UnderInsurance

Under-Insurance

Certain Cover Sections - Fire, Business Interruption, Commercial Motor, Engineering Plant and Electronic Equipment, contain Under Insurance / Average clauses that may limit the amount that paid when You have a claim. This will only happen if You understate a Sum Insured or Declared Value.

Example
You insure Your Building for a Sum Insured Value of $70,000.
Your Building is damaged in a fire.
The cost of repairs to Your Building is $30,000.
The value of Your Building at the time of the accident was $100,000.
Under-Insurance is applied on the value of Your Buildings that is less than 80% of the true value.

Claim payment =

$70,000

______________ x $30,000

$100,000 x 80%

= $26,250

In this example claim paid would be $26,250 for the cost of repairs to Your Building.

Please note sums insured on buildings/replacement costs carefully. Much evidence to suggest building costs have risen at a miniumum of 30% over past year 2005/06.

Please contact your broker for further information on Sums Insured and Underinsurance.

Privacy Policy

Read our Privacy Policy in full.....


PRIVACY POLICY

Our Privacy Policy

We, Statewide Insurance Brokers Pty Ltd, ABN 87 008 743 2801, are bound by the Federal Privacy Act and its National Privacy Principles (NPPs), which set out standards for the collection, use, disclosure and handling of personal information.

Our Privacy Policy applies to any personal information we collect, use or disclose after 21 December 2001. It does not apply to our employee records.

How and why we collect personal information

We collect personal information either directly from the relevant individuals or indirectly from third parties. The personal information we collect, is only made available to those Officers of Statewide or Third Parties as is required to provide our services, which include Insurance Broking and Claims Management.

Information collected may include for example: identifying information such as Name and Contact information including telephone and facsimile numbers and email address, information relating to the operation of a client’s business, and reference information. This information may be collected in a number of ways, for example: via telephone, in writing or via email.

How we use and disclose personal information

We do not use or disclose personal information for any purpose that is unrelated to our services and that you would not reasonably expect (except with your consent).

We have a duty to maintain the confidentiality of our client’s affairs, including personal information. Our duty or confidentiality applies except where disclosure of your personal information is with your consent or compelled by law.

We usually disclose personal information to third parties who assist us or are involved in the provision of our services. e.g. In arranging and managing your insurance needs we may provide information to insurers, reinsurers, other insurance intermediaries, insurance reference bureaus, our advisers such as loss adjusters, lawyers and accountants, and others involved in the claims handling process. We also provide it to purchasers of our business and related companies. We take reasonable steps to ensure that your personal information is accurate, complete and up-to-date whenever we collect or use or disclose it.

If the required personal information is not provided, we or any involved third parties may not be able to provide appropriate services.

What we expect of you and third parties we deal with

When you provide us with personal information about other individuals, we rely on you to have made them aware that you will or may provide their information to us, the purposes we use it for, the types of third parties we disclose it to and how they can access it (as described in this document). If it is personal information, we rely on you to have obtained their consent to the above.

If you have not done either of these things, you must tell us before you provide the relevant information.

If we give you personal information, you and your representatives must only use it for the purposes we agreed to.

Where relevant, you must meet the requirements of the National Privacy Principles set out in the Privacy Act 1988, when collecting, using, disclosing and handling personal information on our behalf. You must also ensure that your agents, employees and contractors meet these above requirements.

Security of your personal information

We endeavour to protect any personal information that we hold from misuse and loss, and to protect it from unauthorised access, modification and disclosure.

Transfer of information overseas

We may transfer your personal information overseas where it is necessary to provide our service. For example, we sometimes use the internet to collect and process information. In addition, some insurers or reinsurers are based overseas and we need to provide your personal information to them to arrange your cover. In most cases, we only do this with your consent.

Opting out

If we send you any information about services or a products, or you do not want us to disclose your personal information to any other organisation (including related bodies corporate) you can opt out by contacting us.

How to contact us

If you wish to gain access to your personal information, or you want us to correct or update it, or you have a complaint about a breach of your privacy, or any other query relating to our Privacy Policy, contact our Privacy Officer during business hours on:
Telephone: (08) 9474 4344
Fax: (08) 9474 2080

Or write to us at:
Statewide Insurance Brokers Pty Ltd
U4/ 78 Mill Point Road
PO Box 240
SOUTH PERTH WA 6951

For further information on Privacy visit: http://www.privacy.gov.au/act

Life Insurance, Income Protection, Superannuation

Life Insurance
Income Protection
Superannuation


Why might i need personal protection?
If you are a business owner, self employed, a contractor, married with children, or have a mortgage or other large debts, then perhaps you should consider some form of life insurance or income protection cover.

What am I covered for?
Life Insurance covers your life and pays a lump sum on your death or diagnosis of a terminal illness. It may allow your family to repay your debts, including mortgage and business loans, provide an adequate income for your family, protect your business if a key person dies, or create a cash injection into your estate to prevent assets being sold.

Trauma Insurance may help protect your lifestyle by providing you with a lump sum payment on the occurrence of specific injuries and illnesses, such as a heart attack, cancer, or a stroke. It can pay for medical costs, provide for potential care and support, repay large debts and provide for lifestyle changes.

Income Protection Insurance can provide a monthly payment to you if you are unable to work due to sickness or injury. You are provided an income for the period you are unable to work due to your disability. Particularly beneficial to the self employed or business key persons.

Other Products available: Superannuation, Business Expenses Insurance.

How do I obtain a quote or apply?
Contact your account executive. Statewide Insurance Brokers, through Statewide Financial Group, has access to the full range of personal wealth protection options available on the market.

Premium Funding - Pay by the Month

Pay your Insurance Premium ‘by the month’
Premium Funding

What is it?
Premium Funding allows you to pay your insurance premium ‘by the month’ via direct debits from your nominated bank account.


How does it work?
Instead of you paying your yearly insurance premium by cheque in one payment, your premium is paid to the insurance company for you. You then pay monthly instalments over a chosen monthly period.


What are the Benefits?
Greater Financial Flexibility
Cash Flow benefits
Frees up working capital
Retain funds in your business to use elsewhere
Tax deductible interest charges
Tailored funding solutions
Simple 1 page application and acceptance
No deposit or security required
Available for all business insurances
Cancellable, if need be
Lowest interest charge available
No ongoing fees applicable


How do I obtain a quote or apply?
Contact your account executive. They will supply you with the best market quotation, and have your insurance premium approved as soon as you desire.

EPL - Part 2 - Claims

Employment Practices Liability and Claims

Types of claims
The two main avenues of claims are unfair dismissal and discrimination.

Unfair dismissal is defined as incorrect procedures in dismissing an employee.

Claims are usually brought:
in the industrial Relations Commission (State) - capped benefits
in the Australian Industrail Relations Commission (Federal) - capped benefits
under common law - unlimited
The average award for compensation is 6-8 weeks' wages i.e. $10,500 (legal costs are additional).

Termination of employment complaints lodged in the Australian Industrial Relations Commission for the period 1/7/97 to 30/6/98 (Federal claims only): Total 8.092

Claims Examples
Insured / Facts /Covered

Charitable organisation
An employee who was legally blind alleged she was discriminated against as her duties were limited so that she was unable to supervise children
Defence costs and settlement of over $60,000

Manufacturer
The insured hired an experienced financial controller to manage the company's finances. After 6 months it was clear the new employee was not performing as required. The company and employee agreed to part ways but a dispute arose over entitlements to period of notice. The company was subject to demands that settled after contribution from insurer.
Defence costs and settlement of over $20,000

Nursing home
A former employee who performed cleaning duties alleged she was discriminated against on the basis of race. She claimed she was treated differently to her fellow employees and was given menial duties.
Costs of successfully defending of approximately $10,000

Technology
A female manager who was retrenched alleged both wrongful termination and discrimination, claiming the managers who were retained after a restructure were predominantly male and less capable than herself
Defence costs and settlement of over $150,000

Transport/logistics
An employee who was subject to adverse performance reviews resigned. A month later he brought action against the company alleging wrongful termination. He alleged he was constructively terminated and was co-erced into resigning.
Substantial defence costs

Employment Practices Liability

Employment Practices Liability

What does it do?
Employment practice liability insurance protects both a company and its employees when they become legally liable to pay claims made by employees or any applicant for employment.

Why do you need it?
Due to complex legislation surrounding employment related issues, employers are finding themselves being sued by employees for issues such as unfair dismissal/termination, sexual harassment and discrimination.
This is evidenced in 1999 when Recruitment Solutions conducted a survey of 1,000 medium-sized businesses regarding unfair dismissal issues. It was found that one in three companies had been hit with an unfair dismissal claim in the past 12 months. The highest incidences were in Sydney being 36 per cent, followed by Melbourne with 32 per cent.
This report is in line with The Department of Workplace Relations' "Changes at Work" survey which reported that 1 in 6 workplaces experienced a sexual harassment complaint and 1 in 17 a racial harassment complaint.

Who is covered?
The insured refers to two distinct parties:
Insured entity - the company and its subsidiaries as specified in the scheduleInsured person - a past, present or future natural person; i.e., director, secretary, executive officer or employee (other than deemed employees)

What is covered?
Expenses generally covered by employment practice liability insurance include:
damages
compensation
interest and costs
defence Costs
backpay arising from an order of reinstatement

Some definitions:
wrongful act - claims made by employees, contract workers, temporary workers or any applicant for employment for wrongful refusal to employ, wrongful failure to promote, wrongful demotion, wrongful termination, sexual harassment, unlawful discrimination, oral or written libel/slander or violation of privacy.

claims made - Insured becomes aware of a circumstance, and is notified to the Insurer during the policy period

territorial and jurisdictional - worldwide excluding USA/Canada; i.e., a wrongful act committed anywhere in the world excluding USA/Canada and action brought anywhere in the world excluding USA/Canada

wording interpretation - in the event of any dispute arising from policy interpretation, laws of the Commonwealth of Australia and the relevant state will govern this policy

Key elements in underwriting
Underwriting information is detailed in the proposal form as part of the full wording of the policy. Specifics addressed include:
HR procedures
number of employees
staff turnover rate
employer Initiated Terminations - redundancies/closures
salary range of employees
industry/occupation
length of time in business
claims history

Please contact us with any further details....