As the final post for the year, I would like to thank everyone for your continued readership, subscribing and participating in the blog. Whilst I am the author, it really is our industry voice and I am glad to be able to help everyone have a voice in important issues affecting us. Thank you again and I hope you all have a wonderful Christmas and […]
Huge increase in Emergency Service Levy go up in 2020-21
The NSW Treasury recently released its 2019-20 Half Yearly Review for the current year as well as updating forward estimates – including for the Emergency Services Levy Contributions for next year i.e. 2020-21. In Table 3.6 of the Taxation Revenue, the Emergency Services Levy Contributions are forecast to massively increase from $898 million in 2019-20 to $1,143 million in 2020-21 i.e. a 27% increase. This […]
Product Recalls Australia – 18 Dec 2019
This week’s product recalls include: Ultimo Trading Pty Ltd t/as Orange Supermarket Ultimo — Mini Jelly Cups Lychee Coconut Jelly 420g Hyundai Motor Company Australia Pty Ltd — Hyundai i30 (FD) MY2007-2012 Iepoch seller MHZ Movers — Low Profile Hydraulic Trolley Jack 2500kg Cassons Pty Ltd — O’Neal 3 Series Hybrid Fidlock Motorcycle Helmet Powermove Distribution — Barbie Disco Ball BT Karaoke and LOL Surprise […]
Understanding the penalty for under insurance #2
Last week I posted an article on why insurers have a penalty for co-insurance. I got this question following that post from someone who is not in the insurance industry but which comes up quite often after a claim. “So you are saying that if a commercial insurance policy is for example 500k and a policy typically gives the Insured a 20% tolerance factor (to […]
Explaining why commercial insurance policies have penalties for under insurance.
I received this question overnight. Hi Allan, I was explaining underinsurance to my husband today on commercial risks and he asked me the question on why do insurance companies apply this, as if he is paying premium on half the risk why should he then get penalised and not paid out the insured amount. I actually couldn’t tell him why insurance companies do this. Do […]
How much should we expect of our volunteer fire fighters?
I read with interest the article in the Guardian titled: Scott Morrison and the Coalition are fiddling as Australia burns Two things in particular caught my attention aside from the whole climate change debate which has so much of the community divided. The first was that the smoke haze in Sydney was so bad that it triggered more than 150 fire alarms in commercial buildings […]
Blog question: what should the Section 1 Declared Value be based on under an ISR
I received the following question. Hi Allan Most insurers include the estimated cost escalation based on lead times contained with a building valuation as part of the CURRENT building Declared Values. Obviously during the reinstatement phase construction costs increase due to the significant length in time required. Do you think the calculation below is fair and reasonable to be included as a rateable value? […]
Product Recalls Australia – 11 Dec 2019
This week’s product recalls include: Harley-Davidson Australia Pty Ltd — Harley-Davidson Trike Models CVO Tri Glide, Tri Glide Ultra and Freewheeler MY2019-2020 Mini Moni — Baby Sandals Oldway Farm Pty Ltd — Mild Salami, Spicy Salami, Beef Cabana, Beer Sticks, Beef Cheese Kransky and Spicy Beef Chorizo Bentley Motors Limited — Bentley Continental Supersports and Continental Supersports Convertible MY2017 Roccoco Botanicals — Blueberry AGE Cream, […]
University research on trust confirms what we all know
In a study released by the Australian National University it is reported that 3 out of 4 people believe people in government only look after themselves and only one in four think the government can be trusted. The lack of trust is not just in our politicians but also government institutions have reached a historic low point in Australia. In 2019, just 59 per cent […]
The risks of travel hit home with the events at White Island, New Zealand
My heart naturally goes out to those involved, their families and the emergency service and medical personnel who are dealing with this horrific event where up to 11 Australian’s along with other nationalities may have lost their lives. Australian’s love to travel and per head of population we are up there as the most travelled. While the events in New Zealand are terrible it must […]