Insurance Industry Brief

Prof. Allan Manning

Mistakes in setting sums insured / declared value where the Insured elects an Indemnity Period of less than 12 months.

Prof. Allan Manning

FEBRUARY 10, 2025

I recall the very first business interruption claim I did was for a risk in Toowoomba and to my horror found that the Insured had only declared 3 months insurable gross profit with a 3-month Indemnity Period. That sum insured had not been reviewed for many years and as a result of 100% average, as it was on that policy, the client received only 6.9% of their loss.

Business Interruption

Business Interruption Claim Insured Insurance

ISR Master Class

Prof. Allan Manning

AUGUST 14, 2025

I am hosting a 4 part training session on the ISR Policy starting on 27th August 2025. Each session will run on line for approximately 1.5 hours over 4 weeks. The course is suitable for those new to the ISR policy right through to experienced hands and covers all sections of the policy starting with the all important policy schedule in week 1. Places are filling fast so if you are interested please secure your spot now at [link] I hope you can join us.

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LMI activates our Catastrophe Response Plan

Prof. Allan Manning

MARCH 4, 2025

Having attended every major natural catastrophe as LMI since 1999, both LMI Group and Aequum Adjusters have activated their respective Catastrophe Response plans putting in place the resources required to respond to the expected claims from Cyclone Alfred. We naturally hope that the cyclone changes course again and moves away from the coast but if the predications are correct and it will hit landfall in a very populus part of Australia, both organisations are set to provide the best possible res

Insurance Broker

Insurance Broker Broker Claim Business Interruption

Does my Landlords Insurance Policy cover terrorism

Prof. Allan Manning

FEBRUARY 3, 2025

This is the fourth post in a series that looks at the coverage afforded by various types of insurance products. The series was prompted by a large number of requests for clarification following the senseless attacks that are going on predominately in Melbourne and Sydney. These attacks would appear to fall within the definition of terrorism as set out in legislation.

Policy

Policy Insurance Policy Insured Insurance

Is terrorism covered under an Australian home and contents policy?

Prof. Allan Manning

JANUARY 29, 2025

Last week I posted an article in regard to terrorism coverage under commercial property, and/or business interruption policies. I also touched on commercial liability coverage. At the request of quite a few readers, I now turn my attention to home and contents. In a day or two I will address Strata and after than residential landlord policies, and finally private motor.

Policy

Policy Business Interruption Risk Commercial

LMI Claims are hiring

Prof. Allan Manning

OCTOBER 7, 2024

LMI continues to grow in claims work and as a result both LMI Group and Aequum Adjusters are looking to hire loss adjusters and or claims preparers in virtually every state and territory in Australia and New Zealand. The positions range from trainee, to highly experienced. If you are interested or know of someone who may be, please send in a CV on my email address: Allan.Manning@LMIGroup.com.

Claim

Claim Business Interruption Property Insurance Insurer

Celebrating 24 years of service to the general insurance industry

Prof. Allan Manning

FEBRUARY 24, 2023

Tomorrow, the 25th of February 2023 marks the 24th anniversary of the start of the LMI Group. During that time we have assisted thousands of claimants with their claims, and introduced world leading online services that take the lessons learned from claims, and use them to assist brokers and underwriters be better at their job, and to move the emphasis from price to protection.

Insurance Industry

Insurance Industry Business Interruption Claim Insured

Just 3 weeks to go for the 2023 Mansfield Awards for Claims Excellence

Prof. Allan Manning

JULY 5, 2023

Just a reminder that there is only 3 weeks to go before the 2023 Mansfield Awards, which is now in its 7th year! The awards night will be held at The Establishment Ballroom, located at 252 George St, Sydney. The function starts at 6pm, with the awards portion running for approximately 1 hour, during which 6 awards will be presented. The awards are: Personal Lines SME Property and Casualty Corporate Property and Casualty Speciality Lines The Gold Mansfield for the overall highest ranking claims t

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Reflecting on the first 25 Years of LMI Group

Prof. Allan Manning

FEBRUARY 24, 2024

Today marks LMI Group’s quarter century of service to the insurance industry and wider communities. What better way to reflect on all that our dedicated team have accomplished but list 50 highlights from our first 25 years that you may not know (or have forgotten) the Group. As an aside, I tried to narrow this down to 25 for 25 but I was over this in our first 10 years.

Business Interruption

Business Interruption Claim Policy Insurance Industry

A reminder to review Sub-Limits

Prof. Allan Manning

FEBRUARY 27, 2024

I think we all know the importance of reviewing declared values, sums insured and or Limits of Liabilty every year. This is extremely important at the moment with construction costs escallating as much as they have in the past. The same issue is there for machinery and plant, other contents and replacement stock. In addition to this the Australian dollar has fallen in value with the United States dollar since 1 July 2023.

Broker

Broker Risk Protection Insured

Is the Indemnity Period long enough

Prof. Allan Manning

FEBRUARY 28, 2024

In the claims we are handling we are seeing more and more that the Indemnity Period runs out before the business returns to normal. This is due to a number of issues including but not limited to: Inordinate delays by local councils granting approvals. Often for the most ridiculous of reasons. This is magnified making it hundreds of times worse when a natural catastrophe hits.

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Claim Building Risk Policy

Time to review Gross Rentals Values

Prof. Allan Manning

FEBRUARY 29, 2024

One of the ever increasing costs of being a landlord, particularly in Victoria is land tax and property rates. The values of properties are being reviewed by state governements and/or local councils and it is going up year on year. Another trick that some States Governments have introduced, and I again use Victoria as an example is that the property owner only has 60 days in which to lodge an appeal.

Commercial

Commercial Broker Protection Business Interruption

Lithium Batteries a risk management issue.

Prof. Allan Manning

MARCH 5, 2024

I read this morning that the NSW Fire and Rescue have today reported that there have been 45 fires directly related to lithium batteries since the beginning of the 2024 year. Sadly also two people have lost their lives in the fires and possibly a third yet to be confirmed. The reality is that Lithium batteries are in many items today and we need to personally manage the risk.

Risk

Risk Business Interruption Casualty Insurance Property Insurance

Question on an ISR extension of coverage

Prof. Allan Manning

MARCH 11, 2024

The following question was asked of one of the LMI team who intern asked me to address it. Hi, Sorry – another tech question. Could you advise why the Steadfast Wording requires a sub-limit for Unabandoned Undamaged Portion of a Building. Per the wording, the increase in sale value is regarded as salvage value taken by the insurer? Does having a sub-limit benefit or is it a disadvantage to the Insured?

Building

Building Damage Premium Risk

Please help make this year’s Mansfield Awards the best ever!

Prof. Allan Manning

APRIL 7, 2024

The 2024 Mansfield Awards for Claims Excellence are just over 3 months away and we could really do with your help with ensuring the best of the best win. If you have had a claim yourself or are an adviser who has had a client or clients have a claim, we would really appreciate your taking a few minutes to rate the claims service. To do this please visit: Claims Comparison Survey and have your say.

Claim

Claim Insurance Industry Business Interruption Insured

LMI Claims Conference

Prof. Allan Manning

JULY 29, 2024

Realising the importance of ongoing learning, LMI held their annual conference for the claims team in Sydney last week. A wide range of topics were covered from an update on recent court cases involving general insurance claim decisions, a detailed analysis of the Reasonable Care Condition found in many policies by LMI Legal, lessons learned from business interruption losses by LMI Forensics, issues around storm damage to solar panels by LMI Claims, a detailed run through of the new Mark IV Cons

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Claim Business Interruption License Policy

Update on Adass Synagogue Fire Bombing

Prof. Allan Manning

MARCH 12, 2025

Readers will recall the news footage of the attack on the Adass Synagogue in Melbourne. The facility provided much more than a place of worship to the local community and was in fact the heart of the local area. To maintain as many services as possible for the congregation, a short-term temporary marque was erected at a near-by school while a longer-term site was sourced.

Claim

Claim Damage Insurance Industry Broker

Testing and Tagging – A legal requirement

Prof. Allan Manning

FEBRUARY 9, 2025

This is a reminder that in Australia, the requirement for testing and tagging electrical equipment is based on the Australian New Zealand Standard (AS/NZS 3760). While the requirement for testing and tagging has been in place for some time, the current standard is the 2022 version, with the specific requirements being up-to-date with the latest revisions from 2022.

Risk

Risk Property Insurance Claim Insurer

Prof. Allan Manning

Mistakes in setting sums insured / declared value where the Insured elects an Indemnity Period of less than 12 months.

ISR Master Class

Trending Sources

LMI activates our Catastrophe Response Plan

Does my Landlords Insurance Policy cover terrorism

Is terrorism covered under an Australian home and contents policy?

LMI Claims are hiring

Celebrating 24 years of service to the general insurance industry

Just 3 weeks to go for the 2023 Mansfield Awards for Claims Excellence

Reflecting on the first 25 Years of LMI Group

A reminder to review Sub-Limits

Is the Indemnity Period long enough

Time to review Gross Rentals Values

Lithium Batteries a risk management issue.

Question on an ISR extension of coverage

Please help make this year’s Mansfield Awards the best ever!

LMI Claims Conference

Update on Adass Synagogue Fire Bombing

Testing and Tagging – A legal requirement

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