Today is the 106th Anniversary of the launching of the Royal Mail Ship Titanic in Belfast, Ireland. As we all know, the 40,000 tonne ‘unsinkable’ ship struck an iceberg on the 14th April 1912 sinking early the next morning, the 15th April 1912 with a loss of around 1,514 lives. Lloyd’s of London paid out £1,000,000 (modern day equivalent over £107,500,000) within 30 days of the […]
Are Interest Costs claimable as an Increased or Additional Increased Cost of Working?
This is a question often put to me as some loss adjusters and insurers push back when it is claimed. If I start with the actual wording from the Australian Industrial Special Risks policy which is found in many other policies, it reads: “The Insurance under this Item is limited to Loss of Gross Profit due to: (a) Reduction in Turnover; and (b) Increase in […]
Product Recalls Australia – 29 May 2018
The Takata saga continues… Mercedes-Benz Australia/Pacific Pty Ltd — Mercedes-Benz MY 2017 “GLC” Passenger Cars Read more Kia Motors Australia — Soul PS Read more Daimler Truck and Bus Australia Pacific Pty Ltd — Mercedes-Benz Actros Trucks Read more Ford Motor Company of Australia Limited — Ford Kuga and Escape Read more Miss Maud — Assorted Bakery Products Read more Ford Motor Company of […]
Have your say for the Mansfield Awards
The second annual Mansfield Awards for Claims Excellence will take place on Thursday, 5th July evening in Sydney. If you have not put your name down as yet, please visit the website. Unlike other awards, where people nominate and the award can be given to the person who provides the best proposal, these awards are based on a survey as well as data obtained from the […]
Blog Question: How do you deal with Increased Cost of Working incurred during a Waiting Period (Time Excess)?
I received this question which comes up from time to time. Hi Prof. Manning, As we know, the increased cost of working (ICOW) of Business Interruption (BI) insurance, that certain expenses may be incurred following loss or damage to try and maintain business activity, such as renting alternative premises, hiring additional staff and additional advertising. What happens if the interruption is shortened under deductible days […]
A quick reminder on cyber security
On the one hand as LMI builds our brand in the UK, I am being inundated by emails regarding the UK Legislation aimed at giving consumers more control over their personal data (General Data Protection Regulation (GDPR)) and at the same time I am getting hit daily with emails pro-porting to be from legitimate companies such as Microsoft asking for me to change or confirm my password. This […]
The emotional & financial stress following a major loss
Gary Price, our Tasmanian Manager with over 50 years of experience in the industry wrote to me after reflecting on a new total loss claim he is involved in. “I have a total loss fire with a modest sum insured $430,000. No issues regarding policy indemnity. The claims officer wants the premises valued as they consider the premises was under insured and want to apply average. You can […]
Product Recalls Australia – 23 May 2018
This week’s product recalls includes the following: Mercedes-Benz Australia/Pacific Pty Ltd — MY 2017 Mercedes-Benz AMG “GTR”, “GTC” and “GTS” Passenger Cars Read more Coles Supermarkets Australia Pty Ltd — Coles Mini Classics Vanilla Ice Cream Read more Suzuki Australia — Suzuki SX4 Read more Suzuki Australia — Suzuki Kizashi Read more Suzuki Auto Co — Suzuki Kizashi Read more Suzuki Auto Co — Suzuki […]
Guest Post: Steven Manning – Another New General Insurance Product Class introduced on LMI RiskCoach
Only a week after the launch of Corporate travel the team are back at it again, be it in the background for months, on the launch of yet another class of insurance, Product Recall and Product Contamination insurance. With the addition of these new classes onto the system, users can now research 14 classes of General Insurance through their LMI RiskCoach Subscriptions. The reasoning behind […]
Reduce funding of ASIC when the Royal Commission showed up so many problems and risk from natural disasters continuing to be ignored
When I started this blog I did not have any intention of discussing political issues but wanted to focus on general insurance. I am into politics and do not belong to any political party nor do I vote for the same party at each election. I try and make an informed decision based on the promises of each side. With this background, decisions by governments do […]