From time to time we see overseas companies come into the Australian Market and attempt to stake a claim for our premium dollars. The Australian market is very competitive and aggressive, much more so than in the US or UK, so not every entrant is successful.
When they do decide to depart what happens then?
We have seen such an event occur within the last month when a Lloyds of London underwriter in Australia decided to cease business.
Lloyds of London is an Australian Registered and licensed insurer, so the protections available and guaranteed with an Australian Financial Services Licence are still there. But how do you lodge a claim or change a policy when their office has closed?
You may not know, but just because that particular underwriter is not represented in Australia anymore doesn’t mean that Lloyds has wiped their hands. Lloyds has an Australian office (in Sydney) and it is their responsibility to handle any enquiries or issues arising from underwriting syndicates in London.
Such was the situation recently when a client had a claim to lodge and the underwriter’s office in Australia had been closed. To assist our client, we contacted Lloyds country office here in Sydney and spoke to them, who put us in contact with the London underwriter directly, who were able to advise where we lodge the claim and who was responsible for its management.
The Lloyds office was helpful and responsive allowing us to progress the claim with little difficulty, and so it should be.
We all espouse the safety of one of the world’s largest insurer and it is certainly comforting when something goes wrong to find they are still there and prepared to provide assistance, one of the reasons we only deal with Australian licensed insurers.
So, whilst premium costs are important make sure when you do buy security insurance you can;
- Ensure that it is with an Australian Licensed insurer
- Your broker knows how to contact the underwriters even if they are no longer in Australia
- Can lodge claims and endorsements for you to ensure certainty during the policy period
- Can gain you cover into the future when your insurer withdraws from Australia.
As a specialist broker operating in the Security industry we know who to approach and what types or cover are available and from whom. Your business is here for a long time and so are we, so when thinking about a specialist type of cover, contact our specialist brokers for long term peace of mind.
