Burglary Cover remains vital

Burglary cover provides the cost of replacing or repairing property that is lost or damaged by theft at the premises. So it is not covering money and there is usually a requirement that there is clearly forcible and violent entry is made. However, some business packs do provide some minor limits where there is no visible sign of forcible and violent entry, for Locks and Keys lost or stolen and for seasonal increases at different times of the year.

The sub-limits decided upon can again depend on the security on the property, particularly with the use of an alarm or even high definition CCTV systems to help identify the perpetrators and enable recovery of items taken. Security systems do allow some discounts in premiums but rarely enough to pay for the system over time. The real benefit is in preventing or limiting the scope or potential for a large claim. Therefore being in a position to select lower limits of cover. 

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D&O premium pool ‘must treble’ to return to profitability

A new report – called "Show Me The Money!" by insurer XL Catlin and law firm Wotton + Kearney – is the second in a series of three white papers on securities class actions and their impact on the Directors & Officers Liability (D&O) market. The main conclusion is that Directors’ and officers’ (D&O) insurance premiums are under-priced significantly and need to rise strongly to restore profitability. The main risk areas are those exposed to securities class actions, 

It says Directors & Officer's Side A, Side B and Side C cover has been chronically underpriced since at least 2011, while the frequency of class actions is increasing as more plaintiff lawyers and litigation funders enter the space.

The analysis suggests last year’s overall premium pool of about $210 million would need to increase by at least three times to establish a profitable market, if it is assumed all other factors stay unchanged.

“Recent market developments would indicate most D&O insurers are now endeavouring to restore some semblance of profitability to their portfolios after years of market losses,” the report says.

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75% of Cyclone Debbie claims settled

In the 6 months since Cyclone Debbie devastated Queensland and parts of northern New South Wales:

• more than 31,000 homes and business have been repaired or received settlements from their insurance company

• more than 20,000 families have had possessions replaced

• more than 4,500 motor vehicles have been repaired or new vehicles provided

• hundreds of local builders and trades have been working on properties to repair the damage and destruction caused by the cyclone

• over $5 million has been paid EACH DAY to assist local communities, residents and businesses.

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