Simply put, underinsurance occurs when the sums insured are not sufficient to cover property in the event of a loss. In our previous article we addressed the importance of obtaining an accurate building valuation to ensure that the insurance coverage aligns with the actual rebuilding...
While securing appropriate insurance coverage is fundamental for strata property, the significance of having the correct building sums insured can often be overlooked. In this article, we address the importance of obtaining an accurate building valuation to ensure that the insurance coverage aligns with the actual...
When it comes to insuring properties with commercial tenants, regardless of whether they are strata or non-strata, the activities of the tenants play a key role in determining acceptance. It’s important for strata managers and property owners alike to have a clear understanding of the...
The growing popularity of e-bikes and e-scooters has increased concerns among strata property owners and tenants about the heightened fire risk linked to faulty Lithium-ion batteries. This surge in popularity calls for a closer examination of risk management related to these items. In January 2024, investigators...
NSW Premier, Chris Minns, is set to eliminate the Emergency Services Levy (ESL) on New South Wales property insurance, in an effort to create a fairer system for policyholders. “Reforming the Emergency Services levy is not easy, but it’s the right thing to do,” Premier Chris...
We would like to emphasize the significance of timely claim notification for strata insurance policies. Whilst we understand that there may be valid reasons for a delay, it is essential that a policyholder notify the insurer as soon as reasonably possible. In most cases the timely...
We understand that navigating strata insurance policy wordings can often raise questions, and we have recently had several enquiries relating to Temporary Accommodation and Loss of Rent benefits during claim time. We're here to provide some clarity on these common questions. Temporary Accommodation and Loss of...
The recent surge in construction costs has made underinsurance a significant focal point within the insurance industry. In the simplest terms, underinsurance occurs when the sum insured on an insurance policy is insufficient to cover the full cost of rebuilding, repairing or replacing the building. Given...
Preparing for wet weather Wet weather conditions are here to stay this winter. For large parts of Queensland and NSW, summer 2021-22 was non-stop rain. With the La Nina effect continuing in the tropical Pacific, there is a chance the east coast of Australia is in for...
The Importance of Maintenance in Strata Buildings Steadfast Group has provided feedback on a common theme that keeps re-emerging in Residential Strata claims. A poor standard of maintenance and known maintenance defects are a major contributor to or cause of losses, particularly in older strata buildings. This...
What’s the difference in the way insurers treat storms and flood? There’s a difference in the way insurers treat claims related to storm water and floodwater. As such, it’s important property and business owners understand this difference, should they experience either of these events. This differential...
How to protect domestic property against La Niña risks The Bureau of Meteorology has predicted the chance of a La Niña climate system developing at 70% - or three times the usual likelihood. As a result the northern and eastern parts of Australia are likely to...
COVID and the risk of unoccupied dwellings on farms The COVID pandemic continues to create complications for people from all walks of life, and farmers are no exception. The inability to employ seasonal workers, relied upon by farmers, has been well documented in the media. This not...
The following article provided by QBE Insurance focuses on the once popular building material, you should know about Asbestos in commercial buildings and has been republished with their permission. Asbestos in commercial buildings: a hidden threat Until the late 1980s, asbestos was a popular building material and commonly...
The following article provided by Insurance Australia Limited (IAL), provides insight into risk mitigation through an Emergency Response Plan and has been republished with their permission. Prepare your site for flood with an Emergency Response Plan Over the years Australia has experienced many extreme weather events, from...
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...
Fire & Emergency Services Levy Deferred Indefinitely [vc_row row_type='section' type='grid' text_align='left' video='show_video' video_overlay='show_video_overlay' video_webm='' video_mp4='' video_ogv='' video_image='' background_color='' border_color='' padding='' padding_top_bottom=''][vc_column width='1/1'] UPDATE: 22 June 2017 - A new and necessary piece of legislation (Emergency Services Levy Bill 2017) had been issued on 22 June 2017 which required...