Insurance

What do I need to know about my insurance?

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Why use our services?

We have access to over 100 insurers in the Australian insurance market, some are specialists that do not deal directly with the public.
Insurance suppliers offer between them hundreds of different products, we can advise which products may best suit your needs.
We have a genuine understanding of the market, we understand how the insurance market operates, when the market is entering a soft phase or prices are starting to harden and can advise you accordingly.
We can help you understand your policy, some of the terms and conditions and how they operate.
We can assist you with Risk Management Programmes to reduce your exposure and present yourself to the insurer in the best possible light.
If you make a claim, we are here to help to ensure you receive exactly what your entitled to in a fair and reasonable manner.
We hold an Australian Financial Services (AFS) licence.

Does it cost to use our service?

We do generally charge you a fee for our service. This fee is made clear to you and is always shown on your invoice and set out in our Financial Services Guide. However, due to our knowledge of the insurance market we can generally negotiate more competitive terms on your behalf.

Remember, not all insurance policies are the same. You might be able to get a cheaper policy elsewhere, but it may not provide the cover you need if something goes wrong.

What is “Duty of Disclosure”?

When you apply for an insurance policy, renew or extend your policy, you have a duty to tell the insurer everything about you and your situation that is relevant or could reasonably be expected to be relevant to the insurer’s decision to insure you.
You don’t need to disclose something you don’t know, that reduces the insurer’s risk, that is common knowledge, that the insurer knows or ought to know, or something that’s not relevant or the insurer has told you that you don’t need to disclose.

Renewing my insurance policy?

Insurance policies generally run for 12 months.
As your insurance broker, we must give you notice that your policy is going to expire at least 14 days prior to it’s expiry. Under some agreement and term’s, we have with insurers, some policies may automatically renew on your behalf, this information will generally be listed in your Product Disclosure Statement.
You should always check your policy to ensure the information is accurate and is in accordance with your instructions. If there have been any changes to your situation during the year, you must notify the insurer at this point.
For example, if your policy is a motor vehicle insurance policy and you have lost your licence or had 3 speeding fines during the year, you are obliged to let the insurer know.

When do I have to pay my policy?

Unless we agree and confirm in writing, you should always pay your policy by no later than the expiry date. Whilst as a broker we may have some credit terms with insurer, we always advise you to pay within the contract terms you have with your insurer. Do not leave things to chance.

Cancelling my policy?

You may cancel your insurance policy at any time during the period of insurance by advising us inwriting. If you cancel your policy, you are entitled to any refund of premium. We will refund this premium to you as soon as we receive it from the insurer (normally within 15 business days).
We may charge a fee or retain a commission for our service, refer our financial services guide.
Some specialist policies may attract a cancellation fee (for example, policies placed via the Lloyd Market). Where this applies to your policy, we will advise you.

What is an excess and why do I have to pay it?

Most insurance policies (House, business, health, motor vehicle insurance etc.) will include an excess.
This is an amount you must pay if you decide to make a claim on your insurance policy.
The insurers charge this excess to ensure your bear a small amount of the overall costs. This also helps them avoid the administration costs associated with small claims under an excess amount.
How does it work? If you lose your glasses valued at $650, your house insurance policy has an excess of $300. The first $300 is not claimable under your insurance policy. The insurer pays the amount above the $300, which in this case would be $350. If your glasses were valued at $250, you would pay for the whole amount.
Excess levels are different between policies. You should ensure you check this each time you receive insurance documents.

When dealing with us it is important you understand how we operate, your rights and obligations. We have prepared the following documents that will assist this process.

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DOWNLOAD FINANCIAL SERVICE GUIDE

Can you help me with a claim?

If you are unfortunate and have a claim, this is the time you need us the most.
Call or email our office with details of your claim. In most cases, you will be required to complete a claim form and provide details to substantiate your claim in order for the insurer to assess your claim.
Under the General Insurance Code of Practice, the insurer promises to respond to your claim within 10 business days and tell you whether they will accept or deny your claim based on the information you have provided.
If your claim is accepted by the insurer, we will help co-ordinate the claim until it is finalised.
If the insurer declines your claim, we will review their decision and give you advice.

FAQs

Do you charge a fee for arranging my insurance?

We generally charge a fee for our service. This is disclosed clearly on your invoice and set out in our Financial Services Guide, so there are no surprises.

Are all insurance policies basically the same?

No. A cheaper policy elsewhere may not provide the cover you actually need if something goes wrong, so it’s worth comparing what’s included, not just the price.

What is my duty of disclosure when applying for or renewing a policy?

You must tell your insurer everything relevant to their decision to insure you. You don’t need to disclose things that reduce the insurer’s risk, are common knowledge, or that the insurer already knows or has told you aren’t required.

How long do insurance policies typically run for?

Most policies run for 12 months. As your broker, we’re required to notify you at least 14 days before your policy expires.

What happens if my circumstances change during the year?

You must notify your insurer of relevant changes, for example an update to your motor vehicle policy details if you’ve lost your licence or received multiple speeding fines.

What is an excess and how does it work?

An excess is the amount you pay towards a claim before your insurer covers the rest. For example, if a $650 item is damaged and your excess is $300, you’d pay the first $300 and the insurer covers the remaining $350.

What should I do if I need to make a claim?

Call or email our office with your claim details. You’ll generally need to complete a claim form, and under the General Insurance Code of Practice, your insurer must tell you whether your claim is accepted within 10 business days.

What happens if my insurer declines my claim?

We’ll review the insurer’s decision on your behalf and provide advice on your options.

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