsight
I have been travelling around Australia as part of the Zurich Zenith Forum and one of the issues that we have been discussing is whether flood is a man-made or a natural catastrophe. My own view, as explained in previous postings is that flood plains are for floods and not for homes, factories and shops and that when developers and local authorities allow development in […]
Caution in Premium Funding Directors & Officers Liability Insurance
One of the areas of coverage that is available, but not always, under a Directors & Officers, or Management, Liability Policy is for insolvency. Particularly in these tough times companies do go into liquidation and this can create an risk exposure for the directors from creditors and perhaps shareholders. It is at this time that the directors and senior officers of the organisation require the protection afforded by […]