I received the following question from a broker earlier this week. It is a question that I am asked from time to time so I thought I would share my answer with you. Hello Allan, Hope this message finds you well. A quick question if you don’t mind, please. Under an industry ISR Mark IV wording, would the co-insurance/average clause apply in the event of […]
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 […]
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% […]