I received a call from a distressed broker whose client’s business had been during the siege and subsequent police investigation in Sydney. The business had been shut down during a peak period leading up to Christmas. The Insurer would not accept the claim as they were not sure if the loss was due to terrorism or not. This Insured, like any other in the CBD […]
Blog returns in 2015
With Christmas fast approaching and the usual rush to finish everything, I take this opportunity to wish all readers a very safe and happy festive season and a great 2015. If any questions you did not have time to send through come to mind over the break please send them through as the blog will recommence no later than 5 January. All the best to […]
Blog Question: Onus of Proof
Hi Allan, I’m not sure if you answer general claims questions but if yes I would appreciate your views on a loss situation, very briefly as follows: the insured is suffering from damage to a generator due to ongoing vibrations. The insured has effected repairs to the damaged rotor windings twice now but on both occasions has not determined a root cause and the vibrations […]
Good to see my Books Being put to Good Use!
I visited Pace Insurance Brokers in Melbourne this week and found that one of their new staff members was reading It May Happen to Me! A guide to General Insurance, while their office copy of my book on the ISR, Understanding the Industrial Special Risks Policy – A Comprehensive Guide was clearly well used. Most authors do not care if you ever read their books […]
Blog Question: How Many Deductibles get Applied Under and ISR Policy?
Hi Allan. Hoping you can clear this up for me. Following the Brisbane hail storms we have been inundated with claim notifications. One client has a number of premises insured under one ISR policy which received hail and storm damage. Can you tell me whether a separate excess would apply to each building or would just one excess apply to the single storm event? Some […]
Blog Question: Worker’s Compensation Cover due to Terrorism
Following on from yesterday’s post I received this question by email. Hi Prof. Allan Please advise if yesterday hostage exercise was an act of terrorism and if some of the hostages being nearby office workers were in the cafe to purchase a coffee would they be covered for a workers compensation claim in the case of an injury? Please advise? Regards Salosh [surname and email […]
Insurance Response to Sydney Siege
Yesterday I received an inordinate number of phone and email questions regarding the response of insurance policies to the crisis in Sydney. While I answered one question, I did not feel it appropriate to post an article until such time as the siege ended. It has now transpired that the my worst fears have come to fruition and there has been unnecessary loss of life. […]
Blog Question: Additional Increase in Cost of Working for a Property Owner
Hi Allan, My insured is a property owner and the tenant is a restaurant. The annual gross rentals are insured for this under their Business Interruption Section. Would you recommend that I also insure additional increased costs of working even though they are only a property owner? If so, what are the pros of this so I can discuss it with the insured? Thanks & […]
Thanks to Northern Territory Young Insurance Professionals (“YIPS”)
While up in Darwin yesterday, I was asked to speak at a Sundowners Function for the YIPs (the Young Insurance Professionals). My topic was the challenges that I see facing insurance over the next 1o years. This is not the first occasion I have been honoured to speak to this group who are such a great group of enthusiastic and dedicated professionals. After the talk I […]
Blog Question: Non-Vitiation Clause
Good afternoon Allan, Can you please explain what a Non Vitiation clause is all about? Regards Steve [surname and email provided] Hi Steve, Another name for a Non-Vitiation clause is a Breach of Conditions clause. In most jurisdictions, a mistake or misrepresentation of a material fact by the Insured entity gives sufficient reason for the insurance company to argue that the insurance policy to be void or under […]