After the Storm

The Morning After the Storm:

The day after a storm, you do not want to regret wishing you had read your homeowner's insurance policy more closely but that is exactly what happens particularly if you have insured direct with an insurer rather than use a Broker. It is then you learn that even though you saved lots of money with such a cheap product, you do get what you pay for. With major Storms comes wind and water damage claims resulting in a huge number of claims being lodged all at the one time. All wanting to be dealt with and paid out straight away.

There are often questions and disputes about whether damage was caused by excessive rain, wind or flooding. Homeowners often find themselves being told that damage to their home is not covered because it was caused by flooding, which is not generally covered in homeowner’s policies. With many insurers, you need to specifically request the policy to be extended for flood insurance for that.

But here is the difficulty. After much pressure from the Federal Government, many insurers now automatically include Flood cover but they will cost this risk. In many instances, this pushes the cost of insurance much higher causing the Insured to seek out cheaper cover elsewhere.

With Direct Insurers, they will not advise you about how their policy compares to their competitors. To do so will mean they have to put this advice into a “statement of advice” (SOA). They are also meant to complete a “needs analysis” to justify their advice. Too much work that adds to too much costs. This will add to the price of cover. It is better to warn you that they will not give you any advice, that they will only give you the facts about their cover, it is up to you to ask the questions about the policy. They will certainly not tell you what is wrong with their product.

 So if you are not getting any advice at the time of taking out the policy, what do you expect when you come to make a claim?

 The storm damage claims are the less black and white areas of claims.  Disputes often erupt about whether the water that caused the damage was the result of flooding or whether it was wind-driven, in which case the damage generally would be covered.

If you use an Insurance Broker, they negotiate this area for you and this is why so few claim disputes occur when you have a professional expert on your side making sure the insurers are playing fair.

It is natural for Insurance companies to seek to reduce claim payouts. The more they save, the more profitable and competitive they can be. You cannot assume they are willing to part with their money willingly or easily. They are accountable too.

This is another reason why using an Insurance Broker who acts for you is so important.

  

Latest News

Robert Cooper - one of 100 faces of small business

This week it was announced as part of Small Business Week,  that Robert has been named one of the 100 faces of small business for a State Government promotion on the great value that small businesses play in the State of Queensland.

You can see Robert's entry here:

It is the third accolade for CPR Insurance Services in a month and after seven and a half years in business is a real pep up for the company.

For Robert, it is the culmination of many years experience, becoming well qualified, experiencing the highs and lows of a career and always wanting to contribute to his community. Sometimes, these things just come together and you receive recognition for your efforts.

Robert says that there is no doubt that starting your own business is a huge challenge, but with the right research and planning, the right people around you and a good set of values that you apply to the vision of the company, you have a very good chance of making it all succeed.

Robert says he is lucky. He has a strong supportive Wife, Mandy, who is also part of the business, along with efficient and hard working staff such as Julia McLauchlan and Aidan Harmer who are building up their own skills in a learning environment. 

However, the most important and most supportive people for CPR Insurance Services are our clients who have stuck by us and supported us over the past seven years. Our focus remains on providing the best possible service we can and always acting in their best interests. To all our clients, we say thank you!

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CPR Insurance wins Brokerage of the year

CPR Insurance Services picked up the award for the Best Brokerage (1-5 staff) in Australia, last Friday Night (4th May 2018) at the Insurance Business Magazine Awards held at the Westin in Sydney.

Judging came from various parts of the industry. It is a great honour to be recognised for our hard work and particular Business values we follow. A full list of winners is listed here.

Success comes from having great staff, and we thank Aidan Harmer and Julia McLauchlan as important support staff for helping us win such an award.

CPR Insurance has been in operation for more than 7 years now and is only successful because of the wonderful support from our staff, insurers and most importantly, our fantastic clients who put their faith and trust into our company to be their Risk Advisers and Brokers. 

Thank you to all.

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