Claims – What to do?
Or call us on 1300 859 381
How do I make a claim on my insurance policy?
We understand that claiming on insurance can be stressful, and we are here to streamline the process to make it as simple as possible.nIn the event that you may need to make a claim on your insurance, your first step is to notify us as soon as possible.
Please see below for our contact details:
Phone: 1300 859 381 (9AM to 5PM Monday – Friday)
Email: email@example.com (All other times)
Next, we will need you to tell us the series of events that have led to the possible claim. From here we can evaluate the claim to see if the claim is covered under your insurance policy. From here, we can present your claim to your insurer, and take the necessary steps to resolve the situation.
It is critical to check all of your policy documentation when it is issued to you by your insurance broker, and ensure that you understand exactly what you are insured for under your insurance policy, and what endorsements, exclusions, and which Product Disclosure Statement (PDS) is applicable to your insurance policy.
Summary of Important Documentation
When you request an insurance quote, your broker will provide you with a Financial Services Guide (FSG). To summarise, this FSG serves as a “terms and conditions” of conducting business with the brokerage, sets out your obligations under the Insurance Contracts Act 1984, and provides information regarding how brokers are remunerated for their services.
When your broker has prepared quotes for you from the insurer, it is important to review each quote in its entirety, including the relevant PDS. This is because the terms and conditions in the PDS can differ greatly in terms of scope of coverage. It is for this reason that we strongly discourage making a decision on an insurance product purely on the perspective of “price” alone, and review the merits and shortcomings of each quote issued to you by your broker.
If you review the merits and shortcomings of each quote, and inform your broker of which quote you have decided to purchase, you will be issued with a Tax Invoice (Invoice). The Invoice serves as your main insurance document of reference for the policy period of your insurance. The Invoice contains the following information.
Firstly, the Invoice will display the logo of the AFSL Licensee (commonly referred to as the AFSL Holder, or the Head Office), and the logo of the Authorised Representative of the Licensee (commonly referred to as the Broker).
The first line on the invoice instructs the Client to – “Please refer to the PDS or Policy Wording for all terms and conditions of cover”. As stated earlier, it is crucial to review your PDS to ensure that you are aware of all merits and shortcomings for your chosen Insurance Product, to ensure that you can may informed decisions about how to best insure your business.
The Invoice will then display the full name of the client, whether that be a name of an Insured Person, Business or other Entity. Followed by the date the invoice was issued, the Invoice reference number, and the Reference used by the Brokerage for the Client (commonly referred to as a Client Code). This Client Code will start with “FI” – Fortune Insurance – Followed by the first 4 letters of the Insured’s full name “ABCD” – And the number of times that reference has been used, with three numbers “001”, “002”, “003” etc. An example Client Code would therefore be “FIABCD001”.
Just below the Client Code is the name of your Account Manager, who is your main person of contact for your Insurance Policy.
The Invoice will the display the “Class of Policy”. This refers to the type of Insurance Product that you have purchased – e.g. Home and Contents Insurance, Liability Insurance etc. Followed by the name, address, and ABN for the Insurer, followed by the Full name or Business Name of the Insured.
Next to the details of the Insurer and the Insured, the Invoice will then state whether the document is a New Policy or a Renewal. Followed by the Policy Number, and the Period of Cover applicable to the policy.
the Invoice then describes a breakdown of remuneration. This breakdown lists as follows:
The Base Premium for the Insurance Policy – This is the cost (Premium) payable for the Insurance Product that has been purchased.
The Underwriter Levy – This is the Fee that the Underwriter (Whom acts as an Agent on behalf of the Insurer) has charged for their services.
The Fire and Emergency Services Levy (FESL) – This is the Levy that the Government charges insurance companies each year to help fund the metropolitan and rural fire brigades, and the State Emergency Services.
Goods and Services Tax (GST) – This is the Federal Government tax that is applicable to the purchase of Goods and Services within Australia. Certain Policies may be exempt from GST, if the Insurance Product was purchased directly through an overseas Insurer or Syndicate, such as Lloyd’s.
Stamp Duty (SD) – This is the State Government Tax that is applicable to the purchase of Goods and Services within Australia. Certain Policies may be exempt from paying Stamp Duty, in which your broker will provide you with a Stamp Duty Exemption form, for your completion, signature, and date.
Broker Fee – This is the amount that has been charged by the Brokerage for their services to the client.
Commission earned on this invoice (Broker Commission) – This is the amount that has been paid to the Broker by the Insurer for the remuneration of the Broker’s services in organising the Insurance Product between the Client and the Insurer.
What you need to know about Claims
We will often engage in negotiation with insurers on your behalf when handling your claims. Because as your broker, our job is not only to handle your claims, but also to negotiate claims with insurers on your behalf, to ensure that you get a fair outcome. However, please ensure that all of the information you provide to us while handling your claim is true and correct, as inconsistencies in claims details can severely lengthen the claims process, or may even result in your insurance claim being declined, and your insurance being retroactively cancelled from inception.
What you need to do when you may have a potential Claim
In any case, when a claim occurs, the first thing you should do is get in contact with us as soon as feasibly possible. You can reach our team via email at firstname.lastname@example.org or alternatively you can call our team from Monday to Friday during business hours on 1300 859 381.
It is important also to review your policy’s Product Disclosure Statement (commonly referred to as a PDS) which will be attached to your policy documents. As brokers, we understand that these documents can often be ignored. However in the event of a claim, it is critical to review these documents to ensure that you follow the instructions from your insurer, the minimise chances of miscommunication or error in the event of a potential claim.
Fortune Insurance Brokers are committed to providing high quality service to our business insurance clients. Contact us today for multiple obligation free quotes, and discuss your business insurance needs with one of our experienced business insurance brokers.