At least one major insurer is refusing to renew insurance coverage for retailers in Far North Queensland in response to weather related claims over the last two years. This is a challenge as these businesses need coverage to meet lease and other obligations.
Insurance companies are in business to assess and fund risk. This is what they do. For a company to refuse coverage, it fails in its core business.
I feel for the retailers now left without insurance and a week or two to organise coverage.
I am in process of getting a quote from OAMPS, but if they wont support FNQ newsagents then I wont be proceeding with them.
OAMPS has told me they will not insure FNQ retailers.
Most insurers will no longer offer flood insurance either, not just in the north but all over.
Our premiums have stayed the same but now we need to panic every time the rains falls as we cannot afford to get caught out.
Shame on the insurance industry for collecting billions in premiums over the years but then denying legitimate cover after 1 major event.
Maybe just before the water enters the shop we should have a fire and let the water put it out as I am covered for fire damage but not flood, even though fire gets more claims then flood damage.
Can anyone name an insurer that offers flood cover, not that we have had a flood claim in over 20yrs but it is good to have with a river close by.
Rob, try GIO. They did insure us in FNQ and allowed us to trim things off that we didn’t need.
Thanks for the tip Ian. I have this problem too and will contact GIO.
This is in the QNF Newsletter……why would they support somebody that isnt prepered to cover ALL Newsagents?
2. Insurance Packages
Willis Insurance – QNF’s preferred supplier – have this year secured a premium reduction of 7.5% on the commercial package insurance offering for newsagents with the exception of agents in North Queensland.
My broker has used CGU and we have also been able to trim items we do not need.
Al
Hi, we specialise is newsagent insurance and have done so for almost 15 years. Our underwriters are willing to offer cover Australia wide including north QLD. I have actually bound cover on over 40 shops in the past 2 weeks as our premiums are coming in significantly cheaper than our competitors. Obviously flood is a major topic in QLD right now but people need to understand that under our wording rain/storm water is NOT flood.
Please contact myself on 3835 0350 or robert@qsure.com.au for a quote or any questions.
Well thank you for the heads up. I have been reading this site for the last 6 weeks as I am leasing to buy the Collarenebri Newsagency in about 4 more weeks.
I have just been looking at insurance and when I am ready I will contact you Robbie.
I love this site. Wonderful information indeed for a new business owner in the industry.
Cheers
Laura