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Photographing the valuable items in your home

It is sometimes hard to remember the details of a piece of jewellery, artwork or collection. Take photos of your jewellery, watches, gold and silver articles, artwork and even the items in your crystal cabinet . Keep them on a USB stick at your office or in a safe. Then if you need to claim in the future, it is much easier to obtain replacement quotes.

Insuring your apartment, inside and out.

If you own an apartment, unit or townhouse the structure may be insured under an Owners Corporation policy. However, did you know that the Fixtures and Fittings such as carpet, curtains, floating floors, internal blinds and light fittings, as well as Liability insurance in respect of these items, are not usually insured under this type of policy.

Generally, the cost is less than $500 per annum to insure up to $15,000 fixtures and $10,000,000 Liability which is very affordable.

Sometimes if you own a unit or townhouse, you and your fellow property owners decide to have separate policies instead of having an Owners Corporation insurance covering the buildings, common contents and Public Liability.  You will need to be sure that the other unit owners do have an up to date cover.  What if a unit were to burn down and there was no insurance on that one?  It would certainly devalue the other units on the block.  This event has actually occurred and was very stressful for the remaining unit owners.

The other issue is the common area Public Liability for driveways which also covers underground services.  For instance, if an incident for which you were liable, were to occur in a common driveway, your home insurers may not pay the claim which also includes expenses defending the claim.

If you have a Body Corporate manager, they may set up a policy for you however they do not necessarily have the same experience as a qualified insurance broker.  They may not have access to the various insurers who write Owners Corporation insurance, only dealing with one or two instead.

It is more cost effective to have an Owner’s Corporation insurance policy, to safeguard yourself financially and to ensure owning an apartment, townhouse or unit is an enjoyable and cost-effective experience.

Disclosure

The above information is not comprehensive. It provides only a summary of the subject matter covered and is not tailored specifically to your business or private situation. You should make you own assessment of this information and rely on it wholly at your own risk.

What you may not know about Motor Vehicle Insurance

When insuring your vehicle you need to know a few things.

The first thing you need to know is the make and model of your vehicle as well as any accessories or modifications.

Accessories such as sign writing, windshields, alloy rims, leather trim, tinted windows and the like, if not specified on the policy, may not be covered. If you have fitted modifications like wider tyres or a lift kit, your vehicle may not be insured in the event of a claim. Some companies will not insure a vehicle with certain modifications and some charge extra, so is very important that the insurers know exactly what they are insuring.

Secondly, what are you using your car for? Is it just private use or is it commercial, trades or used as an Uber? A lot of insurers aren’t covering vehicles used as Uber’s or other ridesharing/taxi types of businesses. This makes a big difference not only the acceptance of cover, but also the cost of the policy. A vehicle used as an Uber or other ridesharing business may not be covered at all if the insurer hasn’t been notified and it has been agreed in writing.

Thirdly. Are you aware of how total loss claims will be paid? Many companies pay the Market Value, (or Agreed Value depending on the policy type) at the time of loss, less the excess and they do not refund the left over premium. They will issue a letter that you can take to the Vehicle Registration authority in your state to receive the refund of unused registration. The policy ceases when a total loss occurs, so when you purchase a new vehicle, a new policy needs to be taken out.

However, AAMI and Budget Direct for instance, as well as many other insurers, may also deduct any unused registration or compulsory third party payments from the total loss settlement. If you have just paid your registration this could amount to over $800.00 which is a considerable deduction.

Finally, in accordance with your Duty of Disclosure, you must advise if you have had traffic infringements which haven’t been advised to your insurer. These include speeding fines and other motoring offences but exclude parking fines. A couple of one point fines is usually OK however they still need to be noted. If you are unsure of your driving history you may wish to contact Vic Roads, or the equivalent in your state, and obtain a printed declaration. If any driver has had their licence lost or suspended due to loss of demerit points or driving under the influence of alcohol or drugs, this will impact the insurers acceptance of the risk and may result in a denial of claim at the time of an accident if not notified prior. This condition applies to any driver of the vehicle, not just the named insured.

This is just a brief outline of your obligations as a customer insuring a motor vehicle. Please give me a call or email if you would like to discuss any of the above or would like an insurance quote for your own vehicle.

Just received your insurance renewal and would like a comparison quote?

We know that insurance can be confusing. Insurance brokers take the confusion and worry out of the picture and advise on personalised packages for your general insurance needs.

Insurance policies aren’t all the same, and this is where a broker shows their expertise so the right product at the right price is obtained. There is no point in paying premiums only to find that a claim is denied that would have been covered with other insurers.

Trades – Electricians, Plumbers etc
Motor Trades and Mechanics
Business – Manufacturing, Retail, Wholesale
Restaurants and Cafes 
Professional Services 
Construction
Home Building, Contents and Personal Valuables
Commercial and Residential Property Owners
Motor Vehicles – Private, Commercial, Fleet
Truck and Heavy Plant & Machinery
Farms and Farm Motor
Public & Products Liability
Travel Insurance

Just give us a call or send an email. What have you got to lose?

Business Interruption Insurance

How would you cope if you were suddenly out of business due to an unforeseen event?

It takes time to recover from a major disaster. Many business owners have insurance protection for their buildings and equipment but forget to cover the loss of profits that inevitably occurs after a major claim.

The purpose of Business interruption insurance is to protect your gross profit and help pay your ongoing costs until your business is back up running and generating the same gross profit as it was before a claimable event like a storm or fire.

The cover starts from the date of the loss and extends to the time when your profit levels have recovered to pre-loss levels (called the ‘indemnity period’).

The indemnity period is usually 12, 18 or 24 months. This period can be increased to 36 months if necessary . It can take more time than you think to rebuild a building or a business back to what it was prior to the loss.

If your building is in a large city it can take many months for demolition to occur, plans to be drawn up, building permits to be obtained and the building to be completed.

The definition of Gross Profit under a Business Interruption policy is different to the standard accounting definition of Gross Profit and this definition can impact the calculation of the amount of lost profits you can claim. Calculating a Gross Profit Sum Insured can be tricky and we do have calculation sheets which we can complete with you. A basic Insurable Gross Profit calculation is the sum of your Turnover, less Purchases.

Wages are not deducted from the Gross Profit sum insured as in the event that you are not able to trade following a major loss you will still have/want to be paying your employees so that they are still your employees when you reopen. 

Business interruption Insurance can also cover additional costs which you may need to incur to get your business up and running after damage. For example, you might need to spend money on additional rent for temporary premises or additional wages for people to assist with the clean-up of your business after a fire or storm.

You may also need to outsource manufacturing to a competitor or contract manufacturer. An advertising campaign to win back lost or disgruntled customers. The hire of temporary plant and or equipment. Overtime payment to staff. The temporary employment of additional staff and the list goes on.

Business Interruption Insurance can be the difference between bankruptcy and solvency. I know which one I would choose.