The question put was: In reference to Business Interruption, if the client has not declared any severance pay ( at this point) however insures wages, is there flexibility to utilise/ apportion severance pay in reference to Business Interruption? Geraldo [surname and email provided] ============ My colleague Carl Greenhalgh from our Brisbane office answered the question in the first instance and I thank him. Dear Geraldo, […]
What one client thinks of his underwriting agency and the insurer behind them
Earlier this week I suggested that the time had come for those handling claims needed to be regulated to ensure that adequate training was being given so that the insuring public were being treated fairly by the industry when they needed the protection of their policy most. For the past 3 weeks I have been travelling around Australia delivering sessions which looks at emerging technologies […]
Insuring Trusts
Following on this week’s theme for the blog of who to name on the policy, I focus today on trusts. I do this before I tackle liability and financial lines policies where trusts are common place. The important issue to remember is that a trust is not a separate legal entity, it is a relationship where the trustee is under a legal obligation to administer trust […]
Writing for China Daily
I was recently interviewed by China Daily Asia Weekly, a weekly supplement of the China Daily newspaper on the subject of insurance in developing economies including the opportunities for insurers. I always prefer to have a final proof read of what they are going to publish and while I did not have the opportunity on this occasion most of what I wanted to get across was […]
Naming the Insured – Business Interruption policies
Today’s post is an extension of yesterday’s on the importance of naming all the insured entities to be protected by the policy on the Schedule. When it comes to business interruption insurance, which is the focus of today’s post, two things come to mind when it comes to ensuring that all the legal entities are listed as named insureds. The first is that when it […]
Is it time for those that handle insurance claims to be regulated?
Yesterday The Treasury Legislation Amendment (Small Business and Unfair Contract Terms) Bill 2015 was passed through parliament. The Bill, which at the time of writing has not received Royal Assent (the signature of the Governor General), will extend the unfair terms protections for consumers in the Competition and Consumer Act 2010 and Australian Securities and Investments Commission Act 2001 to those businesses with less than 20 employees. This […]
Blog Question on naming the legal entities on an insurance policy
I start with an apology to readers as I have been on the road speaking at conferences, PD days and seminars back to back for well over a month and on top of my normal workload the blog has come off third best. The questions have continued to come in but my colleagues have been helping out and writing direct answering the question. Even though […]
Tianjin Explosion – initial report
The explosions at Tainjin in China is the largest man made catastrophe loss in many years. The estimate of insured losses continues to grow and at last account was in excess of USD3.3 billion. Putting aside the terrible loss of life and injuries caused by the explosions, the event once again highlights two issues, accumulation risk and supply chain risk. Aon Benfield have published an […]