ICA Declares Catastrophe for NSW Flooding
23rd March 2021
The Insurance Council of Australia (ICA) has declared a catastrophe for the devastating storms and flooding in large parts of New South Wales (NSW).
After the bushfires, Australians and their insurers now have to deal with severe weather and flooding in NSW – particularly around the Mid-North Coast and Hawkesbury-Nepean.
As part of the ICA’s Catastrophe Declaration, the regulator expects insurers to prioritise affected policyholders. Therefore:
* Insurers will prioritise claims from affected policyholders.
* Claims will be triaged to direct urgent assistance to the worst-affected property owners.
* The ICA has activated its disaster hotline – 1800 734 621 – to assist policyholders if they are uncertain of their insurance details or have general inquiries about the claims process (this is not a claims lodgement service.)
* ICA representatives will work with local agencies and services and affected policyholders as soon as emergency services say it is safe to do so.
* Insurers will mobilise disaster response specialists to assist affected customers with claims and assessments as soon as emergency services say it is safe to do so.
* ICA has established an industry taskforce to identify and address issues arising from the catastrophe
16th March 2021
Globally, cybercrime is expected to cost $US6 trillion this year, double that of six years ago. In Australia, the annual estimate is $29 billion.
Here's an insight into how the hackers get in. The most commonly exploited applications globally are:
Microsoft Office (74.83%)
Internet browser (11.06%)
Adobe Flash (1.54%)
Cyber-savvy companies ensure all staff undergo cybersecurity best-practice training. That includes secure passwords such as multi-factor authentication, awareness of phishing emails, and not clicking on pop-ups. IT professionals should have up-to-date skills and knowledge for timely advice to senior leaders on threats. And ensure you promptly deactivate employees' access to your systems as soon as they leave your employ.
Have a chat to us, as your broker, for guidance on how to reduce your risk profile and ensure your business stays safe with cyber insurance.
CORONAVIRUS - Now a Pandemic
12th March 2020
How does this impact Business Insurance Policies:
The SARS outbreak in 2003 contributed to policy changes. In 2003 policies did specifically insure against losses arising from disease, but many of those extensions have been deleted since that time.
Policy exclusions include any infectious animal or human disease, while limitations based on notifiable disease would now be in effect for the coronavirus.
Business Interruption cover also requires triggers such as property damage also.
In regards to Travel Insurance, as the coronavirus has now been declared a Pandemic, most travel polices exclude Epidemics and Pandemics for all sections of cover.
1st August 2019
Who should consider it?
Every business that has a website or electronic records is vulnerable to cybercrime or an accidental data breach – and the consequences of a cyber-incident can be very costly.
Depending on the situation, you may be up for the cost of ransoms or IT solutions to unlock and repair your systems. You could also be liable for the costs of reporting the breach, legal claims, and remediating any losses suffered by your customers or clients.
Remember, a cyber attack or data breach may cost your business more than just money. It could threaten your intellectual property, put your customers’ personal information at risk and cause major damage to the reputation of your company.
Businesses have become more reliant on technology to operate but it is still people and our desire to trade that creates the exposures. Yesterday’s risks now manifest themselves very differently in today’s digitally connected world.
35% of Small businesses in Australia have experienced a cyber attack
$20,000 is the average amount cyber incidents costs businesses
What can it cover?
Cyber insurance can help cover financial losses to your business, your customers and other parties following a cyber security breach.
This might include costs associated with:
Loss of revenue due to interrupted business
Hiring negotiators and paying ransom
Recovering or replacing your records or data
Liability and loss of third party data
Defence of legal claims
Investigation by a government regulator
Misuse of intellectual property online
Crisis management and monitoring
Prevention of further attacks
* Cyber Insurance is not automatically covered under Commercial, General Liability policies.
Please give us a call to discuss further or obtain a quotation
LONG LIVE THE BROKER
8th April 2019
Thanks Hollard Insurance, We Agree
REINSTATEMENT OF EMERGENCY SERVICE LEVY
25th September 2018
On 30 May 2017, the NSW Government announced that it would defer the introduction of the Fire and Emergency Service Levy on leviable land and re-established an emergency services insurance contribution scheme ('contribution scheme') which will charge Emergency Services Levy ('ESL') on applicable insurance policies.
The contribution scheme commenced on 1 July 2017 and from this date eligible policies with a fire risk in NSW will incur a charge for ESL. The ESL amount applicable for Your Policy is stated as a component of the premium payable in Your Schedule.
Changes to New South Wales Emergency Services Levy
4th July 2018
What is New South Wales Emergency Services Levy (ESL)?
The New South Wales ESL provides funding for emergency services in NSW, including Fire and Rescue NSW, the NSW Rural Fire Service and the State Emergency Service all of which
help keep our community safe.
The levy is collected by insurers on behalf of the NSW Government and is included in residential and commercial property policies and motor insurance policies.
What’s changed with the NSW ESL?
In December 2015, the NSW Government announced it would abolish ESL from insurance premiums and replace it with a new Fire and Emergency Services Levy (FESL) to be paid
alongside council rates.
Insurers have been preparing for the transition to the FESL for more than a year and had already ceased to collect NSW ESL on affected policies. On 30 May 2017, the NSW
Government announced new plans to indefinitely defer the abolition of the NSW ESL collection on insurance premiums.
How will NSW emergency services be funded now?
As a result of the NSW Government announcement, ESL is now reinstated on insurance premiums and insurers are required by law to continue to collect the levy on behalf of the
What does this mean for policy holders?
In line with government legislation, we will collect ESL as part of your insurance premium until further notice.
If I didn’t pay NSW ESL last year, why am I paying this year?
All eligible policies will now have the ESL included in their total premium in line with the new legislation passed by the NSW Government. The amount of collected ESL is passed to the
NSW Government and used to fund emergency services in NSW.
How will I know how much ESL I am paying on my insurance policy?
You will receive an insurance schedule or statement when you renew, purchase or amend your insurance cover. The NSW ESL charge is clearly itemised on your insurance schedule
and is a percentage of your base premium. Insurers collect these levies on behalf of the NSW Government.
Why has my insurance premium increased?
Premiums are regularly reviewed and take into account a number of risk factors such as location and construction, claims history, type of cover selected and indexation of sums
insured, as well as business expenses, including operating and reinsurance costs. Any changes to our premiums are independent of changes to the NSW ESL.
If you have any questions about the changes to ESL or the amount of ESL that applies to your policy, please visit www.revenue.nsw.gov.au/taxes/insurance
CYCLONE DEBBIE - Claims
4th April 2017
We encourage clients who sustain damage to lodge a claim as soon as possible by calling your account manager at P.A.S.
To prevent further loss, proceed with emergency repairs as required and await further instructions.
* Remember the key to minimising damage is planning well in advance.
We are here to help.
WEATHER ALERT - Storms in NSW & QLD
17th June 2016
A low pressure trough is forecast to move from Central Australia into Eastern Australia, developing into an East Coast Low this weekend and producing heavy rainfall in NSW and Queensland.
Detailed weather forecast
the trough will intesnsify over eastern Australia with rain, showers and storms stretching from western/ central inlad QLD through northern inland and ranges of NSW. Widespread rainfall of 10 - 20mm is predicted, with higher falls of 20 - 50mm for areas with thunderstorms.
a low pressure system will develop in response to the arrival of an upper level trough and will cause rain to become heavy across the easter half of QLD and the eastern half of NSW. Widespread 20 - 50mm with pockets of 50-100mm. Local rain sites can exceed 100mm. Localised flash flooding is a risk. With most NSW catchments still saturated from the event two weeks ago, small / fast river creeks and catchments may flood this time, but rain forecast totals do not appear to be enough for significant flooding of large river systems.
the east coast low will devlop further and move off the coast somewhere around Sydney/ Illawarra. Heavy rain and strong winds will become confined to the south, and may spread into Victoria. Rainfall of 25 - 50mm is likely on NSW South Coast. Clearance in QLD / northeast NSW should occur early in the day and the clearance will spread south quickly.
Based on current forecasts, this event is likely to be a lesser event compared to the storm system two weeks ago because low pressure system is faster moving andlss intense. However, as with most east coast low events, the exact location and intensity of teh small-scale low pressure centres is difficult to model and forecast.
Change of Ownership
19th October 2015
We are pleased to accounce that from the 1st April 2015, P.A.S. Insurance Brokers has had a change of ownership to the following long standing staff who are now Directors; Brooke Furlong, Julie Pearce and Vince Di Martino.
Your dealings with out office remain unchanged and moving forward, we look forward to the continued relationship and exciting future ahead.
NSW Storms - We are ready to help
27th April 2015
We encourage clients who sustain damage to lodge a claim as soon as possible by calling your account manager at PAS. If the damage is sustained out of office hours please call Vince Di Martino on 0407 913 037
To prevent any further loss, proceed with any emergency repairs as required and await further instructions.
* Remember the key to minimising damage is planning well in advance.
Professional Indemnity for Arborists
14th March 2014
Due to the recent safety crackdown over school trees, education officials have ordered a full review of tree safety on thousands of public school sites and as such Arborists, Tree Surgeons & Tree Contractors working within that environment may now require Professional Indemnity Insurance.
Please call our office on 02 9520 0999 or email email@example.com to further discuss or obtain a quotation.
Gujarat & Helensburgh Members
5th November 2013
For any information or concerns regarding your cover, please contact our office to discuss
PAS Brokers New Website Launch
28th March 2013
We are very excited to announce the launch of our new website. Stay tuned for more details regarding PAS Brokers.
You'll be able to find out all the required information regarding our services on here, so make sure you regularly check out the new website!