Our experienced brokers are highly specialised in the design, placement and management of complex insurance programs. Through risk profiling and gap analysis we ensure a thorough and detailed review of your risk exposures is conducted.
A clear understanding of the risks to be transferred to insurers and those to be retained and managed is essential in program design. Competitive Insurance Solutions are the preferred Insurance Partner for many businesses in Australia, call us to find out why.
Commercial Strata Insurance
In addition to the complexities of a Residential Strata Insurance policy, Commercial Strata's also have special and unique risks depending on the type of business that is being undertaken within each tenancies. This can dramatically affect your premium at times and also as your broker we can work with you to assist in your risk management to not only keep your insurance premiums as low as possible but also to reduce the chance of the inconvenient and expense of having to make a claim.
Strata Properties both small and large have unique needs and requirements. Not only are there buildings that need to be insured but also;
- Common Area Contents - Communal areas can often be overlooked as to the cost involved to reinstate these areas following a loss,
- Loss of Rent & Temporary Accommodation - If any residence need to vacate after a major loss so that repairs can be undertaken
- Public Liability - Cover for injury or property damage where negligence may be alleged against the Strata.
- Office Bearers Liability - for decisions made as a Strata Manager or if you are on the Council of Owners
- Fidelity Guarantee - Embezzlement of funds from a strata trust account
- Machinery Breakdown / Fusion Cover if you have lifts, pools, bore etc.
- Workers Compensation - To cover injury to any contractors or workers whilst on your property doing work
With all of the above and many other exposures to be considered strata insurance can be quite overwhelming and with many insurers only dealing with insurance brokers and not direct with the public or with Strata Managers; to ensure that you have the most appropriate and competitive policy it is best to speak with an Insurance Broker to assist you.
Construction Risks/Contract Works Insurance
Sometimes called 'Contractor's All Risks', this is an insurance policy which covers contract works, such as new buildings in the course of construction, and engineering projects, on an All Risks basis. This policy would usually include Public Liability cover as well. It is often arranged in the joint names of the principal and the contractors but can be done separately.
Corporate Travel Insurance
Travel insurance, provides companies and their employees with a variety of covers raging from damage to baggage, loss of deposits on flights and hotels, liability, loss of cash, tickets or passports to the cost of further airfares to send a replacement if an executive travelling abroad falls ill.
Industrial Special Risks Insurance
Also known as Industrial All Risks, ISR or IAR policies offer wider cover than property covers written on a fire and allied perils basis. While accidental damage cover is given in addition to the fire and allied perils, the main difference is probably the difference in the way cover is described. Under a fire and allied perils policy, the wording defines exactly what perils are covered. Under an IAR policy everything is covered other than the exclusions, defined in the wording.
Kidnap and Ransom Insurance
Insurance can be purchased by individuals or companies concerned about their key executives to cover ransom demanded by kidnappers. Most policies also cover professional advice and independent negotiators to remove emotion from negotiation with the kidnappers. The negotiators sole objective is to secure the release of the victim. This is a very specialist insurance product where confidentiality is obviously very important.
Public & Products Liability (Broadform Liability) Insurance
Liability Insurance usually comes as a package policy which includes Public & Products Liability together.
Public Liability insurance exists to cover your business against claims arising in respect of personal injury or property damage that has been alleged usually by a member of the public or a customer. In some states of Australia however claims can also be made as a subrogated Workers Compensation claim if negligence is alleged by the worker or a Workers Compensation insurer for a worker's injury.
Products Liability in broad terms, a products liability policy is instituted to provide indemnity to the insured for claims arising in respect of the Nature, Condition or Quality of goods manufactured, sold or supplied by the insured, but it is not a goods warranty policy.
Liability at law can arise under tort (or civil actions) or under contract. While settlements are often made out of court by mutual agreement, legal liability can only be finally decided by the courts. Public, Products Professional Liability, Directors and Officers and other Third Party Liability insurance would normally cover only non-contractual obligations.
Workers Compensation (Employers Liability) Insurance
The legal rights of an employee are usually defined in law under a country's Employment Code or Workmen's Compensation Acts. Usually these laws provide for certain fixed sums to be paid by a government body to an employee if the employee is injured in the course of his work. The sums are usually funded by a government levy imposed upon all employers. This may be the only compensation employees are entitled to and is usually payable without any need to prove negligence on the part of the employer. However, in some territories it is possible for the employee to take legal action in common law to recover damages for injury if the accident occurred as a result of the negligence of the employer. Negligence on the part of the employer could come about for example by the employer providing unsafe equipment, an unsafe system of work or perhaps through the negligence of another employee. Any damages awarded and the legal costs of defending any claim can be covered under an Employer's Liability, Workcover or Workers' Compensation Policy.
As businesses are always changing, we recommend your insurances be reviewed regularly to ensure that your corporate insurance remains relevant with your existing range of policies.
Please contact us at Competitive Insurance Solutions if we can assist you with any queries.