Brokerwise


Brokerwise Edition 1, 2017
Brokers add real value

The key roles of a broker are to help identify and manage risks on your behalf, and to arrange and place appropriate cover. 

However, the true value of a broker is never fully appreciated or understood until you have a claim.

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Brokers add real value at the time of a claim

The key roles of a broker are to help identify and manage risks on your behalf, and to arrange and place appropriate cover. 

However, the true value of a broker is never fully appreciated or understood until you have a claim.

Many businesses fail following a significant loss usually due to two things – inadequate or inappropriate cover prior to the loss and a lack of knowledgeable assistance to deal with an insurance claim.

After a major loss, many people feel as though they are on their own when trying to deal with an insurance company, unless they have a good insurance broker to help them through the process. From lodging the claim to negotiating settlement, a broker won’t stop working for you until your claim is finalised.

Generally, an insurance broker will act as an advocate for their clients. However, some brokers may have an arrangement with an insurance company that changes this relationship. If this is the case your broker will have told you this when you bought the policy. In these instances, the broker is acting on behalf of the insurance company.

In all other instances an insurance broker is acting on your behalf and should ensure the best possible outcome for you. 

This is achieved by:

• monitoring each claim to minimise disruption and ensure efficient handling of documentation,

• applying their experience and expertise in successful claim negotiations with Insurers.

• ensuring their clients are regularly updated on the progress of all claims.

Your broker will maintain close contact with you and your  insurer from the time of the reported claim through to settlement. 

The process adopted for claims management should include:

• Notification - prompt notification of claims to relevant insurers

• Investigation and Negotiation- Assistance in negotiating with underwriters and third parties

• Settlement - Processing of all due payments.

Contact us to find out exactly what claim service is available to you.

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Don't be alarmed by new smoke alarm laws

From January 2017, new fire smoke alarm laws apply to domestic building owners. As of January 2017, any new dwelling or dwellings that are being substantially renovated must comply with the new regulations.

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New Smoke Alarm Laws

From January 2017, new fire smoke alarm laws apply to domestic building owners. As of January 2017, any new dwelling or dwellings that are being substantially renovated must comply with the new regulations.

This includes:

• Only photoelectric smoke alarms are to be installed

• Any smoke alarm over 10 years old must be replaced by a photoelectric alarm

• Any replacement of an existing alarm must be with a photoelectric type.

Photoelectric alarms are more advanced and are widely regarded as being superior to ionisation alarms in most circumstances. They respond faster than other alarms to most fire types and are less likely to cause false alarms.

They are particularly effective at detecting smouldering fires, which provides the earliest possible warning of a small developing fire. If your smoke alarm has a radioactive warning symbol on it, it is an ionisation smoke alarm. From January 2022, all homes or units sold, leased or prior to a lease renewal must comply with the new regulations.   The new regulations will require photoelectric smoke alarms to be hardwired to mains power with a backup power source or powered by a non-removable 10-year battery.

The smoke alarms to be installed:

• In all bedrooms

• In all hallways that connect bedrooms to rest of the dwelling

• If there is no hallway, between bedroom and other parts of the storey

• If more than one storey building at least one smoke alarm in each storey

• If there are no bedrooms on a storey, at least one smoke alarm must be installed in the most likely path of travel to exist the building

• All alarms must be interconnected with all other alarms for all to activate together.

Whilst most alarms are attached to a ceiling, care must be taken in positioning them. Keep them away from light fittings, fans, air conditioning and corners of a room. Cathedral and exposed beam ceiling require special attention.

 

For more information, for fitting smoke alarms discuss with a qualified technician and/or refer to Queensland Fire and Emergency Services (https://www.qfes.qld.gov.au/community-safety/smokealarms/Pages/sold-leased-properties.aspx)  or Master Electricians Australia. (https://www.masterelectricians.com.au/news.rss

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