This post looks at the inclusion of a “Hot Works” exclusions as a standard in liability policies regardless of the occupation. Before I go into the issues I start with what I mean by “Hot Works”. Hot work is any process that can be a source of ignition when flammable material is present or can be a fire hazard regardless of the presence of flammable material in […]
Why our Industry gets a Bad Name.
This article was passed to me and covers how the insurance industry is featured in the press following the cancellation of a flight, due to a fire on board the inbound aircraft. It is worth a read and will not take long. To do so click here. While this is an article from the United Kingdom, I am sure that if the same thing happened […]
Some things do surprise – 115 changes on BIcalculators!
With year end approaching I was running through some of the statistics of usage and the like of the various LMI eServices. #businessinterruption #bi #insurance Some of the numbers surprise me such as: 1,800 policies reviewed and new comparisons completed for use by subscribers 400,000 comparisons completed by subscribers 3,000 current policy comparisons available at any one time But the one that really stood out to […]
Introducing New LMI Team Members
I am pleased to announce that two new team members have joined LMI in Australia. The first is Russ Nicholas as the new State Manager of Queensland. Russ is a qualified electrical engineer and experienced loss adjuster with over 30 years experience. I have known Russ for over 35 years and am pleased that he has joined me at LMI. Fabio Trisera also joins LMI today as […]
Government Committed to Fund Engineering Assessments of NQ Strata Title Properties
The following is an extract from the 2014 /2015 Federal Government Budget papers. (#nthqueensland #strata #insurance) “The Government will provide up to $12.5 million over three years from 2014-15 to the Queensland Government, to provide grants to bodies corporate to undertake engineering assessments of strata title properties in North Queensland. The assessments are to identify risks that can be mitigated. “The assessments will provide better information […]
Second Report by Australian Government Actuary on Strata Pricing in North Queensland
On 19th May, I mentioned that the Australian Government Actuary had released a report into the cost of strata insurance in North Queensland. http://www.allanmanning.com/report-into-strata-pricing/ Today I learned that a second report has now been issued. Quoting from the Executive Summary, the Government Actuary states: “This current study has confirmed my earlier findings that the steep premium increases experienced in NQ, particularly over the few years leading up […]
Storm Surge – How big can they get in Australia?
This was a question that came up during a training session I was delivering earlier this week. Before I go into the large ones to hit Australia, I would start with a brief explanation as to what constitutes a storm surge. The term “storm surge” may be defined in a policy, say, as part of a policy exclusion. An example is: Excludes actions or movements of […]
Those Chilling Words: “if only” #businessinterruption #insurance #lmigroup
It always gives me great pleasure when I hear a story that one of the research or comparison services that LMI have developed have won an account or proved to have provided the right advice when it was tested at claims time. On the other hand, it fills me with a combination of disbelief and remorse when it could have averted a major problem, but […]
Is the Queensland Government’s $51 Million on Flood Relief too Little?
While it is pleasing that some funds have been ear marked for flood mitigation, I question just how far such a relatively small amount for such a big problem will go. My greatest fear is that it will be wasted on consultants doing studies that will be ignored as in the past and not actually fixing the massive problem facing the state. If you think […]
ACT Government to be Congratulated #insurancetaxes #insurance
I join the Insurance Council of Australia and others in congratulating the ACT Government in honouring their commitment to remove stamp duty on general insurance. In the current budget, see budget paper 2, page 8, Stamp Duty will be cut by one-third this year, and be abolished by 1 July 2016. Thank you Jan [InsuranceNEWS] for sharing the document with me. I continue to hope, forlornly it […]