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NIBA Insurance Brokers Code of Practice

What is the NIBA Insurance Brokers Code of Practice ?

The Code is an agreement between NIBA (National Insurance Brokers Association) and members (Statewide) which sets out the minimum service standards that clients can expect from Insurance Brokers. It also outlines how complaints and disputes regarding potential breaches of the Code can be resolved. An updated Insurance Brokers Code of Practice came into effect on 1 January 2014.

The Code aims to:

• build professional competence in the broking profession; and

• increase consumer confidence in insurance brokers – and the role they play in the insurance process.

The service standards outlined in the Code are also aimed to safeguard self-regulation of the broking industry. Our Code of Practice sets out the minimum service standards you can expect when you use an insurance broker and outlines what you need to do in the unlikely event you have a complaint to make.

The Code sets out our commitments in a number of areas, including:

• Managing conflicts of interest;

• Explaining what our services will be;

• Acting for you diligently, competently, fairly and with honesty and integrity;

• Informing you how we are paid for the services we provide;

• Ensuring our staff are competent and adequately trained; and

• Providing an opportunity to resolve complaints and disputes.

In short, it’s our profession’s promise to you that we will act in your best interests at all times and be open and honest with you every step of the way. Statewide Insurance Brokers is a willing subscriber to the Code, and we endeavour to uphold ethical and legal practices of the insurance broking industry at all times.

Statewide’s Commitments to the Code of Practice

1. We will comply with all relevant laws

2. We will transparently manage any conflicts of interest that may arise

3. We will clearly tell you if we do not act for you (we do act for you!)

4. We will clearly tell you about the scope of our covered services

5. We will discharge our duties diligently, competently, fairly and with honesty and integrity

6. We will clearly tell you how our services are paid for and answer any questions you have

7. We will handle any money received in accordance with relevant laws and any agreement with you

8. We will ensure that we and our representatives are competent and adequately trained to provide the relevant services and will maintain this competence

9. We will respond to catastrophes and disasters in a timely, professional, practical and compassionate manner in conjunction with any industry-wide response

10. We will ensure that we have an internal complaints and disputes handling processes

11. We will support NIBA in promoting the Code and make information on the Code available

12. We will not engage in activity or inactivity that is reasonably likely to bring the insurance broking profession into disrepute

For more information on the Code, please visit www.niba.com.au, view the below video or contact us with any queries.

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Who are Steadfast Group ?

Steadfast is Australia’s Largest Insurance Broker Cluster Group

Steadfast Group Limited is an ASX 200 listed company comprising of more than 250 Australian-owned, autonomous insurance brokerages – which operate from 300 plus offices around Australia. Established in 1996, Steadfast is Australia’s largest insurance broker cluster group, generating in excess of $5 billion in annual premium turnover.

Statewide is a proud foundation member of Steadfast Group – entitling our clients to broader policy wordings, premium savings, and the many benefits that Steadfast member’s can provide.

The purpose of the Group is to provide insurance brokerages with the benefits of big business buying power but still allowing them to provide personalised service.

Why use a Steadfast Broker?

Because you’ll get the personalised service you look for from an autonomous business, together with the expertise and support you’d expect from a large organisation.

Because with the backing of a national management group, Steadfast Insurance members have the buying power that gives them access to the majority of the Australian insurance market. In addition, the Group has a number of strategic partners including some of Australia’s largest insurers and premium funders.

Because our extensive network allows member brokers to keep up-to-date with current trends and new insurance markets. Our members collective capabilities, experience and team approach, allow them to assess and offer a wide range of products and services.

Because you’ll benefit from policy wordings that are exclusive to the Steadfast Group, developed in conjunction with the largest insurers in Australia. The acceptance of generic wordings by Australia’s leading underwriters is testament to the respect of our Group by the industry.

Because our strategic partnerships cover all major classes of businesses and various niche products. Our brokers can source quality products from a broad, flexible range. This breadth of choice enables members to locate value-for-money insurance to provide protection to suit each client’s needs.

Because even though our members have access to a number of strategic partners, nothing our members do is compulsory. The business is placed with the best interest of the client in mind.  Steadfast has grown to be a respected and recognised leader in broker cluster groups within the industry. It is this recognition that has helped propel Steadfast forward to be the largest broker cluster group in Australia.

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Steadfast February 2015 Latest Video

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Statewide acquires 2 x Business Insurance Brokers

From the Vault – April 2011

Statewide Insurance is pleased to announce the recent acquisition of Churchill Insurance Brokers Pty Ltd (AFS license no. 239544). Churchill was established in March 1999 to provide Western Australian Businesses with an Insurance Brokerage that was independent, experienced and service oriented with access to national and international markets.

The Company’s business activities cover a wide range of insurance services including corporate, commercial and personal insurance risks as well as managing industry and product schemes. Churchill has established working relationships with many W.A. and Australian Insurance companies as well as establishing a strong network of affiliates with Insurance groups in London, Singapore and throughout the Asia-Pacific Rim.

A great fit with Statewide’s beliefs and vision….we all look forward to continuing our services aims to all clients…both old and new.

Not just one, but 2 x Business Insurance Brokers added to the Statewide Group…

From the Vault – April 2011

Statewide Insurance is pleased to announce our recent acquisition of Vintage Insurance Brokers.

Vintage Insurance Brokers have been operating as licensed general insurance brokers, commencing business in January 1991, and operating out of Willetton, Perth. Their company motto has always been one of honesty, integrity and to deliver great service to all customers…..a great fit with Statewide’s existing principles.

We look forward to continuing our service aims to all clients, both new and old!

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Pay your Insurance Premium with DEFT Payment Systems

Statewide is a subscriber to the DEFT Insurance payment systems, available through Macquarie Bank.  Payment of your insurance premium is now simplified with 5 easy payment options, along with our premium funding facility for monthly debits.

Internet – www.deft.com.au/insurance

Telephone – 1300 78 11 45

BPay

Post Billpay

Cheques to

  • Deft Payment Systems for Statewide Insurance Brokers, Locked Bag 2501, PERTH 6001   or
  • Statewide Insurance Brokers,  Po Box 240 South Perth 6951

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Who is Construction Insurance Services ?

Construction Insurance

Construction Insurance for the Building Industry

Construction Insurance Services is a specialist division of Statewide Insurance Brokers Pty Ltd, specifically created to provide Building Industry Insurance expertise.

Home Warranty

Construction Risk 

Material Damage & Public Liability

This product is designed to protect your assets and liabilities arising during the course of construction.

Workers Compensation

This policy is arranged on an annual estimate of wages, but unlike others you do not have to keep detailed records of your sub contractors wages. We simply calculate it at a rate on the value of the work you are undertaking.

Builders Warranty

Construction Insurance Services can arrange Eligibility with leading insurance companies and specialists underwriting agencies. These include National and International companies such as Calliden, CGU, Vero, QBE and Lumley.

We have the facility to produce warranty certificates within our office, and certificates can normally be  issued within Twenty Four (24) to Forty Eight (48) hours, subject to payment of premium.

Products

Home Warranty
Construction Insurance
Public Liability
Broadform Liability
Business Insurance
Industrial Special Risk
Builders Warranty
Owner Builder Construction
Owner Builder Warranty
Workers Compensation
Commercial Motor Vehicle
Professional Indemnity
Trade Packages

View our Construction Insurance Info Flyer

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PI Insurance and Claims Made

claims made

Claims Made v Occurrence Wording

PI Insurance is often termed as Claims Made Insurance, and it has some peculiar traits to it.  Today we shall discuss what is Claims Made Insurance and how it relates to PI Insurance.

The following types of insurance are commonly termed Claims Made Contracts of insurance:

  • Professional Indemnity Insurance
  • Directors and Officers Liability Insurance
  • Management Liability Insurance
  • Employment Practices Liability Insurance
  • Fidelity Insurance

What is a Claims Made Contract?

Claims Made policies  only cover claims made or Known Circumstance” that you become aware could reasonably be expected to give rise to a claim that arise during the period of insurance. Acts or omissions may have occurred in a prior period and, as long as the act or omission, was after the retro-active date, the policy will extend to those prior acts.

It is essential to maintain continuity of insurance cover (no gaps in the period of cover) as claims made against you or circumstances of which you become aware could give rise to a claim, will not be covered if they are not disclosed within the period of insurance where they first arise.

If there is any claim or potential claim or even a circumstance that could reasonably be expected to give rise to a claim, it should be reported to your insurer immediately it is known, regardless of your own view as to fault. If you know of a claim or circumstance and it is not reported within the insurance period in which it arises your insurance policy is unlikely to respond.

What is a Known Circumstance?

A ‘Known Circumstance’ could be defined as any fact, situation or circumstance, which a reasonable person in the insured’s professional position would have thought, might result in someone making a claim against him/her. Therefore if a claim arises after the inception date of the policy from a fact, situation or  circumstance that the insured knew or should have known, at the time of the commencement of the policy that might give rise to a claim, it would normally be excluded as it arose from a Known Circumstance.

Why is Notifying all Known Circumstances Important?

By notifying all circumstances that might give rise to a claim, during a policy period, an insured can get the benefit of their statutory rights under Section 40(3) of the Insurance Contracts Act 1984 (the Act). Section 40(3) provides an insured with statutory rights to notify a circumstance or insured, to an insurer, during the currency of the policy.

If a claim eventuates against an insured from the notified circumstances, then the insurer cannot deny indemnity, despite the fact that the claim arose outside the period of insurance.Therefore, any fact, situation or circumstance, which a reasonable person in the insured’s professional position would have thought might result in someone making a claim against them, should be notified to their current insurer.

Changing from One Insurer to Another (Notification of Known Circumstances)

If you change insurers, you will need to notify your insurer of every conceivable circumstance before the expiry date of your policy. If this is not done, and if a claim was to occur in the future from a circumstance not previously notified, you may be left uninsured, with neither the previous or the current insurer accepting liability for the claim. The prior insurer may deny the claim as the insured failed to notify the circumstance or claim during the period of insurance.

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What is Professional Indemnity Insurance?

professional indemnity

So what is Professional Indemnity Insurance?

Professional Indemnity Insurance provides indemnity for claims brought against the insured company and its principals, partners and employees for financial loss, injury or damage arising from a breach (or an alleged breach) of your professional duty in the course of conducting their business.  Its the most common of the class often known as Financial Lines Insurance.

Directors & Officers Liability Insurance

Directors & Officers Liability Insurance provides protection for the personal assets of directors and officers by providing indemnity for loss arising from a claim as a result of a ‘wrongful act’ committed by them in the course of conducting their business.

Management Liability Insurance

Management Liability Insurance is a comprehensive insurance product that has been designed specifically for private companies and their directors and officers.

Employment Practices Liability Insurance

Employment Practices Liability Insurance provides cover for actions taken by employees against employers for alleged discrimination, unfair dismissal and sexual or workplace harassment.

Fidelity Insurance

Fidelity Insurance can provide cover for direct financial loss caused by loss of money, negotiable instrument, bearer bonds or coupons, stamps, bank notes, cheques, letters of credit, as a result of theft, fraud, dishonest or criminal acts committed by an employee or a third party.

Medical Malpractice Liability Insurance

Malpractice Liability Insurance is a combined cover for Professional Indemnity, Malpractice and Public (General) & Products Liability Insurance.

IT Professional Indemnity & Liability Insurance

Insurance for the IT Industry including Web-Developers, IT Project Managers, Computer Consultants, Programmers, etc. Information Technology Liability Insurance is a combined cover for Professional Indemnity and Public (General) & Products Liability Insurance.

Association Liability Insurance

Association/Non-Profit Organisation Liability Insurance is a comprehensive insurance product that has been designed specifically to protect both the assets of associations/non-profit organisations and the assets of their directors and officers. It combines several insurance policies, to provide a broad range of cover under the one policy.

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