"Most insurance claims run relatively smoothly. But there are certainly times when an insurer will dispute a claim, or attempt to apply a clause that reduces or denies their responsibility.
"It's times like these that having 32 years of experience, 19 of them as a Claims Manager, really pays off. Especially when the stakes are high for the client. For example, several months back, an insurer argued that our client was not adequately insured for their $6 million fire claim, and endeavoured to apply the 'Co-Insurance Clause'.
"This would have left the client $2.5 million out-of-pocket.
On behalf of our client we put a case to the insurer stating that they were incorrectly applying this clause in the policy.
The basis of settlement applying to this clause was based on Declared Values for all Property Insured not individual sections of the property. Therefore our client was adequately insured and subsequently the insurer accepted our interpretation of the policy wording.
The client was paid in full for their loss sustained which allowed them to re-establish their business as soon as possible.
It highlights that unless your broking firm's claims team is fully conversant and experienced with the technicalities, you may not receive your full entitlement under the policy.
In another case, we argued successfully to win a claim for $11,600 on damage to a customer's motor vehicle arising out of faulty workmanship. The insurance loss assessor had obtained incorrect information that led to the insurer denying the claim.
We met with the underwriter questioning the basis of the rejection and were able to show them evidence that the initial work was carried out by our client's employee, not the sub-contractor who only rectified the damaged sustained.
Hence the insurers correctly overturned their original decision and our client's claim was paid in full."
"Unless your broking firm is fully conversant with all the technicalities, you may not receive your full entitlement under the policy..."
Austbrokers Sydney Pty Ltd is part of one of the three largest insurance broking networks in Australia with 30 years in Financial Services, over 250,000 clients nationally, and over $1 billion in insurance premiums. You could say we’ve earned our stripes. And we only got there by focusing on our clients.
Our team includes hand picked industry specialists. Without putting too fine a point on it, most generalists in this highly complex specialised area of insurance and risk management just can’t possibly give you confidence that they have the depth of knowledge, the industry experience or the acumen to negotiate the ‘minefield’ of insurance, let alone adequately tailor solutions that give you the right cover at the right price. You can end up paying thousands too much, and get far too little.
If you DO need to make a claim, you want a broker with a solid reputation for going in to bat for you, representing you, (not the insurer), and NOT giving up until YOU have the very best possible outcome to your claim.
It’s for all these reasons you’ll be absorbed by the ‘human stories’ in these pages. It’s our belief you’ll see that insurance isn’t about filling in impersonal forms and high premiums. It’s about people. It’s about you. It’s about a company with the passion and commitment to protect you and your interests.
Call NOW and experience the difference! (Each specialist has a direct line.)