Sharing the knowledge – 2018 Vero Commercial Fire Data Base
One of the basic philosophies of LMI Group is to share the knowledge we gain from the many claims we are involved in for the benefit of the insurance industry, business and the wider communities.
Of course, there are others within the insurance industry that share this approach and we praise them for their efforts.
Adam Matteson from Vero shared with me the Commercial Fire Data Base that he and his team create each year which records all major fires in Australia, not just those underwritten by Vero but all that are reported in the press. Adam and Vero are happy for me to share it with you also.
I find it a most valuable and hope you do too.
Two things come immediately to mind.
1. There were a lot of fires during 2018 and my intuition tells me that there are more happening in 2019.
2. The importance of full insurance at the time “it” does happen. It often means the difference between survive, revive and survive and business failure and the loss of years of hard work. I say this as I have been involved in a spate of losses where there is under or no insurance on both the property and business interruption.
Can I suggest brokers use the data base to remind clients of the need to review their entire insurance program annually?
Thanks Adam for sharing with me and the readers.