I was speaking as part of a Generation Z Forum in Coffs Harbour last week and a broker asked me to run my eye over his calculation for the Declared Value on his largest client. While I prefer to understand the individual risk first, I did make the following observations on two areas that I thought I would share with you. 1. Repairs and Maintenance: […]
Limit v Sub-Limit of Liability on Additional Extra Cost of Reinstatement Endorsement.
I received the following question in respect to the Additional Extra Cost of Reinstatement. It took a bit of research to find the answer and so I thought I would share the findings with you. The question was: Allan, I wanted to pick your brain on endorsement ADDECPC4 which reads: Additional Extra Cost of Reinstatement B (Applicable to buildings, machinery, plant and all other property […]
English Case sets to explain the duty of a broker when it comes to setting the sum insured
In the case of Eurokey Recycling Ltdv Giles Insurance Brokers Ltd [2014] EWHC 2989 (Comm) the broker was being sued when the Insured found they did not have any where near adequate business insurance. Far too often we see the broker being seen as a second line insurer when the Insured find themselves without the incorrect or inadequate insurance. While the case is an English one and is not binding […]
Loss of Water Under an ISR Policy
I was asked to provide an opinion by one of my colleagues who had been appointed as a loss adjuster under a stand alone Business Interruption policy. The circumstances were that a water pipe had failed under a concrete floor and a large amount of water had escaped. As a result, the Insured had received a very large excess water bill. The broker had lodged a claim […]
LMI are Pleased to Announce the Release of Cyber Policy Comparisons
With the release of new cyber security policies into the Australian Market, LMI’s PolicyComparison.com are pleased to announce that, as from today, cyber is the 19th class of insurance being compared on the website. The major policies released so far include: Chubb, Dual and Zurich with others soon to follow. The training module “Points to Consider” is being built at present and will be released […]
Recent updates on PolicyComparison.com #insurance
I am often asked for a summary of the new comparisons that have been updated on the PolicyComparison.com site over the past month. With this in mind, I now list below the policy comparisons that have been added to Australia’s premier product features and benefits comparison website in the last month listed in alphabetical order by insurer/underwriting agency. You can now view these comparisons […]
I Didn’t set the fire – Arson and the Onus of Proof
Introduction: A recent court decision in New South Wales looked at the issue of whose duty it is to prove whether the Insured was or was not involved in setting a fire, which was clearly deliberately lit. My colleague, Mr Peter O’Brien, Director of LMI Legal, looks at this for us below, on a subject that I for one thought was considered as settled law for as long as […]
Fire Service Levies rising in New South Wales #insurance
Insurers in New South Wales, the only mainland state that still has Fire Service Levies on insurance, have been reviewing the adequacy of the charges to ensure they have sufficient to meet their obligations to the New South Wales government. As a result of premium rate reductions and expected increase on the total tax impost, the Levy is expected to increase. QBE have advised that […]
LMI Opens Tasmanian Office #insurance
I am pleased to announce the opening of our first office in Tasmanian today with the opening of an office in Hobart today. The office will be managed by Gary Price, a highly qualified Chartered Loss Adjuster with over 30 years experience. I and the leadership team at LMI have been keen to provide our claims and sum insured review services in Tasmania, in addition to our […]
A lot has Been Written About Lessons Learned, but how soon we Forget…
I read an article that suggested that Risk Committees/ Governance Committees etc are particularly naïve about the potential for a Lessons Learned regime to: – identify Risks as they arrive; and – mitigate them before they become a serious problem. It is my own experience that there are additional bottom line profits being generated from lessons learned. With a great team of insurance claims experts […]