The problem with insurance companies who avoid packaging remarkable insurance cover is they never reach comprehensive cover status under standard definitions. As evident in today current events, building profitable insurance produces is as simple as removing cover from high risk and regular events, and replacing it with cover for unclaimable or ambiguous incidents.
It’s all in the insurers definitions and terms and conditions. The owner builder segment is a contrast of mums and dads renovating or construction their new residence and, free for all commercial insurance segment. This borderless market allows ‘cheating’, and the usual suspects are deep into it.
Cheating occurs when an insurance product excludes cover for incidents which are unpredictable, highly likely, and can reoccur more than once during a project period.
Water damage arising from rain, tempest, hail or storms is unequivocally club house leader when it comes to insurance claims. Then why do some insurers exclude water damage? A dwelling under construction or renovation is highly susceptible to these events should they strike a neighbourhood. This cheats the insured or owner builder out of comprehensive cover.
Burglary is covered but theft is excluded when building materials or fittings and fixtures are stolen. This is cheating by practicing confusing terms and definitions.
Failure by design to exclude subcontractor events, injury or claims. Cheating.
Denial of defence costs, which may allow an insured to seek second opinions or contest claims decisions. Cheeky and cheating.
Quoting a premium which is not a final price, with a company mantra to up-sell through the sales process, and avoid detailed policy explanations. Cheating.
If cheating is taking unfair, illegal or out of the rules advantage of somebody to provide financial or commercial gain to the perpetrator, then cheating on insurance cover mirrors this criteria.
Today’s highly competitive environment where insurance firms focus on sales and premium revenues, inexperienced insurance buyers may be caught out in a moment of haze. At Qtrust our firms guiding light emanates from ‘advice driven insurances’. In other words careful and precise clarifications and explanations, and above all else respect for our clients and their need for reliable advice.
There are 4 types of cheating defined by author and relationship speaker, Andrea Syrtash, (www.andreasyrtash.com)
1. Physical cheating
2. Emotional cheating
3. e’- cheating
4. Mental cheating
While cheating constitutes many things the common thread is secrecy, deception, and betrayal. Commercial insurance environments are not quarantined from these threads, they are just called something else: ‘phoenix’ activities.
Since 2001, Qamvis Insurance Group has served aspiring high net worth Australians with advice and professional services. More recently our retail brand, Qtrust Insurance and Advisory services precisely reflects these values and standards.
Categorised in: ACT Owner Building, Commercial Property Insurance, Contents Insurance, Granny Flat. Garage. Shed., Landlord Insurance, NSW Owner Building, Owner Builder Insurance Cover, Owner Builder Tools, Queensland Owner Building, SA Owner Building, Tasmania Owner Building, Victorian Owner Building, Voluntary Workers. Personal & Accident Insurance, WA Owner Building
This post was written by Technical Underwriting Centre