Even the Government doesn’t fully understand insurance

Even the Government doesn’t fully understand insurance

On the business.gov.au website under a section looking at Market Stall‘s, they describe public liability insurance as the following: “Public liability insurance protects you against claims for property damage and bodily injury such as a product you’ve sold negligently causing a fire.” [Source: business.gov.au] As anyone in the insurance industry knows, this is not public liability but product liability. Thank you Kay Jackson from Simplex […]

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Blog question – Possible time gap in coverage when changing insurers

Blog question – Possible time gap in coverage when changing insurers

One of the questions I received yesterday read: “I seem to recall a case where a customer switched insurers, neither insurer’s policy specified a start or expiry time, only a date.  A incident causing rise to a claim occurred on that specific date and both Insurer’s were passing responsibility to the other. What I can’t recall is the outcome, which insurer was ultimately responsible and […]

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Compulsory Third Party Insurance Explained

Compulsory Third Party Insurance Explained

When the statistics came out showing just how few people understood Compulsory Third Party Insurance, it created quite a discussion with several of my longest standing friends. Within LMI, there are a number of our staff who have been involved in motor vehicle accidents where the third party had no insurance at all. The worst was an overseas student, who had borrowed a friend’s car, […]

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Dame Joan Collins thoughts on claims preparers

Dame Joan Collins thoughts on claims preparers

When Steve and I were over in London last, we met with the director Alex Balcombe of Harris Balcombe one of two firms vying for the title of the longest running claims preparation company in the world. They are one of the foundation members of the International Institute of Claims Preparers (“IICP”) and now have the 6th generation of the one family still involved. Alex had […]

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Addressing the lack of understanding about Compulsory Third Party (‘CTP’) insurance often referred to as Green Slip insurance

Addressing the lack of understanding about Compulsory Third Party (‘CTP’) insurance often referred to as Green Slip insurance

Steve Manning, an old friend Mike Quinlan and I are concerned at the many reports that have come out recently about the lack of understanding about CTP insurance. With this in mind, Mike is preparing a guest post and Steve is preparing a short video on the topic for his Insurance Bites YouTube Channel. I will let everyone know as soon as they are up […]

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Blog Question: Territorial Limits under a Combined General Liability (CGL) policy

I received this question overnight. ——————————————- Hi Allan I follow you on LinkedIn and find your articles very informative and whilst I’ve never had to ask you a specific question I’m hoping you may be able to shed some light on the following. I have a client who imports Underground Conveyor Chain Equipment used in Underground Coal Mines from the USA and my concern is […]

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When does the Indemnity Period end?

At LMI Group, we have an issue which comes across, almost in waves, in regards to a number of claims which needs to be addressed before the next flavour of the month adjustment to reduce an Insured’s claim. The one we have just overcome is where the adjuster has made a “notion” adjustment, without explaining the basis for it. Now, we have come across on […]

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Cheapest is not always best – Lessons for procurement officers

I spend much of my time speaking at conferences for various industries, where I encourage the business owners not to purchase their business insurance on price, but to carefully consider how important their insurance program is and the protection that it offers. Increasingly, over the last few years. I have been questioning the true value of a procurement officer, for regardless of what the tenders […]

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Blog Reader Question: Business Interruption Gross Profit Calculation

I received the following question from a reader and reproduce it and my answer below for you all: Dear Mr Manning, There is something I may be missing in the calculation of Gross Profit under the BI policy. The policy states: “GROSS PROFIT the amount by which: (a)      the sum of the Turnover and the amount of the Closing Stock and Work in Progress shall […]

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Alarming Trends – Part 2: Reinstatement and Replacement Conditions vs Indemnity Conditions

Previously, we have addressed the topic of indemnity periods and I expressed my concern on the number of questions I have had come through from Insurance Brokers and Underwriters where the indemnity period for a client was being reduced in this time of increasing rates. Another issue which has resurfaced as a result of these rate increases is the move to reduce the cover from […]

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