I learned today that one insurer has changed the way that they will be addressing emergency repairs. As it has been explained to me, a restoration company is to be appointed and is to attend in a short time frame. (So far so good but this is where it all goes wrong). If the estimated cost of the works is greater than the paltry amount […]
Why is flood mitigation being ignored by all political parties leading up to the 2013 elections?
With so much loss of life and property damage caused by flooding in Queensland, New South Wales and Victoria, which so far has resulted in over $4 billion of insured losses, probably the same if not more in uninsured losses not to mention the heart ache for so many, it is extremely disappointing to me and so many others that none of the political parties […]
Kind remarks
I have been overwhelmed this week with the number of positive emails, text messages and phone calls congratulating LMI on their lastest service LMI ClaimsComparison. One stood out above all others which really chuffed me. This was from Rob who suggested that LMI really stands for “Loads More Innovation”. What a kind thing to take the time to write and say. Thanks to all who took […]
Why do insurance policies expire at 4pm?
I recieved the following interesting question: Dear Prof. Manning, I am a young professional working in the insurance industry and have a particularly keen interest in insurance contracts and their history. My question relates to the reasoning behind insurance contracts commencing and expiring at 4.00pm. I have attempted to research the matter myself to find out why this particular time was selected but I have […]
Should you show sympathy when the loss could have been avoided?
While on leave recently I called into the Eumundi Markets and struck up conversation with one of the local artists. She asked what I did and then explained that after nearly 40 years of paying for motor insurance, her husband elected not to insure their car. Within two weeks of the insurance expiring he was driving at 6am in the morning. It was raining very […]
So few are adequately prepared and insured!
Flowing on from the post above, it was no surprise that the Federal Government believe that only around 1 in 3 businesses are fully and or correctly insured. http://www.em.gov.au/Publications/Australianjournalofemergencymanagement/Currentissue/Pages/28-3-PreparednessandvulnerabilityanissueofequityinAustraliandisastersituations.aspx While this creates a real threat to the businesses that are not insured or protected by a Business Continuity Plan and to the economy, it also presents opportunities to good insurance brokers who can identify the […]
A new service from LMI Group – LMI ClaimsComparison
As part of LMI PolicyComparison’s 10th anniversary celebrations, LMI Group are pleased to announce the launch today of a companion site, www.ClaimsComparison.com.au. In several of my posts I have stressed that “no one remembers the premium paid once a claim occurs! What counts is the coverage afforded by the insurance policy, the speed and fairness of the claims service and the financial strength rating of […]
Not the crowd to do a hit and run in front of
Today, was a big milestone in the life of my family. My son, Steve got married and it was a wonderful day. The only thing that marred it was that after groom and the three groomsmen were all dressed, the four of them along with an old school friend of Steve’s and I were standing out in the front yard being filmed by by Andi from […]
Congratulations to Joval Group on being Crisis ready
It was a pleasure and privilege for me to present today to the senior management team of the Melbourne based Joval Group with a certificate confirming that they had reached the International Standard for Business Continuity. Joval Group is a diversified company in several sectors including coffee and wine. With wine they are involved in brands such including including Shaw and Smith, Cloudy Bay, and […]
Lessons from Christchurch and Wellington
With Wellington, the major issues that I confronted were that many tenants were horrified to find that their lease transferred the risk of the building deductible to them. Where the vast majority of the earthquake deductibles in this city is 10% of the sum insured at the location. This has meant a significant uninsured loss for the tenant who had not known or appreciated the […]