High risk with sub-standard products

High risk of sub standard products In recent weeks the news media in Australia has reported many examples of inferior products being used in the building industry. The reports document the use of non-compliant products, such as cladding, cabling, wiring and lighting being installed in domestic and commercial buildings. Some suspect installations have resulted in…

Fair Employment Seperation

Made redundant or fired? When contemplating firing an employee, proper process must be followed otherwise there is the real risk of the employer facing an unfair dismissal claim. To avoid the risk, some employers use ‘redundancy’ as an alternative to firing. It’s quicker, sounds nicer and is less painful to all concerned but often has…

New Rating System for Homes at Risk

New rating system launched Following the ‘Black Saturday’ and ‘Blue Mountains’ bushfires in recent years, the Australian Government in conjunction with local councils and fire services, has amended the requirements set out in Australian Standard 3959 – Construction of Buildings in Bushfire Prone Areas. A Bushfire Attack Level (commonly known as BAL) Rating has now…

The open road

Tougher Transport Laws

Penalties to Hit Harder Recent changes to transport laws now hold more individuals and companies in the transport chain accountable for breaches. The Heavy Vehicle National Law (HVNL) commenced in 2014 and applies in all States of Australia except Western Australia. The legislation applies to all vehicles that have a GVM (Gross Vehicle Mass) or…

Pollution Liability Insurance

A Must-Have For Many Businesses Many business owners are unaware their standard business package insurance will not cover pollution remediation. It’s likely that contractors and other professionals working on major infrastructure and construction projects will have appropriate cover, but the cover is not just for heavy industry. Businesses with high risk include dry cleaners and…

Underinsurance

Weather Events Demand a Closer Look Following on from the previous article in the last edition of Brokerwise, we continue to focus on the impact of Co-Insurance or “Underinsurance” as it is more commonly known. The importance of considering and selecting appropriate and adequate Insurance Policy Limits or sub limits of liability are paramount and…

Disaster Recovery

There’s No Quick Fix The Brisbane hailstorm event of late November 2014 led to more than 102,300 claims worth $1.08billion. The storm caused extensive damage to homes, businesses and vehicles as it ripped through the city at rush hour. The event may have slipped from front-of-mind position for many of us but there is a…

Direct insurers PDS reviewed

Underinsurance

Surveys Reveal Alarming Statistics Probably due to the harsh reality of the current economic climate, it is estimated that 1 in 6 small businesses have no insurance of any kind. Of businesses that are insured, half of these are insured for only 60 to 85% of Replacement Value. And it gets worse with the revelation…

The cost of Terrorism

How Is It Funded? As a result of the Lindt café hostage siege in Sydney that ended in tragic circumstances, the Federal Government has now determined the actions of the gunman was a terrorist act. This declaration was a key point for the insurance industry as the Terrorism Insurance Scheme that was created following the…