With 5 weather related catastrophes the industry is dealing with this year already, it was interesting to see that the US has not escaped bad weather. Extreme flooding in parts of Texas and Oklahoma were triggered by a series of thunderstorm clusters, which produced excessive rainfall over the Memorial Day Weekend. As an aside, it has always interested me how many cats like this occur on […]
Since it was announced that the TIO may be sold I have been asked by a number of news sources and the like for my thoughts on it. The main concern of those in the NT is that prices may increase and I really do not see it. The Conversation, for whom I have written before asked me for my thoughts on this issue and […]
At the moment flood risk is a hot topic in the Northern Territory and I am being interviewed again today by ABC Radio at 3:54 pm Australian Eastern Summer Time. I am happy to speak on the subject as parts of Australia are more likely to flood, then I am in with a chance getting the winner in the LMI’s Melbourne Cup sweep!
It was pleasing for the residents of Roma to learn that a major insurer in their town, Suncorp, had reduce premiums by up to 90%, even though the flood mitigation work being undertaken by the Council, with funding from the State and Federal Government, was not yet completed. It does show that the insurance industry does want to work with local authorities in protecting the […]
The simple and firm answer to this is YES YOU DO. There are a great many reasons for my taking this view. In summary they include: If there is no Business Interruption cover in place, the only time the Insured can claim for any consequential loss of profits is following a loss of stock. The maximum amount claimable is the difference between the cost price of the stock […]
A common question asked me of me, that prompted me to write this series (this is the fourth) of articles on MOP / Stock Throughput policies, is “can the Insured still make a claim for Business Interruption when the only thing damaged is stock and this [the stock] is not insured under the business pack or ISR policy?” The trigger for a Business Interruption claim under an […]