This week’s product recalls includes the following: Volvo Group Australia — Metroliner, Trident, Titan, Granite and Superliner Mack Trucks 27 OCT 2017 Volvo Group Australia — Metroliner, Granite, Trident, Titan and Superliner Mack Trucks 26 OCT 2017 Jayco Corporation Pty Ltd — Jayco Freedom Campervan TH.15 26 OCT 2017 Mercedes-Benz Australia/Pacific Pty Ltd — Mercedes-Benz “E” Class Passenger Cars 25 OCT 2017 Target Australia Pty […]
Blog Reader Question: Business Interruption Gross Profit Calculation
I received the following question from a reader and reproduce it and my answer below for you all: Dear Mr Manning, There is something I may be missing in the calculation of Gross Profit under the BI policy. The policy states: “GROSS PROFIT the amount by which: (a) the sum of the Turnover and the amount of the Closing Stock and Work in Progress shall […]
Product Recalls Australia – 23 October 2017
This week’s product recalls includes: Polaris Sales Australia Pty Ltd — Victory Cross Country, Victory Cross Country Tour, Victory Cross Roads, Victory Magnum and Victory Hardball Read more Earth and Stone Outdoor Centres — Ethanol Burner Read more Peugeot Automobiles Australia — Peugeot P4008 SUV Read more Permobil Australia — Corpus Powered Wheelchairs with fixed seat and elevator inner tubes Read more Polaris Sales Australia […]
Be aware, Unicode URL phishing scams are on rise!
LMI Group’s head of cyber security has issued the following warning to all of our team on the proliferation of phishing scams out there. This is such an important topic I thought I would share it with you. I found this to be one of the hardest scams to spot and one anyone could easily be caught out. This is a quick update to inform […]
Alarming Trends – Part 2: Reinstatement and Replacement Conditions vs Indemnity Conditions
Previously, we have addressed the topic of indemnity periods and I expressed my concern on the number of questions I have had come through from Insurance Brokers and Underwriters where the indemnity period for a client was being reduced in this time of increasing rates. Another issue which has resurfaced as a result of these rate increases is the move to reduce the cover from […]
Product Recalls Australia – 12 October 2017
This week’s product recalls includes the following – 10 OCT 2017 Sheppard Cycles Australia — Energie Razor 2 Bicycle Helmet 10 OCT 2017 Arbonne UK Limited — Rescue & Renew Detox Body Wash 10 OCT 2017 inov8 Sales and Marketing — EuroSlim model ES-002 massage cushion 10 OCT 2017 Nissan Motor Co (Australia) Pty Ltd — Nissan C11 Tiida (MY2006-2012) & Nissan D40 Navara […]
Alarming Trends – Part 1: Indemnity Periods
Over the past month or so, I have been inundated with questions regarding moving from reinstatement and replacement conditions to indemnity, in reducing Sums Insured and reducing indemnity periods. Over the next couple of days, I will address each of these and I will start today with Indemnity Periods. Back when I first wrote my blue book on Business Interruption insurance in 2001, I was […]
California wild fires
In what is the end of the Northern Hemisphere’s summer it is terrible to see the impact in areas of California, including the Napa Valley, as well as East of Los Angeles Metropolitan area, being affected by bush fires. The full details of the catastrophe are still coming in, but the early reports indicate that over 1000 structures have burned with 1000’s more under threat. […]
Product Recalls – 3 October 2017
It is a milestone week this week in the product recall sector with only 1 product! Honda MPE — Honda CRF450R 2015YM-2016YM 29 September 2017 For further information please visit: https://www.productsafety.gov.au/recalls