The popular website The Conversation approached me to write an article on the insurance risks around Brisbane hosting the G20 summit. The article was published yesterday and I reproduce here for your convenience. To view the actual published piece please click here. ============== When the G20/G8 summits moved on from Toronto in 2010, they left an US$11 million bill in business compensation claims. Brisbane will […]
New eBook on Cyber Insurance now Available
With cyber security and insurance of such interest, Steve Manning and I have carried out research into the subject and share our findings in a new eBook that is available at no cost from today. Please click here to view your copy. As with our other eBook titles, it is available in hard copy as well, although there is a fee for this to cover […]
Blog Question on Penalty for Under Insurance
Here is today’s question: Hi Allan I need your expert opinion on the above subject. It relates to the Underinsurance Clause in Property policies and how it is applied in a loss (specifically losses above 5% of Total Asset Value). As an example an insured owns Buildings $5,000,000, Contents $5,000,000 and Stock $1,000,000. The insured decides he can sustain a loss of any sort to […]
Congratulations to the Winners of the Territory Insurance Awards
I had the privilege of being one of judges entrusted to chose the most appropriate winner in 6 categories for the inaugural Territory Insurance Awards held in Darwin last Friday evening. LMI have been a long term supporter of the efforts of the insurance industry in the Northern Territory and the TIO in particular in the continuing professional development of the practitioners in the Northern […]
Question on Test for Under Insurance on a Business Pack Policy
The question today was: ———————————————————– Good Morning Allan, We would appreciate your interpretation as follows. Refer attached Sunrise schedule with the sum insured & limit of liability clause a [cluster group] BPK wording. Building Sum Insured/Declared Value (page x) $8,440,000 20% Extra Limit of Liability (page x+1) $10,128,000 […]
Blog Question: Gross Rentals Where There is no Rent Abatement in the Lease
The question put to me was: Hi Allan No need to respond now but if an insured is the landlord and tenant with a lease with no abatement clause do you need to insure Gross Rentals. Kind regards, Carl [surname and email provided] Thanks for your question Carl. In most cases the short answer is no, but it has to be appreciated that there is […]
Blog Question on Building Valuations
This is the second question asked by Peter as part of his email to me where I answered question 1 in yesterday’s post. My second question is: where there is a major or total loss and the underwriter obtains a valuation in respect to the damaged property by a Quantity Valuer or qualified valuer to establish the Reinstatement & Replacement value, what is produced is […]
Blog question on GST
Hi Allan, I have 2 questions. A ISR client has queried whether GST should be included in Gross Rentals – GST is not mentioned anywhere in the ISR policy – and the underwriter involved could not give me an answer! Warm regards Peter [email and surname provided] The answer is this one is you do NOT include the GST. Under Section 17 of the Goods […]
Looking forward to catching up at the Territory Insurance Conference
I have just flown into Darwin for the third Territory Insurance Conference. TIO have been most generous in their support this important Industry event, which this year includes an Awards Night to celebrate the great contribution made by many in the local industry. LMI have supported this well run educational conference, which gets bigger and better each year, from the start, with Steve Manning and I speaking again […]
Congratulations to Graham Koch of KIB for 40 Years top Service in Insurance
Last night I had the privilege of being the Master of Ceremonies at a function to celebrate 40 years of excellent professional service in the insurance industry by Graham Koch, founder and Managing Director of KIB Insurance Brokers based in Cairns. Congratulations Graham. At the function, held at Event Cinemas, I presented Graham a plaque to remember the major milestone. Guests were then treated to a viewing […]