Disability Insurance: A type of insurance protection that pays a portion of a person's income lost due to a total or partial disablement arising from either an accident or a sickness.
Professional Indemnity Insurance (PII) remains one of the keystones of risk management for professionals across Australia. Yet, misconceptions and lack of awareness can lead to inadequate coverage, leaving individuals and businesses vulnerable in a litigious environment. - read more
Professional indemnity insurance is an essential safeguard for practitioners and businesses that provide expert advice or services. This type of insurance helps to protect professionals against legal costs and claims for damages from an act, omission, or breach of professional duty in the course of their work. For Australian professionals, where litigation is increasingly common, it's a pivotal component of risk management. - read more
The professional services industry has undergone a significant transformation in recent years, largely due to the integration of digital technology into everyday business operations. From cloud computing to mobile applications, the digital landscape for professional practices has expanded, offering new avenues of efficiency and connectivity. - read more
Indemnity insurance may sound like complex legalese, but at its core, it's a straightforward and crucial protection for businesses of all types and sizes. Simply put, it's a form of insurance that shields a business from bearing the full brunt of financial losses due to lawsuits or claims made against it. - read more
In an era dominated by digital innovation, understanding the crossroads of cybersecurity and indemnity insurance is more critical than ever for IT professionals. As cyber threats evolve with increasing sophistication, the concept of cyber liability has come into sharp focus, pinpointing the potential legal and financial risks associated with data breaches and cyber-attacks that professionals in the information technology sector may face. - read more
Residents and officials from regions affected by flooding have observed a discernable shift in insurers' handling of claims following natural catastrophes, with recent proceedings reflecting a more positive trajectory.
This outlook emerged during a federal inquiry session that gave a voice to flood-impacted communities in Heathcote, Victoria.
In her address to the inquiry, Kim Ross, the City of Greater Bendigo Emergency Management Officer and Lead Municipal Recovery Manager, provided evidence of advancements within the insurance sector. "This year, our experience has been remarkably better," Ross stated, referencing the straightforward and efficient process compared with the convoluted and troublesome experience in the aftermath of the 2022 floods.
Despite this, she emphasized a compelling case for insurers to embrace a progressive approach that prioritizes enhancements over mere like-for-like replacements. This call aligns with broader regional sentiments about strengthening long-term resilience and disaster mitigation.
The plea for resilience found an echo in the words of Kellie Massouras, Flood and Community Recovery Manager from Mitchell Shire Council, whose constituents continue their steady recovery from previous deluges. Massouras pinpointed insurance-related complications faced by public infrastructure and community organizations displaced by the floods.
Similarly, Amy Holmes, the Community Strengthening Manager at Macedon Ranges Shire Council, underscored the need for extensive support in fortifying community vadiness and resilience, pointing out the community's innate drive for self-sustainability when faced with crisis conditions.
Mount Alexander Shire Council spotlighted the strain on emergency support services, in part due to reduced funding and the escalating pressure on emergency services personnel.
Insights from TR Keller of Alliance Consulting, who has first-hand experience with affected Seymour businesses, highlighted the mixed performance of insurers. While some received high praise, others were criticized for their substandard response that stirred considerable turmoil for policyholders.
Keller pointed out a worrying trend wherein disillusioned clients are moving towards self-insurance, a perilous shift for smaller enterprises that could spell their demise in the event of another catastrophe.
The Victorian inquiry sessions have now concluded, and focus shifts to upcoming hearings in other hard-hit areas, including north Queensland and Tasmania. These discussions will continue to assess insurer responses to the 2022 floods, influencing the crafting of a comprehensive report expected by September 30.
The NSW state government has initiated a deep dive into the operations of a leading strata management firm. This move underscores a growing tide of demand for increased clarity and fairness in the industry. Responding to mounting public scrutiny, this investigation sets a new precedent in the regulation of property management entities. - read more
The financial industry has affirmed its commitment to integrity as a former insurance broker, convicted of defrauding clients, failed to overturn a lifetime ban on his financial services activities. Initially penalized for siphoning off clients’ insurance premiums for his own use, the advisor sought leniency to no avail. - read more
Bellrock has announced an expansion of its suite of services to encompass support for mergers and acquisitions (M&A) as well as contingent risks. The enhancement of these services comes amid an expected increase in M&A activities, demanding more specialized and creative risk management solutions. - read more
An insurance policyholder recently experienced the repercussions of non-disclosure after his claim was rejected by an insurer upon the discovery of an undisclosed traffic conviction. The undisclosed criminal traffic offense led to repercussions from both the insurer and a financial authority, serving as a cautionary example for transparency in insurance agreements. - read more
A notable Australian consumer group insists for a revision of the cyclone insurance framework to achieve better parity among affected regions. Before its scheduled review, the proposed recalibration looks to distribute fiscal pressures more evenly among Australians, possibly extending the burden of cost to regions historically less affected by cyclones, such as Sydney. - read more
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