claims

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How to minimise being underinsured

Many Australians, especially those who own businesses, discover they don’t have the cover they need in the worst possible circumstances. Insurance is one of those subjects that many people glaze over. So, just to test how knowledgeable you are about this important but unsexy topic, see how many of the following you can answer. Questions What type of insurance can provide cover if a natural disaster results in my business having to shut down for a period of time? What type of insurance can

Best Price

Why Best Price is a bad way to start a conversation about Insurance

If you’ve ever been on a beach overseas? You would have noticed how the shops now come to you. Traders with glasses, clothing, massage and even tattoos. When they walk up to you introduce themselves, they always start with “Best Price”, which may be fine if you need new glasses and a tattoo but what about when you need insurance. Best Price does not mean the best value for your Business Business insurance has always been a grudge purchase for small

Continuous Cover Professional Indemnity Insurance

What does Continuous Cover mean in my professional indemnity policy

What does Continuous Cover mean in my professional indemnity policy? Professional Indemnity policies are written on a Claims Made policy which generally excludes claims arising from circumstances known to the insured before the start of the policy period. If, when the notification is investigated and its shown that your client did not disclose their knowledge of any potential claim this could lead to denial of the claim. Therefore, the Continuous Cover clause is there to extend cover under the policy to

What is Expanded Polystyrene And How Does It Affect My Business Insurance

When completing a Business Insurance quote request or proposal you maybe asked “How much Expanded Polystyrene (EPS) does the premises contain?” So what is Expanded Polystyrene (EPS) and how does it affect my insurance premium?   What is EPS? Expanded Polystyrene (EPS) is synthetic aromatic polymer made from the monomer styrene. Polystyrene can be solid or foamed. It has many applications in construction including insulated panel systems for walls, roofs and floors as well as facades for both domestic and commercial buildings, food processing, cold storage,

CGU used Victorian Storms to Test Its New Customer Agreements

  CGU used the Melbourne  Christmas Day storms to test its new customer agreements, giving clients the options when a claim was received, customers were asked how often they would like to be contacted by CGU with any updates, as well as how they would like this contact to occur. CGU process over 4000 claims  and set up a special motor assessment centre in Airport West. All customers

Melbourne storm damage bill likely to run into the tens of millions of dollars

The Insurance Council of Australia has said that the Christmas day Storms in Melbourne claims for damages likely to run into the tens of millions of dollars. The storm that produced high winds, down pours and large hail stones has resulted in 5000 claims so far. Some effected client of insurers have been told they will have to wait on the phone for several hours to speak to claims staff. ICA spokesman Campbell Fuller says insurance companies

New version of LMI RiskCoach released

LMI has announced that over 6000 users subscribe to LMI RiskCoach which was launched in 2009. While the site has had several small reviews with new industries being added daily, a new Version 2.0 has now been released. Some of the changes made in this version are: Complete user interface re-design – a fresh, crisper look. The markets page and data has been overhauled to provide easier to use information. New feature – the vault! Allows for your files to be linked to an

Zurich strengthens claims service

Zurich’s general insurance business in Australia has strengthened its long-established local claims operations with the appointment of senior state-based Customer Care Managers.The spate of catastrophes Australia has suffered in recent times made it abundantly clear that insurers needed people on the ground to quickly help brokers and their customers in their time of need. Zurich’s Head of Claims Stephen Brooks said Zurich’s Customer Care Managers will

Zurich strengthens claims service

Zurich’s general insurance business in Australia has strengthened its long- established local claims operations with the appointment of senior state-based Customer Care Managers.The spate of catastrophes Australia has suffered in recent times made it abundantly clear that insurers needed people on the ground to quickly help brokers and their customers in their time of need. Zurich’s Head of Claims

IBNA in charge of insurance broker system

Insurance Brokers Network Australia (IBNA) has taken over control of the insurance broker management system BrokerConnect. This follows the creation of a joint venture partnership between IBNA and technology company InsuranceConnect. BrokerConnect is one of the programmes available which handles quotes, policies, claims and supporting documentation for insurance brokers. IBNA Chairman Trevor Lofts says one of the primary goals is to

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