General Insurance is often demonised even before it has a chance to mess up after a natural disaster. Over the years, I have seen many heartwarming cases where insurers have gone out of their way to help customers and their communities in their hour of need. It was for this reason that I worked to help create the Mansfield Awards for Claims Excellence coming up […]
Live safely in public places, do not be a follower take the lead – lessons from the Switzerland fire.
The underlying message of this important post is to never assume you are safe in crowded places, Always, know, in advance, at least one alternative emergency exit door and / or pathway to safety and take/lead others. The horrific fire in Switzerland at the “Le Constellation” nightclub where 41 young people lost their lives, some while filming the fire and the equally tragic shootings in […]
LMI turns 27 today
In a fast-paced world, it’s vital to pause and celebrate the milestones that define us. Today, LMI Group marks its 27th anniversary, tracing our journey back to February 25, 1999. My deepest thanks go to the entire LMI team. Your dedication to supporting our clients and your tireless work in building the trusted brand we are today have made this achievement possible. I also thank […]
Significant fine for data breach
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 […]
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 […]
Update on Adass Synagogue Fire Bombing
Readers will recall the news footage of the attack on the Adass Synagogue in Melbourne. The facility provided much more than a place of worship to the local community and was in fact the heart of the local area. To maintain as many services as possible for the congregation, a short-term temporary marque was erected at a near-by school while a longer-term site was sourced. […]
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% […]
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 […]
A quick reminder following a loss.
Following a major insured event, it is often necessary for an insured to relocate, all or part of their business, or in the case of a domestic claim, to alternate premises. With all the stress of the event, finding a new premises suitable to their needs, and managing the move, the ongoing recovery and resinstatement process it is often overlooked to arrange insurance both property/business […]