professional indemnity australia

broker login    |   affiliate login

  professional indemnity, pi insurance rates, pi insurance quotes, compare pi insurance, cheap pi insurance  

    | Home    |    Quick Quotes    |    Free Download    |   Calculators    |   About    |   Contact    |   Privacy    |   Links    |   Site Map   |

Income Insurance:
Insures your income in the event of you being unable to work due to sickness or accident.

Quick Links
  • Professional Indemnity
  • Pi Insurance Rates
  • Pi Insurance Quotes
  • Compare Pi Insurance
  • Cheap Pi Insurance
    Insurance News

    Undisclosed debt agreement results in rejected insurance claim Undisclosed debt agreement results in rejected insurance claim
    25 May 2022:

    A motorist lost her insurance claim dispute after failing to disclose a debt agreement while renewing her insurance policy. - read more
    Australian home insurance in crisis? Australian home insurance in crisis?
    19 May 2022:

    Warmer temperatures linked to climate change are likely to make home insurance unaffordable for over 500,000 homeowners in Australia by 2030, according to a report from the Climate Council. - read more
    Insurance Articles

    Ambulance Cover: Do You Need It? Ambulance Cover: Do You Need It?
    Medicare in Australia doesn't cover ambulance services or emergency transport. These services are more often covered by private health insurance. However, private funds are not the only ambulance and emergency transportation service providers available. - read more
    5 Tips for Dealing With your next Insurance Claim 5 Tips for Dealing With your next Insurance Claim
    Sometimes processing an insurance claim after a catastrophic event can turn into a nightmare. This article contains some pointers on how to handle the bureaucracy and confusion that can occur when filing a claim. - read more


    Professional Indemnity Australia :: Articles

    Share this article with your friends!

    Insurance: The Absolute Basics

    Insurance: The Absolute Basics

    Insurance has often been considered by many as a necessary evil.
    But for the majority of people, insurance offers real security, peace of mind and forms a fundamental platform for a more certain financial future.
    Understanding the basics of insurance and how it works will be enlightening for many.

    What is an insurance policy?

    An insurance policy is a contract that establishes a binding legal relationship that is regulated by both the common law and legislation.
    In other words, in some situations the law has been derived from precedents established in courts; in other situations the contract is specifically regulated by laws passed by Parliament.
    There is also regulation by independent statutory authorities.
    The insurance company is known as the "insurer"; the person who holds the policy is known as the "insured".
    Consumer insurance is usually either General insurance or Life insurance.

    Transfer of risk

    The basis for insurance is "transfer of risk".
    Time for a 2nd opinion on your Home & Contents Insurance?
    We now offer a nation-wide panel of specialist Household Insurance brokers ready to help you lock down the best value home and contents insurance solution - tailored to your individual needs and guaranteed to save you money!
    This means that the insurer agrees to compensate you if you suffer a loss.
    Without the insurance you would have to pay for that loss yourself.
    Obviously this contract is made on the basis that the insurance company calculates the risk that you, or the total number of people buying insurance, will cost more in payouts than what is received in premiums.
    This is determined by the use of statistics and the information you disclose on your application for insurance.

    General insurance

    This includes ...
    Home contents.
    It can either be "defined event" i.e. the policy covers loss or damage from a list of "defined" events, e.g. storm or fire; or "accidental loss or damage" i.e. all accidental loss with some exclusions.
    Motor vehicle.
    It can either be "comprehensive" i.e. it covers any damage to your car as well as damage to the other car or another person's property; "third party property" i.e. it covers damage caused by your car to another person's property. This type of insurance will not cover you for the cost of repairs to your own car; "third party fire and theft" i.e. it covers damage partly for damage caused by your car to another person's property, and restricted cover for damage to your car cause by theft or fire.
    Public liability.
    States and Territories now have laws which limit an injured person's common law rights to sue for negligence, place thresholds and caps on damages for pain and suffering, and limit the payouts for economic losses.
    Make sure the policy and the underwriter will be recognised in the countries in which you travel, otherwise you may face difficulties in receiving medical assistance.
    Life insurance.
    This is a contract where the insurance company is bound to pay an agreed sum on the death of the person who is insured.
    Income protection.
    With this type of insurance the insurer agrees to pay you a specified amount of money, usually in monthly payments, in the event that you become disabled and unable to work.
    Trauma insurance
    This provides a lump sum on diagnosis of one of a number medical traumas such as a heart attack, stroke and cancer.
    Some life insurance policies are more in the nature of an investment product, where the company takes your premiums and invests them to add value to the policy.

    Using a broker

    Under the law an insurance broker must be licensed and registered by the Australian Securities Insurance Commission. This establishes standards that ensure:
    * their professional identity is truthful;
    * they do not try to pressure you into a policy you don't want;
    * they follow certain accounting practices that protect your premiums;
    * disputes will be handled in an appropriate manner.

    Types of cover

    Make sure you understand the types of cover that you will receive from the policy. For instance, home insurance can either be:
    * defined event i.e. the policy covers loss or damage from a list of "defined" events, e.g. storm or fire;
    * accidental loss or damage i.e. all accidental loss with some exclusions.
    Just because a defined event is covered in your policy is not a guarantee that you will be covered no matter how (or why) the event took place.
    This partly depends on the way the events are described in the policy, and any exclusions that are made in the policy regarding the circumstances of the event.
    Therefore it is always important to carefully read the policy.
    Accidental loss or damage policies cover all accidental losses, but it will nevertheless be subject to stated exclusions.

    Share this article:

    Could your business use some extra cash?
    Whether you need an injection of funds to help tide you over tough times or to provide some much needed working capital during a growth stage, our panel of Business Loan specialists are standing by for your enquiry. Our broker panel will give you access to the best available bank and non-bank lenders with rates often lower than are available direct.
    Business Insurance
    If you're in the process of buying or renewing your business insurance, whether it be a factory, a shop, office, warehouse, a farm or whatever .. even a home-based business, we can show you a quick way through the maze of offers and options available on the market. Our Australia-wide broker panel will ensure that you get the best cover for your specific needs … and at the right price to suit your budget.

    Need a Quick Professional Indemnity Insurance Quote?

    At Professional Indemnity Australia, we understand that you have more productive things to do with your time than researching professional indemnity insurance rates and options.

    So we propose to help do it for you. No charge, no obligation.

    Simply complete our short form for access to the best professional indemnity insurance quotes and advice from a comprehensive selection of Australia's leading and best known professional indemnity experts.

    Quick Links: | Professional Indemnity | Pi Insurance Rates | Pi Insurance Quotes | Compare Pi Insurance | Cheap Pi Insurance

    powered by
    Financial Services Online



    Home   |   Calculators   |   About   |   Quotes   |  Contact   |  Privacy   |   Brokers   |  Affiliates   |  Download   |  Links   |   Site Map



    Copyright Clark Family Pty Ltd A.C.N. 010 281 008 - all rights reserved