Rising Strata Insurance Premium - Is It Manageable? You may be aware that strata insurance premiums have started creeping up since last year. Strata insurers have advised us that market conditions and the other contributing factors such as changes in underwriting guidelines, CPI, increasing reinsurance costs and rising...
Issues found by Loss Adjusters and how to avoid them Most common issues found by a Loss Adjuster when assessing a claim 1. Inadequacy of Sums Insured, particularly in Business Interruption sections 2. Lack of early mitigation strategies 3. Delay’s in Insured’s providing necessary documentation to progress claim 4. Underlying...
Not sure about your Building Sum Insured? We often discuss the importance of having the correct Building Sum Insured on your insurance policy, and understand that obtaining a professional valuation every year may not be feasible. Determining the level of insurance required for a property can be...
Human error is as great of a cyber risk as a malicious attack The Office of the Australian Information Commissioner (OAIC) has released its first quarterly (Jan-Mar) report into notifiable data breaches, which shows 63 reported breaches since the scheme began on 22 February 2018. This statistic...
Home Building Amendment (Cladding) Regulation 2018 The NSW Government released the Home Building Amendment (Cladding) Regulation 2018 on April 20. The Amendment inserts a new Clause (69A Major defect in building—external cladding) which updates the definition of "major defect" in section 18E (4) of the Home Building Act 1989 (NSW)...
Regulation for Cladding Shortly after the Grenfell Tower fire tragedy, the NSW Government announced a wide-ranging fire safety package in response to the fire safety risks posed by external wall cladding. Compulsory Checks As part of the package, the NSW Government announced they would make checks for combustible cladding...
Nominations are now open for the Strata Services Business Award CRM Brokers is pleased to announce our sponsorship of the Strata Services Business Award at the 2018 CHU Strata Community Awards (NSW). The Awards Night provides an exceptional opportunity to acknowledge and reward amazing businesses and individuals...
Understanding Contractors Pollution Liability These days, the spotlight is squarely on the environment. Legislation is ramping up, and public awareness and enforcement costs are on the rise. If your business is responsible for causing pollution, the impact on you can be costly. Contractors Pollution Liability Insurance...
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...
Notifiable Data Breach Scheme is here - Are you ready? The Notifiable data breaches (NDB) scheme came into force on 22nd of February 2018. Experts warn businesses may be left scrambling if they have not locked down personal information and developed a response plan to deal...
Is it time to review your cover limits? CRM Brokers would like to remind the Owners Corporation how important it is at each renewal to ensure the Sum Insured they select complies with section 161 of the Strata Management Act 2015 and clause 39 of the...
CRM Brokers presents at the Hong Kong Confederation of Insurance Brokers CRM Brokers' Broking Operations Manager, Vikram Choudhry was invited to speak at the Hong Kong Confederation of Insurance Brokers (HKCIB) seminar. The seminar was held over three days from 7th of February 2018 at the prestigious...
What to look out for in 2018 2018 is set to be a challenging year online with increases in cyber threats and the evolution of Australia's legislative landscape in relation to data breaches. The Notifiable Data Breaches (NDB) Scheme will commence in Australia on 22nd of February. The...
New Eligibility Risk Manager Appointed for Home Warranty The Home Building Compensation Fund have announced the appointment of Corporate Scorecard (Equifax Australasia Credit Ratings Pty Ltd t/as) to be its Eligibility Risk partner from the 7th of December 2017. QBE and RBUA will cease their involvement as of...
CRM Brokers wishes you and your family a very Merry Christmas and we look forward to seeing you in the New Year CRM Brokers offices are business as usual until 1pm Friday 22nd of December 2017, when we will close for Christmas and New Year's Eve. Our...
Frequently Asked Questions [vc_accordion active_tab="false" collapsible="yes" style="accordion" title="FAQ"][vc_accordion_tab title="How would an insurer know I am a small business so I am not charged duty on my policy?"][vc_column_text]An insurer will require the insured to provide a small business declaration. This is a declaration by the insured, in...
NSW Stamp Duty Exemptions In the 2017/2018 State Budget, the NSW Government announced that from 1st of January 2018 there would be an exemption for Stamp Duty on certain insurance products for small business. From 1 January 2018 small businesses are not liable to duty on certain...
Strata Building Bond and Inspections Scheme The new Strata Building Bond and Inspections Scheme is set to commence on 1 January 2018. The Scheme is a Government response to the City Futures Research Centre 2012 Report which found 85% of respondents, in buildings built since 2000, indicated...