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
If you're an Australian consultant, you understand that your advice is a valuable commodity. But with that value comes responsibility, and a level of risk that you could be held liable if your guidance results in financial loss to a client. This is where professional indemnity insurance comes into play, serving as a vital shield, providing protection and peace of mind for both you and your clients. - 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
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
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
Revolutionizing Carbon Trading with Novel Insurance Offering
Revolutionizing Carbon Trading with Novel Insurance Offering
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In an innovative move within the environmental finance sector, CFC has introduced a cutting-edge insurance product specifically targeting the burgeoning carbon credit market.
This pioneering Carbon Delivery Insurance is designed to mitigate the risks associated with non-delivery of carbon credits, reinforcing market confidence and integrity.
Designed to streamline the process, CFC's new insurance offering boasts immediate quoting and binding on the same day. It's tailored for buyers engaging with any of over 300 recognized carbon initiatives, marking a significant leap in the carbon credits insurance landscape.
The distinction of this insurance product lies in its comprehensive coverage. It is the inaugural policy catering to both the material and governmental obstacles confronted by entities acquiring voluntary carbon credits with a forward-looking approach. Unlike traditional policies, CFC's inventive underwriting method scrutinizes the carbon programme, thus circumventing the need for lengthy policyholder vetting and simplifying the quotation process.
George Beattie, proficient at the helm of CFC's Innovation Team, shares an optimistic vision about the insurance's role. "This is more than just a policy—it's a catalyst for ushering in a positive environmental impact, positioning early adopters on the vanguard of a market poised to amplify to upwards of $1 trillion by mid-century," elucidated Beattie, illuminating the anticipated growth trajectory of the carbon market.
Asserting further on the user-oriented nature of this insurance solution, Beattie quotes, "We're delivering a tool that furnishes investors within the voluntary carbon sector with the sought-after assurance and reliability."
Gateway to this serviceable insurance product is provided via broker distribution networks. Further amplifying their potential, CFC has established a strategic partnership with IncubEx, a trailblazer in carbon market innovation domains.
Proving the necessity and timing of such an insurance tool resonates with market sentiments, CFC's comprehensive survey across 500+ corporate purveyors found that a striking 75% are seriously apprehensive about the risks of delivery flaws. 65% have already been on the receiving end of losses due to non-delivery scenarios, and a solid 80% indicated their likelihood of contemplating underwriting support to shield against such prospects in their future carbon credit transactions.
Published:Sunday, 24th Mar 2024 Source: Paige Estritori
In an intriguing turn of events, a dedicated car enthusiast's claim for damages to his vintage vehicle under home insurance has been denied after a careful review by the Australian Financial Complaints Authority (AFCA). The individual's relic, a 1970 Mercedes-Benz 280e sedan, which was being lovingly restored and was far from operational, rolled into an adjacent van following the snap of a winch cable. - 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. - read more
An individual's anticipation of a serene vacation in Hawaii was met with a grievous twist when wildfires ravaged Maui, leading to an urgent evacuation and unplanned expenses. A customer of Mitsui Sumitomo ventured to the Pacific paradise only to have plans upended by nature's wrath. The ensuing insurance claim denial sparked a dispute which has now been resolved by the authoritative voice of the industry’s dispute resolver, leaving a glaring reminder of the importance of scrutinizing insurance options. - read more
Last year, research from a major insurance provider signaled a significant shift in the life insurance landscape within Australia, showing a marked decrease in the percentage of insured non-dependent adults of working age. Only 77% now carry some form of life insurance, a stark contrast to the 94% coverage rate recorded in 2017. Industries evolve, yet the dip in these figures marks a noteworthy trend within the life insurance sector. - read more
In a strategic move to fortify its Australian footprint, the prominent London-based cyber insurance firm CFC has announced the procurement of Melbourne's Solution Underwriting. Already an experienced player in the Australian insurance sector, CFC’s recent acquisition marks a significant augmentation of its local operations. - read more
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