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 […]
Study confirms what my own research revealed about the stress of an Insured handling their own claim
The most recent study results by published by the Queensland Institute of Technology (“QUT”) titled Flood aftermath linked to post-traumatic stress confirms my own findings about the stress felt by an insured who is attempting to handle their own claim. This latest research was carried out by QUT researcher Kelly Dixon looked at the mental health impacts on victims of the Brisbane 2011 and Mackay 2008 floods. […]
My thoughts on the sale of TIO to Allianz
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 […]
Another Interview for ABC Radio
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!
Roma v Wagga Wagga on Flood
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 […]
Keep an Eye on the Wordings
Just a gentle reminder that not all policies are the same. Sometimes it really is apples v oranges. Yesterday I dealt with a business pack where the public utilities section did not include telecommunications. Phone and data are vital to the vast majority of insured’s today and to not have this written into the base wording is a serious gap in coverage. The ISR which […]
Is the Queensland Government’s $51 Million on Flood Relief too Little?
While it is pleasing that some funds have been ear marked for flood mitigation, I question just how far such a relatively small amount for such a big problem will go. My greatest fear is that it will be wasted on consultants doing studies that will be ignored as in the past and not actually fixing the massive problem facing the state. If you think […]
MOP /Stock Throughput Covers – An Analysis – Part 5 – Where Stock is Insured for Full Retail Price do I need Business Interruption Insurance?
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 […]
MOP /Stock Throughput Covers – An Analysis – Part 4 – The Trigger for Business Interruption Under an ISR when an MOP is used to Insure 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 […]
Good to see Local Councils Looking at Flood Mitigation
I was pleased to see an article in Government News that local councils are seeking funding to address the issue of flood. This is certainly long over due. The irony is that often these same councils have, during periods of drought, allowed developers to sub-divide and otherwise develop wet lands and other areas that are in flood plains. This really is setting up young families and small […]