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 […]
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 […]
Should an insurer refund the unused portion of my insurance if my vehicle is written off and I am paid out in full?
The above question was asked of me by an insured who had only renewed their motor vehicle insurance policy 2 weeks before their car was severely damaged while parked. The insurer agreed to write off the vehicle and offered a payment that the Insured feels is fair and reasonable. It was annoying to the insured that they had only paid their insurance 2 weeks before […]
Reflecting on the first 25 Years of LMI Group
Today marks LMI Group’s quarter century of service to the insurance industry and wider communities. What better way to reflect on all that our dedicated team have accomplished but list 50 highlights from our first 25 years that you may not know (or have forgotten) the Group. As an aside, I tried to narrow this down to 25 for 25 but I was over this […]
Employee held liable but find the employer has no insurance or can avoid meeting the cost!
A lot of employees believe that they cannot be held personally responsible if they make a mistake in their work that causes damage or injury to others, as their employer will be liable, and the employer’s insurance will protect them. In the vast majority of cases this is in fact true, but you cannot and should not rely on this. I provide a few examples: […]
Just how is insurance caught up in trade sanctions against Russia
Insurance really is a global industry and has many times been described as the oxygen in the lungs of the economy. With any insurance policy on commercial risks written out of the United Kingdom (UK) or the European Union there is a sanctions clause. In fact this appears in most if not all commercial contracts. The Financial Conduct Authority (FCA) in the UK issued the […]
Another tragic quad vehicle accident claims the life of a child
It was only a few weeks ago I was moved to post an article where a young child was killed while a passenger on an quad bike. Over the weekend, I was speaking with our immediate neighbour and they explained that family friends had lost their young daughter in a quad vehicle accident. This time the vehicle was designed to transport 4 people, and had […]
Survey for 2021 Mansfield Awards for Claims Excellence now open
As indicated in last week’s post, the survey for the 2021 Mansfield Awards for Claims Excellence opens today and will run for 4 weeks until midday (AEST) on 8 June 2021. Insurers and their claims staff place high value in the results and comments provided by insured’s, insurance brokers, loss adjusters and others associated with general insurance. The survey literally only takes a minute or […]
Quad bikes – an accident waiting to happen
Sadly, far too often I or one of my team is asked to assist following a horrific incident involving a quad bike. This has prompted me to post warnings on this site and on social media as well as work on a risk management program in conjunction with a major rural insurer. In this case, it involves one where a 6 year old child has […]
The need to clearly explain any prescribed policy terms that deviate from the Standard Cover
This article written by an AFCA ombudsman is well worth a read. It discusses section 35 of the Insurance Contracts Act – prescribed contracts which deviate from standard cover). Whilst quite lengthy, it is comprehensive, clear and well structured (as you’d expect from such a person!) and considers the position from both insurers’ and consumers’ point of view. Before I reproduce the article, I just […]