Over the past few days, I have received phoney fax messages sent to my email. The emails, which ask you to click on a link, which causes the damage as soon as you do. Please do not get caught with this or a similar scam. Never click on any link in an email without making sure it is legitimate. Fax Message [Caller-ID: 1-407-987-4450] http://ocscexpo.net/inbox/get_message.php [I […]
My thoughts on the sale of TIO to Allianz
Since it was announced that the TIO may be sold I have been asked by a number of news sources and the like for my thoughts on it. The main concern of those in the NT is that prices may increase and I really do not see it. The Conversation, for whom I have written before asked me for my thoughts on this issue and […]
Australian Government launches an Online Reporting Portal for Cybercrime
The Australian Government has launched the Australian Cybercrime Online Reporting Network (“ACORN”), which is a secure reporting and referral service for cybercrime and online incidents that may be in breach of Australian law. Certain reports will be directed to Australian law enforcement and government agencies for further investigation. The Federal Government should be congratulated for this important initiative which will hopefully gather better statistics on this […]
Survey Results on Underwriting Agencies now Available
While the contraction of insurers continues, there is a rise in the number of Underwriting Agencies. LMI assisted Gratex International, winner of the Innovation Award at this year’s ANZIIF Insurance Industry Awards, to survey general insurance brokers on the relevance and performance of Underwriting Agencies in Australia. The Key Insights from this survey were: 1. Market Optimism predicts GWP Growth 54% of brokers feel confident about the […]
Blog Question – Accumulated Stocks
Today’s question comes from Singapore. A quick question on Accumulated Stock Loss if I may Allan. According to my understanding, normally. if the Insured mitigates their GP (gross profit) loss completely, as a result of accumulated stock, then the Insured would not be able claim for a GP loss, but I believe, the Insured is entitle to claim for ICW (increase in cost of working) to produce the […]
Blog Question: How Best to Insure Outgoings for a Landlord
Today’s question is: Hi Allan Just a query in regards to where to include outgoings for Business Interruption for a property owner? Is it just to be included in the Gross Profit figure as these are normally paid by the Tenant or should it be classed under additional costs? Thanks in Advance Daniel [surname and email provided] Hi Daniel, It was correct of you to […]
Blog Question: The Transfer of Risk on the Sale of a Home.
Hi Allan, I’m hoping you can give me advice. As you would know, in Queensland, when you sign a contract for a house or land purchase, the property becomes the Buyers Risk, as stated below on the REIQ Contract for House and Residential Land: 8. Rights and Obligations Until Settlement 8.1 Risk The Property is at the Buyer’s risk from 5pm on the first Business […]
Beware of Changes in Liability Policies
I have noticed that there has been a few insurers that have been altering their exclusions under Liability and/or the Liability Section in their Business Pack policies. The change is in the Defamation, Libel and Slander exclusion. One of the ones that has changed reads: Defamation, Libel, Slander in respect of the Cover provided under Section – Public and Products Liability: the publication or utterance […]
Thanks for the Positive Feeback
I have received a lot of positive feedback on both the widening of ClaimsComparison.com and the new eBook that Steve and I wrote on Cyber Security and Insurance. Many brokers are commenting that some insurers have become very difficult to deal with in claims, particularly on larger losses and this site helps explain the importance of claims service to their customers. With the ClaimsComparison website, many […]
New Comparisons Available on PolicyComparison.com
As a service to LMI’s valued subscribers, I now list the policy comparisons that have been added to the LMI PolicyComparison website in the last month. This list is only the generic wordings and not any for cluster groups or international brokers, which have viewing restrictions. You can now view comparisons listed below at www.PolicyComparison.com if you are a subscriber to the service. 5 Star Underwriting Agency Motor Dealers […]