I read an article in Lexology that I thought was important enough to share with our readers. ‘The Australian Securities and Investments Commission (ASIC) has secured a Federal Court ruling requiring FIIG Securities Limited (FIIG) to pay $2.5 million in civil penalties for longstanding failures in cyber security and data protection.1 The ruling marks the first time the Federal Court has imposed civil penalties for cyber […]
Anti burst flexi hoses
With burst flexi hoses being such an issue, particularly in strata and home situations, Steve Manning and I have been researching ways to reduce the risk of damage. We have tested a number of shut of valves but over the weekend while in at Trade Link Plumbing Supplies I struck up a conversation with the store manager and she introduced me to a new range […]
Looking for a solution to the mould problem
We at LMI have been working with Endangered Heritage to reduce the cost of mould claims to the general insurance industry and equally important to reduce the risk of occupational health and safety issues that can and do arise. Endangered Heritage is currently running a survey on the subject. It only takes 2 minutes. It will not lead to any marketing campaign or you being […]
Ravens attack our drone
While Michael, one of our two licensed drone pilots and I were out this morning taking aerial photographs and video of one of the claims we are working on at LMI Group, 2 Ravens and a Magpie attacked our drone. Clearly spring has arrived. The one below looks focused on taking us out, but I am pleased to say no birds or the drone were […]
One week to go to the Mansfield Awards – Have you got your ticket
The 9th annual Mansfield Awards for Claims Excellence will be held at The Establishment at 252 George St, Sydney NSW 2000 starting at 5pm on Thursday 31 July 2025. The Awards acknowledge and celebrate the extremely important and often overlooked work of claims teams in Australia. It is a great night any everyone is invited to attend. You can purchase your tickets to this completely […]
LMI activates our Catastrophe Response Plan
Having attended every major natural catastrophe as LMI since 1999, both LMI Group and Aequum Adjusters have activated their respective Catastrophe Response plans putting in place the resources required to respond to the expected claims from Cyclone Alfred. We naturally hope that the cyclone changes course again and moves away from the coast but if the predications are correct and it will hit landfall in […]
Mistakes in setting sums insured / declared value where the Insured elects an Indemnity Period of less than 12 months.
I recall the very first business interruption claim I did was for a risk in Toowoomba and to my horror found that the Insured had only declared 3 months insurable gross profit with a 3-month Indemnity Period. That sum insured had not been reviewed for many years and as a result of 100% average, as it was on that policy, the client received only 6.9% […]
Testing and Tagging – A legal requirement
This is a reminder that in Australia, the requirement for testing and tagging electrical equipment is based on the Australian New Zealand Standard (AS/NZS 3760). While the requirement for testing and tagging has been in place for some time, the current standard is the 2022 version, with the specific requirements being up-to-date with the latest revisions from 2022. The requirements for items such as power […]
Does my Landlords Insurance Policy cover terrorism
This is the fourth post in a series that looks at the coverage afforded by various types of insurance products. The series was prompted by a large number of requests for clarification following the senseless attacks that are going on predominately in Melbourne and Sydney. These attacks would appear to fall within the definition of terrorism as set out in legislation. Today we look at […]
Does a Strata Policy provide coverage following a terrorism event?
In my most recent post, I explained that commercial strata follows the same rules as commercial property and business interruption as it is regarded as ‘”‘eligible property’. In summary, if the Minister for Finance declared an event a Terrorism Event, then any terrorism exclusion that appears in the policy of insurance of an eligible property is void. Claims will be met in accordance with the […]