Time to review Gross Rentals Values
Prof. Allan Manning's Blog
by Allan
2d ago
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. This is catching a lot of people out who find out the value being put on their property is way too high. So what is the implication for insurance and rental insurance in all its various forms. Wel ..read more
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Is the Indemnity Period long enough
Prof. Allan Manning's Blog
by Allan
4d ago
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. In some cases, I have seen it taking 5 years to get approvals. The shortage of builders and building materials. The claim process itself is just taking longer and longer and I welcome the ASIC enquiry into claims handing ..read more
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A reminder to review Sub-Limits
Prof. Allan Manning's Blog
by Allan
4d ago
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. While I am seeing some uplift in declared values etc., I fear sub-limits are not being uplifted anywhere near as much. In some cases, they have remained the same for the past ..read more
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Smoke Detectors need to be replaced every 10 years.
Prof. Allan Manning's Blog
by Allan
4d ago
I refer to several articles that have appeared lately about a landlord who has been charged for failing to install fire alarms in a home that caught fire which alegegly resulted in 6 people perishing. Here is a link to one of the articles. Fire-Alarm-ReplacementDownload Since this has been reported a number of people have discussed this with me not knowing that this was the law, as far as I know in every state and territory. One for example, had detectors which were over 20 years old and while they had been replacing the batteries every year were not aware the whole unit needed to be replaced ..read more
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Reflecting on the first 25 Years of LMI Group
Prof. Allan Manning's Blog
by Allan
1w ago
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. I have still dropped quite a few off to keep it to 50. LMI Group commence trading on 25th February 1999 with 3 Divisions. Loss Management International (Post loss Claims Preparation and Loss Adjusting), Risk Management Interna ..read more
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A Warm Welcome to Susan Manwaring!
Prof. Allan Manning's Blog
by Allan
1M ago
We’re thrilled to announce the arrival of Susan Manwaring, our newest team member! Susan brings a wealth of experience and expertise to the table, honed over two decades in the insurance and finance industries. Susan’s impressive credentials speak for themselves. She’s a Certified Practising Accountant (CPA) with Australia, a Senior Associate CIP of the Australian and New Zealand Institute of Insurance and Finance, and holds a Graduate Diploma in Professional Accounting, a Bachelor of Arts in International Relations, and a Diploma of Financial Services (Risk Management). Susan’s career journey ..read more
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We are Hiring! Policy Researcher at LMI Group
Prof. Allan Manning's Blog
by Allan Manning
1M ago
Do you have an eye for detail and a passion for insurance? Then join our team of Policy Researchers at LMI Group and become the hero behind the scenes! What We Do: LMI Group is a leading provider of technical knowledge to the general insurance industry in Australasia (the world). We empower insurance professionals with online comparison tools and services, and our Policy Researchers play a crucial role in making it happen. The Benefits: Autonomy & Flexibility: Work from home, set your own pace, and manage your time effectively. Collaborating with a small, experienced team ..read more
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A Facebook Scam
Prof. Allan Manning's Blog
by Allan
1M ago
I recently received both a text and email purportedly from Facebook saying that one of my posts on LMI’s Facebook page had been restricted. Here is the email version of the warning. The whole thing is a scam. The scammers have set up their own Facebook Page “High Security Business” and then they simply post a comment on one of your posts. This triggers the alert from Facebook. The whole idea is to get you to contact “”High Security Business” which they hope you think is Facebook and then the scam begins. Please do not get caught. Our Cyber Security team here at LMI were straight onto it and s ..read more
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LMI Welcome Bill Higginson to our Queensland Claims
Prof. Allan Manning's Blog
by Allan
1M ago
LMI are pleased to announce that Bill Higginson is the first of several new claims experts to be joining LMI over the next month or so. In addition to having many years experience in claims, Bill has worked for major broking houses and so fully understands the needs of brokers in assisting their clients at the time of a claim. Bill is based in our Brisbane office but will also assist with the increasing demand for our expertise in claims and our other services in Papua New Guinea, Solomon Islands, Vanuatu, Fiji and along with our New Zealand team, Tonga. With both Cyclone Jasper and the storms ..read more
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Beware of Storm Chasers
Prof. Allan Manning's Blog
by Allan
2M ago
I have written on this subject before but clearly more and more builders and others are jumping on the band wagon. The usual strategy is to offer a ‘free’ inspection of the property and if they find damage following a storm, hail event, fire, or flood, they will lodge the claim for the Insured. Before doing anything they have the client sign a contract that states that the service will be ‘free’ as long as they, the builder, or if they are not a builder, their nominated builder, does the work. The sting is in the clause that states that if the builder is not appointed the Insured is to pay $xx ..read more
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