Recently I was at a conference and at the final dinner was sitting next to a young lady who relayed an event in her life where she paid a huge price for thinking she could save some money by not insuring her car while she was enjoying a overseas holiday. Her logic was the car would be parked off the street in her family’s driveway […]
Smoke alarms in the home – the regulatory requirements are inadequate
In view of the engagement with our community, following our analysis of the Swiss nightclub fire, Terry Jackson and I explore how we believe the current regulatory requirements in some jurisdictions are inadequate to protect the life of the occupiers. I hope that most people, and certainly those of us in the general insurance industry are aware of the legal requirement to have smoke alarms […]
Question on Co-Insurance after a total loss
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 […]
Great to see the government is cracking down on dodgy claims operators
I read with interest in InsuranceNEWS.com.au that the government is cracking down on dodgy claims operators, with the article singling out credit hire and accident management companies. I have posted about their practices in the past for years now and have helped quite a few people who have been targeted by such firms including one of our staff here at LMI Group. Hopefully this is […]
ISR question on whether the test for Co-Insurance is done against the Limit of Liability.
Good morning Allan Thank you for your time just now. The insurer is saying we need to increase our Limit of Liability or co-insurance may apply. Which from reading their wording we do not believe the Limit of Liability is a factor. Their solution, they want us to split the risk into 2 locations and revise our Limit of Liability. Could you please review and […]
Business Interruption Master Class starts 15 October
I have had a great deal of requests to run another 4 part Business Interruption Master Class. This is one of my favourite subjects and an area of general insurance that is so very important. As such we will be running a weekly 1.5 hour session on-line each Wednesday for four weeks starting from 15th October at 1pm. The course is suitable for those new […]
ISR Master Class
I am hosting a 4 part training session on the ISR Policy starting on 27th August 2025. Each session will run on line for approximately 1.5 hours over 4 weeks. The course is suitable for those new to the ISR policy right through to experienced hands and covers all sections of the policy starting with the all important policy schedule in week 1. Places are […]
LMI Claims Conference
Realising the importance of ongoing learning, LMI held their annual conference for the claims team in Sydney last week. A wide range of topics were covered from an update on recent court cases involving general insurance claim decisions, a detailed analysis of the Reasonable Care Condition found in many policies by LMI Legal, lessons learned from business interruption losses by LMI Forensics, issues around storm […]
Question on an ISR extension of coverage
The following question was asked of one of the LMI team who intern asked me to address it. Hi, Sorry – another tech question. Could you advise why the Steadfast Wording requires a sub-limit for Unabandoned Undamaged Portion of a Building. Per the wording, the increase in sale value is regarded as salvage value taken by the insurer? Does having a sub-limit benefit or is […]
Lithium Batteries a risk management issue.
I read this morning that the NSW Fire and Rescue have today reported that there have been 45 fires directly related to lithium batteries since the beginning of the 2024 year. Sadly also two people have lost their lives in the fires and possibly a third yet to be confirmed. The reality is that Lithium batteries are in many items today and we need to […]