At the request of so many of you, I confirm that I will be hosting a four-part Business Interruption Masterclass series, starting on the 13th October. This series will look at the intention of policy, how to set the sum insured, the difference between increase cost of working and additional increase cost of working, where additional cost of working only is suitable, the additional covers […]
2026 Mansfield Awards and ClaimsComparison.com ratings
Last night was the 10th Mansfield Awards for Claims Excellence held at the Establishment Ballroom in Sydney. The not for profit event in support of the Amal Mulia Orphanage for children with special needs was sponsored by Envest, Johns Lyng Group, Munich RE, Ignite Fire Investigations and LMI Group. The night was dedicated to two exceptional professionals that sadly left us this year, Tim Wedlock […]
Update on Adass Synagogue Fire Bombing
Readers will recall the news footage of the attack on the Adass Synagogue in Melbourne. The facility provided much more than a place of worship to the local community and was in fact the heart of the local area. To maintain as many services as possible for the congregation, a short-term temporary marque was erected at a near-by school while a longer-term site was sourced. […]
Mistakes in setting sums insured / declared value where the Insured elects an Indemnity Period of less than 12 months.
I recall the very first business interruption claim I did was for a risk in Toowoomba and to my horror found that the Insured had only declared 3 months insurable gross profit with a 3-month Indemnity Period. That sum insured had not been reviewed for many years and as a result of 100% average, as it was on that policy, the client received only 6.9% […]
Question on Terrorism Exclusion
A concerned Insured wrote to their broker with the following question and the broker in turn asked me to assist to ensure they provided the correct response. Question I have previously spoken to you about the following; however, I would like to have this tabled in writing. Given the current domestic acts of violence, we are witnessing towards [some] organisations and houses of worship, please […]
A quick reminder following a loss.
Following a major insured event, it is often necessary for an insured to relocate, all or part of their business, or in the case of a domestic claim, to alternate premises. With all the stress of the event, finding a new premises suitable to their needs, and managing the move, the ongoing recovery and resinstatement process it is often overlooked to arrange insurance both property/business […]
Claims as a Financial Service
Just a reminder that coming up to 3 years ago, (as from 1 January 2022) anyone providing claims services which includes claims preparation, third party administration of claims, and claims management services has been required under the Corporations Act (2010) Cth to hold an Australian Financial Services Licence. The regulations are designed to achieve a higher level of claim service and in particular hold licensees […]
Time to review Gross Rentals Values
One of the ever increasing costs of being a landlord, particularly in Victoria is land tax and property rates. The values of properties are being reviewed by state governements and/or local councils and it is going up year on year. Another trick that some States Governments have introduced, and I again use Victoria as an example is that the property owner only has 60 days […]
Is the Indemnity Period long enough
In the claims we are handling we are seeing more and more that the Indemnity Period runs out before the business returns to normal. This is due to a number of issues including but not limited to: The final point has promoted LMI to include in our service a clinical psychologist to assist clients during the process. Click here for more details. With this background […]
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 […]