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: […]
Unfair Contract Terms Legislation receives Royal Assent
The Treasury Laws Amendment (More Competition, Better Prices) Act 2022 became law on November 10, 2022. The Act reflects a key election promise of the Albanese Government to make unfair contract terms illegal and increase the maximum penalties for a breach of competition and consumer laws. What do these changes mean? With this legislation becoming law, the maximum penalties applicable to certain breaches of the Competition and […]
Warning on SME home business
Recently you may have seen the article on the ABC News in respect of a home claim being denied by an insurer due to the fact the insured was running a business from their home. In this case, selling eggs. With rising living costs more and more people are looking for a side hustle, or in other cases, a person starts up a new business […]
Faulty Workmanship, defective product claims on the rise.
Allianz Global Corporate & Specialty have recently released their Global Claims Review for 2022. At a high level their findings are: While on an international scale fire/explosion is the greatest cause, water damage losses which include floods, storm and tempest, rainwater as well as bursting, leaking and overflowing of water pipes and apparatus remains the major cause of property losses in Australia. What we are […]
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 […]
Support for building rating tool
Last week it was reported that the New South Wales Government is working on a building rating tool to improve insurer confidence in buildings in that state. This is something that several of us at LMI have been calling for for quite some time. I am sure others within the industry have as well. It certainly has our support subject to one proviso. The major […]
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 […]
Product Recalls Australia – from 11th – 15th January, 2021
From the ACCC: Isuzu Australia Limited — Tradepack NLR, NNR and NPR Series Trucks MY2005-2019 El Cielo — White Corn Tortillas Light Flavour 14cm 260g Polaris Sales Australia Pty Ltd — RZR PRO XP & XP4 MY2020-2021, RZR Turbo S & S4 RZR and XP Turbo & Turbo 4 MY2021 Side by Side Vehicles Alphapharm Pty Ltd — Tenofovir Disoproxil Emtricitabine Mylan 300/200 Tablets AMH […]
Product Recalls Australia – from 4th – 8th January, 2021
From the ACCC: Officeworks — Keji Wireless Charging Pad Monde Nissin Australia Pty Ltd t/as nudie Foods — nudie nothing but 2 apples 200mL Kaleidoscope Australasia Pty Limited — Kiddie Connect Carry Around Wooden Puzzle KC5525A Numbers Kaleidoscope Australasia Pty Limited — Kiddie Connect Carry Around Wooden Puzzle KC5525B Uppercase Letters The Trustee for The Sabrands Australia Management Trust — Rosella Red Cocktail Onions 150g […]
Product Recalls Australia – from 16th – 22nd December, 2020
From the ACCC: WesCom Signal & Rescue Australia Pty Ltd — Aurora Orange Handsmoke Distress Flare White Knight Sanitiser Pty Ltd t/as White Knight Sanitisation — White Knight Antibacterial Hand Sanitiser 500mL and White Knight Sweet Berry Antibacterial Hand Sanitiser 500mL Kmart Australia Ltd — ANKO Gravity Bouncer Medtronic Australasia Pty Ltd — CareLink Personal Software and CareLink System Penske Commercial Vehicles Pty Ltd — […]