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.

  

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Three Years running - Insurance Brokerage of the Year 1 to 5 staff

Mandy and Robert Cooper were extremely honoured and astounded to once again win, Insurance Brokerage of the Year for 2020 from Insurance Business Australia magazine. This is the third year running.

While this year has not been the easiest of years for the business with Covid 19, the Recession, the hard market and issues at Lloyds of London, we are literally all in this together as an Insurance Industry.

CPR Insurance Services continues to make our clients the number one focus of our business while managing our relationships with Insurers, who we need more than ever in this market climate.

CPR Insurance Services are a highly ethical Brokerage with a reputation as a trusted advisor who always acts in the Client's best interests. Their experience, knowledge and expertise is amongst the highest in the industry.

CPR Insurance Services is now ten years old as a business and is proud of being an Authorised Representative of Ausure and their partnership with Steadfast, giving CPR the strength and backing to match it with any Broking firm in the Insurance Industry, but remain focussed on supporting the Small to Medium business segment.

Memberships of the National Insurance Brokers Association, Australia and New Zealand Institute of Insurance and Finance, Australian Insurance Law Association, Australian Professional Indemnity Group and the Australian Institute of Company Directors, ensures CPR Insurance Services maintains the high standard of knowledge and expertise required to be one of the best Brokerages in Australia.

CPR Insurance Services also plays a strong role in their local community supporting other Sporting Clubs and Community organisations. They also support and promote local businesses with their operation of the Kedron Brook Business Group who meet regularly and has 174 members.

We are truly honoured to receive this National award once again for the third year as a recognition of CPR Insurance Services contribution.

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Finalist for QLD Broker of the Year

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