The IA Risky Business

We started a series earlier this year where we delved deeper into individual products to give you a better understanding. These have been personal lines products like Home, Boat and Car. Wrapping up this series is one a lot of people don't consider but is pretty important, Trailer insurance. It's true a trailer whilst being towed by a moving vehicle usually has cover under the motor vehicle insurance. I stress usually. There are some bare bones products on the market that may not include this benefit so please check your PDS. What this means is if the trailer is damaged or causes damage to another persons property whilst being towed your car insurance for the towing vehicle should cover it. Again check your own PDS to make sure. Being in this industry though we see when things go wrong. How often do you leave your trailer beside your home or in the front garden? It's pretty easy for someone to come along and hitch it up and take it away. Your Car Insurance on that tow...

Risk is the nature of Insurance. Businesses take risks everyday. When they want to transfer part of that risk they purchase Insurance. Often though when you think you've transferred the right amount of risk you end up surprised by a condition or exclusion in a policy that you didn't know existed. This means you didn't transfer the risk at all and have been paying a premium for nothing. It's a common theme that we see on a regular basis. It's also the reason we spend so much time IN our clients business and not in our office. You cant expect to learn a clients business sitting in your own office. We thought today we'd give you a couple of real examples of clients who have been caught out by either bad or no advice, or presuming cover was correct. We provided an alternative option to a Manning Valley client over Christmas. Public Liability for all their projects and contracts was a key for them. They were with a recognised Insurer through another agent. ...

It's not often I'm lost for words but I find myself this morning with writers block. Nothing to fear, the sky isn't falling or the wheels aren't falling off just short on words. You watch I'll still manage to ramble on but thought you might want to know that this morning the usual structured plan I try to work on is very ad lib. It's probably to do with the fact that after 2 months of non stop negotiation and work on our clients claims we wake up this morning with all bar one put to bed. So what has been the norm this year has now passed and we can focus on other things. Just gotta RE - figure out where those things begin. It's a very draining process. Claims are what people rate insurance by. OK so people first look at price. No doubt about that. Anyone who knows me knows that I am keen to educate consumers that price when it comes to insurance should not be the number one priority. Often when you want cheapest only you pay for it come claim time. Mos...

Federal Minister Bill Shorten recently spoke to an Industry group and stated the following; "While I believe that consumers generally understand what Insurance brokers are, consumers are not fully aware of the important role that Insurance brokers play in the market." Put simply people know who brokers are, but not what we do. It's sad because when you consider Insurance brokers have been around for many many years and yet the market still does not fully comprehend the role within the framework of their business. Particularly within our home region as we have had strong Broker presence for decades. If our market still does not grasp our role then what are we doing wrong in selling the value of partnering with a broker to protect your business. Far too often Insurance is portrayed in the media as this light fluffy almost comical thing. We seem more wrapped up in whether Rhonda and Ketut hook up then what an Insurance company can do for you when you need it most. Un...

It's been a month or so since we last did a memo. Even with the best of intentions and time management it simply wasn't going to happen. Since Australia Day our region has been battered by some of the wildest weather we have seen in a number of decades. Whilst the storms on the Australia Day weekend caused some havoc locally, it was the low pressure system about a month later that really did the damage. From late Thursday February 21st through to Sunday 24th the Mid North Coast copped over a months normal rainfall. Most of this falling in the 36 hours from early Friday through to the end of Saturday. Even as late as last week a small area outside of Wingham remained isolated due to a bridge being washed away. They only gained access in the past 5 days! 415 mm of rain fell in some areas in a single day. Couple that with winds exceeding 100kms an hour and it was a recipe for disaster. From an Insurance point of view claims for the summer had hit $670 Million even before ...

  Last weeks memo showed you many of the 'additional benefits' included in our standard Home & Contents Policy. It's amazing how many people do not know all the extra features that are available to you and how vital these are in assisting you get back to the same position you were prior to a claim. It also puts some perspective on some of the pricing available in the market. It's not all doom and gloom! Today we move onto your Car insurance. I make no apologies for a being a car nut. OK so I cant tell you the In's and outs of every car like some or why one is better then another...... I just love em! The technology and the fact that designers can do what little boys love doing everyday, just draw cars. It's always fascinated me. Formula One technology is something I have loved since, well, as long as I can remember. As a lad I used to set the "VCR" through the 80's and then after school come home and watch the race. I'd keep away fro...

This mornings memo is going to look at some of the additional benefits payable under a home Insurance policy. We thought we'd start with your home then over the coming weeks look more in depth at your Business policy. I was taught very early on in my career that once you understand a home insurance policy better it is easier to pick up more technical covers. It's proven to be trued. My first job in Insurance was with GIO working in Toowoomba QLD. I spent over 40 hours a week doing nothing but home & contents, car and caravan insurance. It was a fantastic introduction to an industry that we are now so passionate about. It also helped that my first job paid more then reaching my career goal in my previous life as a broadcaster. Whilst no one expects consumers to understand fully the In's and outs of their insurance it is important you have an understanding. It's for this reason people use Insurance Brokers. We are able to provide advice and answer any questions a...