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. 

Latest News

Illegal or unsuitable cladding now a big issue

Why we have laws, regulations and Australian standards? Because some people just do the wrong thing all for the sake of making money. The cladding issue is the subject of 4 Corners program on the ABC.

We are already seeing Insurance policies now placing exclusion endorsements into their policies excluding and claims relating to illegal cladding. We are seeing Governments demanding Audits of all existing buildings above a certain height. There are accusations of Builders taking other short cuts such as on Wiring, Pipes and sprinkler systems. 

The question is, who is to blame? Who will take responsibility?

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Small business in NSW

Right after the NSW Government have reimposed Fire Service Levies, they have at least made an effort for small business. The government has announced it will abolish stamp duty on a number of policies taken out by a small business. This is an important change.

What is a small business? In order to gain the exemptions, the business must be a small business for Capital Gains Tax Purposes for the income year in which the insurance is effected or renewed. A small business for CGT purposes is: “an individual, partnership, company or trust that is carrying on a business, and has an aggregated turnover of less than $2 million.”

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