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...
There is a common misconception that there is no risk to an insured where they subcontract activities out. Liability Underwriter, Gavin Boyle from Solution Underwriting Agency, busts the myth and explains how your client can best protect themselves. Subcontractors: What's the Risk? A subcontractor is an independent...
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...
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...
Contractual Insurance Clauses – Is Erect Safe still good law? Introduction It is often the case in multi-party claims that a contractual relationship will exist between one or more defendants or third parties. Where those arrangements are reduced to writing, the contract will almost invariably contain insurance...
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...
Public Liability circa 2000s revisited? The answers to today’s problem may lie in the past. It seems like a lifetime ago when the cleaning industry was going through one of its worst periods in relation to the purchasing and renewal of public liability insurance. I remember it well. ...
Swiss Re announce their withdrawal from the Australian aviation market Last month Swiss Re (second largest capacity provider in Australia) abruptly announced it is withdrawing from the aviation market here in Australia. This follows the recent exit of Allianz Aviation and AIG Aviation, leaving “a huge...
Plant, Equipment and Contents: The forgotten assets when it comes to Insurance Say your property has a fire and suffers a significant loss. You know the building is adequately insured for $15,000,000, but what about the estimated $10,000,000 of plant, equipment, and contents within the building? ...
CRM Brokers Client Services Manager of the Year Award As a specialist insurance broker for the building services industry, CRM Brokers has been working with members of the BSCAA, and previous industry associations, since 1998. We are once again proud to sponsor the Client Services Manager of...
NSW Fair Trading has issued important information about safety in the home The advice from NSW Fair Trading reminds occupants or lot owners to report any "tingle" or "shock" when touching anything electrical, to a strata manager, strata committee or landlord immediately. They then shift the...
End of Financial Year insurance checkup for your business The end of the financial year is more than just a time for stocktake sales, it's the perfect opportunity to take stock of your insurance and risk-management program. The Australian Government's Business.gov.au website highlights reviewing your insurance as...
What is efficacy all about? Here Glenn Eason - National Liability Manager at Solution Underwriting discusses product efficacy in relation to general liability. What is efficacy all about? I’m regularly asked about product efficacy…. What is it? Why is it being excluded? Efficacy or inefficacy are not commonly used...
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...
The Importance of Product Liability Insurance Here we take a look at the importance of product liability insurance, and how to make sure you've got appropriate cover. What is product liability insurance Product liability insurance is designed to protect your business if you’re sued depending how a product...
You've got your tools, you've got your ute, you've got your ABN. You're all set, right? Not so fast. It's important to cover your back, too – here’s a guide to what insurance you’ll need and when. Most tradies like to run their own race. And...
Nominations are now open for CRM Brokers Client Services Manager of the Year Award As a specialist insurance broker for the building services industry, CRM Brokers has been working with members of the BSCAA (and previous associations) since 1998. To continue our support of the industry,...
Providing Insurance for Existing Structures There are a number of common mistakes often made in the consideration of contract works and public liability insurance – insurance of which may fall to one, or both, of two types of insurance: Material Damage and/or Public Liability. Public Liability When dealing...