Picture a high rise apartment building and a young student renting a one bedroom unit on an upper floor. He goes out leaving a candle burning which causes a fire. The fire is quickly extinguished by a sprinkler fitted into the ceiling. The big problem occurs with the volume of water pumped out by the sprinkler which not only floods his apartment but dozens in […]
Why the witch hunt by Fells and the Victorian Government on the past while ignoring the future?
I have had half a dozen property owners and brokers representing them complaining that the Fire Services Levy “FSL” on residential strata is too high. I am not sure that this is correct when you consider the FSL that was being paid on the building and the contents (where insured) on all the units. With the amount of capital improvements such as fire stations and […]
Water water everywhere
At the time of writing reports are coming in that there is record flooding in southern Alberta, Canada. Already this has caused extensive damage and sadly cost four people their lives. The flood event follows a period of prolonged and excessive rainfall in the region. It has been reported that more than 100,000 residents have been evacuated due to the dangerous flood conditions, with around 75,000 of those residents […]
Glad to see that ASIC are looking at funeral insurance
Wherever I seem to be, whether it be in a plane or watching the odd bit of TV I seem to be bombarded with advertisements for funeral insurance. On the one hand I have been a beneficiary of the cover, for when I was 13, my father died and he had cover in place which meant my mother did not have to pay for the […]
Podcast on Sub-Limits
As mentioned a week or two back I intend posting some podcasts on various insurance topics and where appropriate I will discuss an issue with an industry expert. This first one, well technically the second if I count the one I posted a few days ago on the responsibilities of directors that appeared on television, [see http://www.allanmanning.com/?p=3152] is on Sub-Limits and I am joined in the discussion with […]
Well done GIO on your Business Interruption Insurance campaign
I have heard a couple of different advertisements on the radio pushing the need for business interruption insurance that have been promoted by GIO Insurance. What I like about them is that they explain the importance of the cover with the ads focusing on protection not price or ease of insurance. While I hope the campaign does well for GIO, I am also hopeful that […]
Blog Question – Goodwill/Lease
I received this question this morning via email. Hi Allan Sorry to annoy you as I know you are a busy man but I’m chasing some information on Business Interruption ? I have a potential client that is leasing a motel. He has asked the following question – I have paid $1M for a 4 year lease. I wish to take out BI cover but […]
The unintentional consequences of speed bumps
Following on from my above post on OH&S gone a bit over board, I question the benefit of speed bumps with a 20 kilometre warning sign in so many streets where the posted speed limit is 50 or 60 kilometres per hour. Add to these the proliferation of small traffic islands, chicanes, and roundabouts, I question the extra wear and tear it is on cars, […]
I am just do not know how I survived in this dangerous world so long
Last weekend I decided to shout my wife and I a finger bun between us to enjoy with a coffee. Big spender I hear you say! I asked the young lady serving me if she could cut the bun in half but she explained that this was not possible as it was against occupation health and safety guidelines. I did not say anything and ended […]
When is flood insurance not flood insurance?
There are some floods where the water is flowing so strongly homes are knocked off their stumps, doors and windows smashed etc. such as we all witnessed in the Lockyer Valley floods in Queensland during 2011. While such floods do occur, it is my experience in handling flood claims since the early 1970’s located all around Australia, that more frequently in this country, the flood water rises […]