frequently asked questions
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Welcome to Fortune Insurance Brokers!
Please see below for our responses to our most Frequently Asked Questions.
What do insurance brokers do?
Insurance Brokers have a very important role within the insurance industry. The purpose of an insurance broker is to promote a clients business to potential insurers, also known as underwriters. The insurance broker will then negotiate with the underwriters to find the best price and coverage for a clients needs.
Why would I go through an insurance broker rather than a direct insurer?
The reason for this is simple, Insurance Brokers go to underwriters which are not available to the public, and can get insurance at heavily discounted rates. The Insurance Broker will also be able to save you a lot of time and money spent shopping around and negotiating with different insurers.
If I have had a previous claim, can I still get insurance?
Yes, if you have had a previous claim we can still provide you with insurance, however it is important to let us know as we may need to inform the underwriter, depending on how long ago the claim occurred, and the cost of the claim.
If I have had a bankruptcy in the past, can I still get insurance?
Similarly to the above, if you have had a bankruptcy in the past, we may be able to provide you with insurance. However, we will require you to disclose the details of the bankruptcy, as this will effect the underwriters decision whether or not to offer cover.
If I have had a prior criminal conviction, can I still get insurance?
Generally, if you have had a criminal conviction in the past, we can still get you insurance. However, it is important to disclose this to your broker as soon as possible, as this may or may not affect your chances of being able to take out a policy. We will also need to know the details of when you received the conviction, as insurers will need to know this before a policy is put in place.
How do I get a quote?
Simply scroll down to the bottom of the page, and fill in the relevant information, and one of our highly skilled insurance brokers will be in contact with you to give you a quote.
I Need A Certificate Of Currency with a policy number to show my employer / client, can you help?
Yes, once we have received proof of payment, we can issue a Certificate of Currency, normally within the same day or following business day.
My employer requires that I use an Australian Approved Insurer, can you help?
Yes, Fortune Insurance Brokers only uses Australian Approved Underwriters and Insurers.
What is the difference between a “Claims Made” insurance policy and an “Occurrence” insurance policy?
When covered by a “Claims Made” policy, the policy will only cover claims made against you during the policy period. If the claim is made after the insurance policy has ended, there is no longer coverage.
When covered by an “Occurrence” insurance policy, you are covered for claims made against you that occurred while the policy was in effect. The claims can be made at any point, as long as the events occurred while the policy was in place.
For example, you buy a policy in 2017, treat Client A in 2017 and terminate the policy 2018. In 2019, Client A sues you for an incident that occurred in 2017. You are covered, because you were insured when you treated Client A. With an occurrence policy, it does not matter if you are covered when the suit is brought.