As an essential financial service Wayne Grayson will trade as per normal, however we will be complying with social distancing requirements and all services will be offered remotely, along with no face to face contact with clients.
Business interruption is a policy that is designed to respond to financial loss as a direct result of physical damage to insured property. Site closures and other related losses would not be covered due to notifiable diseases and pandemic exclusions. All other losses that may be suffered will were there has been a financial loss as a result of damage to property will still remain covered.
If you currently pay your insurances annually and will struggle to meet these one off costs please do get in touch with your broker as they will be able to offer you funded options that allow you to pay these premiums over the period of the insurance cover. Alternatively if you are currently paying your insurances via premium funding and will have issues with these payments also contact your broker as they will be able to assist in any potential solutions to ensure your covers are maintained,
Although it may seem that there is little benefit in maintaining all your liability covers, suspending these covers to mitigate your insurance spend during this period of limited training may cause some issues in the future for claims that may arise. As liability insurances can be dependent on constant cover with no gaps being maintained.
MD covers will still respond to day to day losses, some of which that would have an increased likelihood with offices and warehouses not trading on a daily basis. If you are needing to mitigate the cost of these covers, do get in touch with our team and we will be able to offer you deductible options to potentially mitigate some of these costs.
BI insurances will still respond to non Covid related losses, during this period. Therefore these insurances should be maintained and to ensure that your business does not suffer further financial losses during this period.
Contract works insurances will still cover current projects that are underway, for non COVID-19 related losses. The key will be to ensure that the cover is maintained and extended if cover does cease during the period of lockdowns.
As per other Business Interruption covers, this would not be an insurable event due to the notifiable disease exclusions that are written into these policies.
Seeking rent relief will be dependent on your lease arrangements, some rent relief may be possible. To ascertain whether this is possible please seek legal advice.
A broker can give you options in regards to your insurance and advise on policy wording and the interpretation of the various companies. The broker is not bound to any individual company.
Steadfast is a number of brokers in Australia and New Zealand that have combined together as one identity in order to gain strength with the terms and conditions of insurance. Generally speaking, policy wording is wider and terms are cheaper with all insurers.
The Broker receives a commission from the insurance company that they place business with. Commissions are part of the premium, not as additional fees. All companies have similar terms, so generally there is no favouritism.
Generally speaking, no. However, some direct domestic insurers have cheaper premiums but also have cheaper policy wording.
A broker can guide you when purchasing a product and then provide all important after-sales service and assistance with claims. You’re talking to a person who understands your covers, rather than an unknown on the end of an 0800 number who provides no continuity with you as the client. Broker staff are generally fairly static.
A broker works on your behalf, as your representative. It’s easier for us to work with the companies as we have individuals within those companies to contact on various matters.
Yes, usually within 30 minutes, unless it is a specialised risk.
No, although we have different staff, you file is common to all staff and therefore your history is known immediately. You are not just a number to us, but an important part of our business. One phone/contact number for all requirements.
Only in certain circumstances. Generally speaking, risks must be insured in individual countries to ensure the insurance comes under the individual country’s rules and regulations.
Either phone us or email. We will be able to tell you what is required in order to arrange speedy settlement of your claim. We can also advise you of your rights under the particular policy that you are claiming against.
By cheque, cash or internet banking. We are not able to offer credit card payments as the credit companies apply excessive charges.
Insurance companies have shifted house insurance to a replacement value policy that insures your dwelling and improvements on the property. You can obtain assistance in establishing the correct sum insured by using a Cordell calculator.
The other alternative is to obtain an insurance replacement valuation from a registered valuer or alternatively contact a quantity surveyor.
Providing it is not because of claims history, often a broker can locate alternative covers. Sometimes companies do decide to exit a particular market and they raise premiums for that sector. Rather than cancel covers, your broker can protect you in this area.