A follow up question to my article yesterday on storm and tempest v storm surge. Hi Allan Thanks for your article today. Very informative as usual and I like your style which makes it all sound so simple but I know it comes from a lifetime of research. Sally [surname and email provided] Hi Sally, Sorry I did not explain that yesterday but I felt […]
Blog Question: Storm and Tempest v Storm Surge
This is not the first time I have been asked this sort of question and so it is long over due that I answer it on the blog Hi Allan How can an insurer not pay for storm surge when the proximate cause is storm and tempest which is insured? Can you please explain how all this works? Simon” [surname and email provided] The same […]
Tax Agents are Being Warned they are a Target of Thieves and Cyber Crime.
The Australian Tax Office has sent out a warning to tax agents that criminals are targeting tax practitioners to steal details of their business and their client base. A link to the warning, which includes a video on the issue can be found at: http://www.ato.gov.au/Tax-professionals/News-and-updates/Latest-updates/Fraud—it-can-cost-you/ These thieves have used this stolen information to, among other things: create false payment summaries; lodge fraudulent returns; and obtain fraudulent […]
Blog Question: Is There any Difference Between These Two Additional Increase in Cost of Working Clauses?
I received this question on the wording of Additional Increase in Cost of Working covers. Hi Allan I have 2 wordings I am trying to compare : CGU Item 3. Increased Cost of Working. The Cost of further expenditure not otherwise payable under this Section, necessarily and reasonably incurred during the Indemnity Period in consequence of the Damage, for the sole purpose of avoiding or […]
Blog Question: Customers Goods Under an ISR Policy
Hi Allan, Just wanted some advice on the below. This is my cluster group’s standard ISR sub-limit schedule. [note I have withheld the full list as it is commercially sensitive information] Customers Goods is sub limited to $50,000, I was wondering the reason for this? I would have thought the description of Stock includes Customers Goods. Is there a good reason why the standard sub limits then restricts […]
Accidental Damage v Unspecified Damage v Specified Damage
This is the second in a series that looks at just some of the issues that I found in reviewing a ISR schedule for an Insured. During my review I noticed that under the Limits of Liability there was what was supposed to be a Sub-Limit of Liability for $1,000,000 for Accidental Damage with no definition for ‘Accidental Damage’ on the Schedule and then later […]
QBE revise the Fire Service Levy
I learned today that QBE Australia had revised its Fire Services Levies (FSL) for risks located in the areas protected by the New South Wales authorities effective 15th March 2014. The announcement advised that any new business quoted by QBE on or after that date will have the new FSL rates applied. QBE also advised that the levy for NSW includes the statutory contributions system for the funding of […]
Limits of Liability v Sub-Limits of Liability v Schedule of Declared Values
I was recently appointed by the Chief Financial Officer of a company to cast a fresh pair of eyes over their insurance program. As I was going through the Industrial Special Risks (“ISR”) schedule I noticed a number of issues that needed to be remedied. Without wishing to embarrass anyone, I will discuss a few of these over the next few posts, particularly those that […]
Introducing LMI Forensic
Following on the overwhelming success of LMI Legal, a legal practice specialising in insurance issues, I am pleased to announce the launch of LMI Forensic, a specialist unit within LMI, trained and experienced in both finance and accounting in all things insurance. The team is headed by Revell Weightman who has been with LMI for the past 4 years in LMI Claims Services before being promoted to […]
Co-Badging of eBooks proving popular
Since their launch in the third quarter of 2013, a number of brokers have sought to co-badge/dual badge the books with their logo and to have the brokers name incorporated into the text throughout the book. LMI charge the very modest fee to do this work and it is then able to be hosted on the brokers website. The brokers who have made the investment […]