NIBA's weekly e-newsletter, Broker Buzz, is packed with the latest industry and product news, regulatory updates, forthcoming events and seminars.
The Insurance Council of Australia (ICA) and the National Insurance Brokers Association (NIBA) have announced that small businesses in the country can lodge a business interruption (BI) claim at any time, and insurers will respond to those customers on a case-by case basis.
The ICA and its members, in consultation with the National Insurance Brokers Association, have worked together to prepare a list that provides a general outline of the documents and information required to submit a BI claim.
NIBA CEO Dallas Booth has said, “NIBA has been working with the ICA Business Interruption Working Party to prepare a list which provides a general outline of the documents and information required to submit a COVID-19 related BI claim. This list is for guidance only as each claim will be different and each insurer may require additional material. However, by preparing the material detailed in this list, the insurer will be able to assess your claim more efficiently.”
Both the peak bodies agreed that although the unprecedented impact of the COVID-19 pandemic has created the need for court determinations on key aspects of business interruption (BI) cover, there is nothing preventing policyholders from lodging claims with their insurer at any time.
The list can be accessed here.
ASBFEO Bruce Billson, has released an interim report into the insurance crisis facing Australia’s amusement, leisure, and recreation sector
The Stephen Ball Memorial Award for Insurance Broker of the Year award recognises a high performing broker in each of the five NIBA regions (NSW/ACT, Qld, SA/NT, Vic/Tas and WA)
NIBA is currently preparing submissions to a number of government inquiries
ASIC 2020–21 Annual Report outlines the key measures the regulator took to achieve its goals in a challenging financial year