Terrorism Cover for High Value Residential Strata

I have posted a couple of articles of late, in response to the G20 meeting that is going to be held in Brisbane shortly. I just want to give brokers and body corporate managers a gentle reminder. With commercial strata, the insurance that is arranged attracts a terrorism levy, with the levy going into the Australian Reinsurance Pool Corporation. With residential strata up to $50 million […]

Read Me

A Reminder to Have Contents Insurance #insurance

My daughter Susan received the following text last night from a study buddy from her university in the US. “A fire started in the building next to mine and spread to my flat. I was awake and got out with my cat but the damage is terrible and I have no where to live. Vanessa” Other students at the university came to her rescue for […]

Read Me

Exclusions for War, Rebellion and the like Under Travel Policies

Some travel agents are advising their clients that their travel policies do not cover any losses arising through the terrible events leading up to the loss of Malaysian Airlines ML17. A week or so back, I looked at exclusions in respect of acts of terrorism and the war exclusion was raised today at a conference I am speaking at. (ANZIIF’s Industry Insight 2014 in Redcliffe, […]

Read Me

Look Forward to Catching up with Those at the ANZIIF Insights

I have been invited to speak twice tomorrow at the ANZIIF Insights being held in Brisbane tomorrow, 28th July 2014. My topics are “Avoiding the Pitfalls of the ISR” and “Social Responsibility -v- Claims Leakage“. The second is designed to be challenging and spark debate.  Both sessions will run for 90 minutes. I look forward to catching up with those that are attending in my […]

Read Me

Blog Question on the need for Professional Indemnity Insurance

The question put to me was: Hi Allan We have a client whose activities include, Alarm installation (no consulting, manufacturing or importing alarms). Where does the client stand legally if they are not charging a fee for advice or recommendations and there are no reports issued? Would you still recommend a PI policy? I had a look at LMI’s Risk Coach, which says the exposure […]

Read Me

Thanks and without wishing to push the friendship, could I ask for more?

I would like to thank the just over 1,000 people that responded to our claims survey. I have closed this one off today and am now wading through the 240 page report that it has produced and will put the results up on ClaimsComparison.com. I am sure insurers will find the results and some of the constructive commentary very beneficial. The only thing that (for some […]

Read Me

Blog Question on the Asbestos Exclusion

I received the following question: #insurance #liabilityinsurance #casualtyinsurance #asbestos Hi Allan, I am trying to establish when & how the asbestos exclusion clause was introduced to the Australian Insurance market. Any direction you may provide in this instance will be appreciated. Kind Regards, Andre [surname and email provided] I wrote back to find out on what type of policy, as there are exclusions in both […]

Read Me

Blog Question: If damage occurs during the Brisbane G20, would it be classified as terrorism?

This is a question that has been asked of me many times of late, particularly since the downing of ML17 as there is concern that there may be even more protests that originally thought. The position is that there is not an industry standard exclusion for terrorism, but most are very broad in their application. With commercial premises, Insured’s pay a terrorism levy that goes […]

Read Me

Misinterpretation of the Adjustments Clause in Business Interruption Policies

This article is a follow up from Monday’s posting. The basic premise of the majority of Business Interruption policies is to indemnify the Insured. This means, in simplest terms, to put the Insured back in the same financial position they would have enjoyed had the disruption not occurred. The basis of settlement and a number of clauses such at the “Savings Clause”, are included to […]

Read Me

Blog Question: Will the Declaration of the ML17 Crash Effect Travel Insurance Claims?

This morning on the news it was reported that the Australian Government may be declaring the heinous attack on the Malaysian Airlines flight ML17 as a act of terrorism. In our industry, this leads to the question as to whether this will effect claims under travel insurance policies. Travel policies are available under three broad categories. Corporate/Business Travel policies Personal Lines/Consumer travel policies Travel cover […]

Read Me