A quick update on LMI’s response to the bush fires

A quick update on LMI’s response to the bush fires

My colleagues and I from LMI are looking after losses arising from the bush fires in 4 states using our locally based claims teams. We are fortunate to be able to assist in every state and territory in Australia and New Zealand, the only firm with team members all around. It also allows us the opportunity to bring in additional resources as required from other […]

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Another question on the ISR – this time the endorsements

Another question on the ISR – this time the endorsements

It is amazing how questions seem to come in a run on the one related topic. I got this one last Friday. Al, I am trying to get some historical narrative on the various endt codes Ie, old Goodlad v newer references v LMI references . If I reference the clauses in the green book, I can see as much as possible you have left […]

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Loss of rent for a serviced office

Loss of rent for a serviced office

I have not been as active as in the past of late as I have simply been flooded with questions from brokers, insurers and adjusters on a draft on policy and policy interpretation issues. While I wish I had the time to post them all, the one below I thought was appropriate to share. This question today is regarding the way to insure the business […]

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Emergency Services Levy – the added cost to insurance

Emergency Services Levy – the added cost to insurance

A few weeks ago when I was watching the disturbing photographs of the bush fires in Queensland and New South Wales they showed footage of the Premier of New South Wales meeting with volunteer fire fighters. I wanted to post something at the time, but did not feel it appropriate when people’s lives and homes were at risk, but the thought crossed my mind. How […]

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Blog Question – Advanced Loss of Profits

Blog Question – Advanced Loss of Profits

I received a question from a reader seeking some information around Advanced Loss of Profits cover for a construction project, I share my answer to the reader below with you all too. Advance loss of profit (“ALOP”) insurance provides coverage for financial losses due to delays in construction and infrastructure projects caused by an insured peril(s). ALOP also called delayed completion coverage or delay in […]

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Increases in NSW ESL leads to expected drop in insurance protection

Increases in NSW ESL leads to expected drop in insurance protection

It has already started to happen. Over the past week I have been contacted by both insureds and brokers advising that they/their clients have elected to drop business interruption or elect not to fully insure due to the increased financial burden created by the massive increase in Emergency Services Levy. I try and explain the risk that the business is taking on by not insuring […]

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When to appoint a claims preparer? The earlier the better

When to appoint a claims preparer? The earlier the better

After handling claims as a claims preparer now for over 20 years full time one bit of advice above all others stands out. That is that the earlier a competent expert is appointed to assist the Insured mitigate their loss and quantify and present their claim, the better. So often, we are only engaged many months after the event, often when the Indemnity Period has […]

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Where insurance can appear unfair and not in the best interests of the consumer

Where insurance can appear unfair and not in the best interests of the consumer

There are a couple of areas of the law that can appear to be unfair to an insured. A recent case has highlighted one. In Globe Church Incorporated v Allianz Australia Insurance Limited & Anor [2019] NSWCA 27 Globe Church argued that time started to accrue when the ISR insurers breached their obligations under the policy by not indemnifying Globe Church and not from the […]

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Back at the desk

Back at the desk

I have been a bit quiet on the posting front over the past month as I have been travelling in North America for both business and having a much needed break. During the trip Steve Manning and I had several meetings with potential clients for our on line products, met with old colleagues who are interested in representing LMI in North America and attending a […]

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Can interest on a loan be claimed under a business interruption policy?

Can interest on a loan be claimed under a business interruption policy?

One issue keeps coming up more regularly internally here at LMI than any other and that is loss adjusters refusing outright to consider additional interest being claimed as an Increase or Additional Increase in Cost of Working. I cannot understand why this is an issue as I know of hundreds if not thousands of cases where it has been paid. Yet what is happening is […]

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