With the marketing emphasis of buying insurance more and more on first of all price and secondly how easy insurance is, my son Steve Manning has embarked on an ambitious campaign to explain the basics and importance of insurance. He has chosen to develop a YouTube channel, LMI, with a series named Insurance Bites to educate the general public in an informative but entertaining way. […]
Solving one problem can create an insurance nightmare
I have been working this week with a broker, who has a client located in one of the colder regions of Australia, who arranged and paid to have an insulating foam applied to their iron (sheet metal clad) on steel (steel framed) building. When the broker saw this during their renewal meeting he immediately advised the Insurer who has advised that they are not prepared to offer […]
Blog Question: Increased Cost of Working v Additional Increase in Cost of Working
The question that I chose to answer as a post today from the myriad I received leading up to the end of the Financial Year renewal period reads: Allan, Is our understanding correct that if a client elects to insure for Additional Increased Cost of Working Only & not cover Loss of Revenue, that a traditional business interruption wording automatically covers both Additional Increase in […]
Latest ClaimsComparison.com survey results
ClaimsComparison.com has just released the latest results from their survey showing the current star rating of Insurers Claims Departments across 22 classes of general insurance. Normally, we would like to have had this updated well in advance of the 30th of June renewal period, however there has been so many respondents and so many ratings have changed that we needed to triple check before posting the […]
Blog Question to better understand co-insurance under an Industrial Special Risks Policy
Hi Allan, Thank you for your very informative article below: http://www.allanmanning.com/accidental-damage-v-specified-damage-v-unspecified-damage/ I am regularly asked about the Asset Schedule by my team members “First a test for under insurance. Under a standard Mark IV or Mark V ISR property claims are tested with 85% co-insurance. whereas business interruption is tested with 100% average or co-insurance.” If the insurer is immediately looking at the Asset Schedule […]
Apps are the new battlefield for hackers
As reported in the latest edition of Risk Management magazine, many of us now use our smartphone to provide a single point of access to personal information such as financial data, medical records, photos and videos, as well as work-related email, calendars, documents and other business information. Unfortunately, hackers know this and far too many people have inadequate security on their phone. Hackers naturally see the phone […]
Unoccupancy
Clearly, there is a risk when a residential or commercial property becomes unoccupied. It is a magnet for graffiti artists, vandals and thieves and at LMI Group we are instructed on a number of claims, particularly around the theft of metals. There are a number of basic things that a landlord should consider to minimise the risk of damage. Keeping up good maintenance of the […]
Blog Question on Loss of Rent
I have received a number of questions about loss of rent leading up to the 30 June busy renewal period. This one has a common theme with many of the questions on the subject and was chosen as it expands on my post of yesterday. Hi Allan, What is the situation for covering Loss of Rent under and ISR MKIV where the Landlord’s property has […]
12 months Indemnity Period for a property owner simply doesn’t cut it
I read this morning that the un-occupancy rate in Perth and other mining towns around Australia are significantly lower than they were just a few years ago. For any client who has a good tenant in their premises, perhaps on a lease that had been signed up at the peak of the mining boom, should more than ever be considering the Indemnity Period that they have […]
Good to see an alternative view point on beach erosion
On the 8th June I wrote an article venting my frustration that the media was focusing on the half dozen or so homes that were damaged by the action of the sea and therefore in all likelihood not insured and not the tens thousands of home and business owners who were having their claim promptly and fairly handled. See http://www.allanmanning.com/another-storm-another-pasting-by-the-media-of-the-insurance-industry/ My position was and remains that […]