As Insurance Brokers, we are required to maintain high levels of training and knowledge to ensure that we are providing our clients with the highest level of service and expertise possible in relation to their insurance needs.
We regularly review industry journals, articles and also have access to a wide range of highly specific tools that have been developed specifically to suit our industries needs.
We partner with many other experts in our field, one of which is a company by the name of LMI, which is headed up by Insurance Guru, Professor Allan Manning. We wanted to share today some wise words from Allan, which we wholeheartedly agree with.
At Simplex Insurance Solutions, we are here for our clients 24×7 throughout the entire year – not just at policy renewal and we welcome enquiries from our clients in relation to any proposed changes they may be considering regardless of whether it’s in relation to their home, motor vehicles, businesses etc… Please read the following that was recently shared by Allan Manning on his own blog post.
“I have been working this week with a broker, who has a client located in one of the colder regions of Australia, who arranged and paid to have an insulating foam applied to their iron (sheet metal clad) on steel (steel framed) building.
When the broker saw this during their renewal meeting he immediately advised the Insurer who has advised that they are not prepared to offer renewal.
The material used on this occasion is ICYNENE MD-R-200(tm) which is is a combustible product and is therefore, consumed by flame, but will not sustain flame upon removal of the flame source. The manufactures claim it leaves a charred foam residue and it will not melt or drip.
The advertising material states: “ICYNENE MD-R-200(tm) is subject to all National/State and County (this suggests United States rather than Australian) building codes regarding fire prevention.”
It goes on to say: “requirements for Thermal Barrier and Ignition Barrier coverings must be met as per the applicable building code having jurisdiction.”
The decision by the Insurer has, of course, created a huge problem for the broker and the Insured. How to overcome the problem short of removing the material or installing a sprinkler system is beyond me. Even if they can find an alternative insurer the cost of insurance is likely to be more expensive.
The take-away from this is that before an Insured does any sort of renovation that is more than a replacement like for like, then they ought to discuss it with their insurance broker. An insurance broker is much more than just a seller of insurance, they are a trusted adviser on risk management.”
Professor Allan Manning