In our ongoing commitment to keeping clients well-informed, we're delighted to share an insightful article from Berkley Insurance Australia and republished with their permission. This article highlights the difference between costs inclusive and costs exclusive excesses, and costs exclusive and costs inclusive indemnity limits. Understanding these features...
Taking the plunge on legislative intent of the Design & Building Practitioners Act NSW (2020) The following case study provided by Brooklyn Underwriting, and republished with their permission, highlights a claim where the intention of the Design & Building Practitioners Act NSW (2020) was put under...
What is professional indemnity insurance? Anyone can make a mistake – but if your business is found liable for negligence, the costs can be financially devastating. Not only can it lead to an expensive lawsuit, but your business’ hard-earned reputation may be damaged as a result. That’s...
A raft of new legislation came in force earlier this year, aimed at improving regulation in the residential building industry. The legislation has far-reaching implications and will impose new obligations on builders, developers, designers, product manufacturers & suppliers, certifiers, installers, sub-contractors, supervisors, etc; particularly in...
On 11 June 2020 new legislation came in force aimed at improving regulation in the residential building industry. The legislation has far-reaching implications and will impose new obligations on builders, developers, designers, product manufacturers & suppliers, certifiers, installers, sub-contractors, supervisors, etc; particularly in regards to...
New Workplace Safety Laws prohibit insurance against WHS fines The enforceability of insurance policies to cover Work Health and Safety (WHS) fines has often been a topic of discussion. As of 10 June 2020, insurance and indemnity arrangements for WHS fines are now prohibited in New...
Why Claims Matter to Brokers Many insurance brokerages say they understand the importance of having a prompt and efficient claims service. Then, a major loss occurs and reality kicks in. The broker’s claims team become distracted and are busy coping with a high volume of new,...
Finity Insurance Market Report - May 2020 We are pleased to share with you the third edition of the Finity Insurance Market Report, which has been produced exclusively for the Steadfast broker network by Finity Consulting. This report provides an update on the Australian insurance market with...
Finity Market Report - November 2019 [vc_row][vc_column width='2/3']Following the successful launch of the Insurance Market Report in April, CRM Brokers is pleased to share the second edition, again produced by Finity Consulting. This report provides an update on the Australian insurance market with insight into current capacity...
Finity Market Report [vc_row][vc_column width='2/3']Approaching the halfway point of the year, we are seeing the insurance market shift from a ‘soft’ to a ‘hard’ market. Factors like significant losses, particularly due to a due to a string of natural disasters, and economic conditions can lead the market...
A wide 'business like' approach to conduct constituting 'professional activities' by an insured At a Glance The Full Court of the Federal Court of Australia has recently held that the concept of 'wrongful act' in a professional indemnity insurance policy extends to a situation where an insured...
How to prepare for unexpected risks: A business survival guide Most small business owners are born optimists. After all, why take the plunge unless you’re confident you can stay afloat? But positive thinking can only take you so far. To succeed in business and stay on...
The Importance of Professional Indemnity Construction industry professionals such as Contractors and Builders who provide design or other professional services in addition to or as part of their construction activities for clients, assume the additional responsibilities and liabilities of a design professional. Claims against Design &...
Does your Professional Indemnity policy wording suit your business? Not all strata businesses are alike. And not all professional indemnity policies are alike. For instance, let’s say you’re an Authorised Representative (providing insurance general product advice) and your staff are Sub-Authorised Representatives also providing general product advice. Does...
Professional Indemnity Exposure for Design & Construct all linked to Aluminium Cladding. On November 25th 2014, the 21 storey Lacrosse Building in Melbourne’s Docklands caught fire as a result of an unextinguished cigarette on an eighth-floor balcony. The fire spread rapidly and quickly reached the top...
Why you need Professional Indemnity Insurance Sometimes, it’s not a matter of whether or not you think you have erred in the course of your “professional” duty, but whether another party thinks you have, causing them to suffer a financial loss. That’s where Professional Indemnity insurance steps...