I was working with our team from PolicyComparison to include key fact sheets on our website moving forward, as I thought this may assist insurers. We are reading and comparing the wordings and to do this is little or no extra trouble. When I went to the website to learn about what was to be included, it dawned on me that the regulation imposing this […]
Understanding Section 46 of the “Insurance Contracts Act”
Like most sections of the Insurance Contracts Act 1984 [Cth Act 80 of 1984] it is designed to protect the Insured. The main point is that an insurer is not able to deny liability for a defect, unless the defect is known to the Insured or ought to reasonably be known to them. The Section, however, does not protect all Insureds. The attached paper by South […]
Blog Question – Cafe tables and chairs on the council footpath
I received this question late last week” “Good afternoon Prof Manning, I have a Liability query. We have an insured who has a cake/coffee shop. On one side of our insured is a restaurant and on the other side there is a dwelling. Our Insured has asked permission from both landlords if they can extend their setting of outdoor tables and chairs (see drawing attached […]
The TIO “Resilience Through Knowledge: A Conference for Insurance Professionals – The Journey Continues”
Following on from the inaugural TIO Insurance Conference in Darwin last year, the conference has become an annual event and will be held this year at the Darwin Convention Centre from Tuesday 29th October until Friday 1st November. It promises to be bigger and better than the last year. TIO, being the responsible organisation that they are renowned for, have again thrown out the welcome […]
Letting the tenant insure the building on behalf of the landlord is rarely sensible
Last month I was involved in a claim, where the owner of a commercial building had a clause in their commercial lease that required the tenant to insure for full value. A second clause required the tenant to insure for Loss of Rent for 18 months. A third clause required the tenant to provide a Certificate of Currency confirming the insurance from the insurer selected […]
Thanks for the great feedback
There are very few major upgrades where there are no glitches, but I am pleased to say that the release of PolicyComparison 2.1 when off smoothly. This is a reflection of the great work of both the LMI research and IT teams involved. Besides acknowledging their great work I also want to thank the huge number of people who have taken the time to check out […]
The need for “contract certainty” # 1 Statutory Fines and Penalties Cover
The need for any contract to provide certainty is, on the face of it, important. This allows each party to the contract to know exactly what their rights and responsibilities are. As a contract of insurance is, to my mind, the most important contract a business owner enters into in their business life, coupled with the fact that insurance is a product that does not […]
The need for “contract certainty” # 2 Claims Preparation Fees
The second area that has to be addressed sooner rather than later is claims preparation fees. Under an Industrial Special Risks (“ISR” ) Policy, the Insured has the right to appoint a claims preparer. The words from the Mark IV, both Advisory and Modified versions reads: Item No. 2 “The insurance under this item is to cover such reasonable professional fees as may be payable by […]
LMI ClaimsComparison has a new home
In addition to delivering the major upgrade of LMI PolicyComparison, the IT team also moved LMI ClaimsComparison site to www.ClaimsComparison.com from the .com.au site. We did try and get the .com domain, in keeping with www.PolicyComparison.com, but it was being sat on by a domain squatter. The original price being asked by the squatter was simply not realistis and so we went with .com.au. This caused […]
Introducing LMI PolicyComparison version 2.1
LMI PolicyComparison is about to celebrate its 10th anniversary. In that time over 3,000,000 comparisons have been done and the service has established itself as an indispensable research and eService tool to our subscribers in Australia and internationally. A major factor in the success of our relationship with our subscriber base is our willingness to listen to our user’s feedback and act upon it to ensure […]