Please find the latest news and articles of interest pertaining to Planned Cover below:

Our sincere thanks to our customers and employees for helping us to victory again at the annual Australian and New Zealand Institute of Insurance and Finance awards last night!
Planned Cover collected the Medium Broker of the Year award, reflecting our growth and change in strategic direction since last year’s win for Small Broker of the Year. These victories affirm to us that we are doing the right thing by our customers and that our value-adds and market differentiators are what you want and need.
Thank you so much for this accolade and confirmation.

2014 ANZIIF Award Winners

The Commonwealth Treasury is having a consultation about whether to extend unfair contract laws to small business. The Australian Consumer Law allows a court to effectively delete clauses from contracts if the clauses are unfair. This protection is currently very limited: it only protects individual consumers (not businesses or companies, and not suppliers), and it only covers standard form contracts. Among the proposals put forward are that the unfair contract laws should be extended so that they (1) protect small businesses as well as consumers; and (2) apply to standard form contracts drafted by purchasers (not just suppliers). If implemented, these changes could offer small consultancy firms greater protection against onerous terms in standard form consultancy agreements used by clients

Submissions can be made, and/or a survey completed, here.

The closing date is 1 August 2014.

ANZIIF Awards logo black 2014 finalist

 

We were delighted to be informed this week that ANZIIF (Australian and New Zealand Institute of Insurance and Finance) has nominated us as a Finalist in the Medium Broker of the Year category.

This the five consecutive year that Planned Cover has achieved this accolade, going on to win in 2010 and last year.

Winners are announced at the Institute’s gala dinner in late August and we have our fingers crossed for a repeat of our success in 2013. In the mean time, we are quite chuffed with our finalist status and happy to know we remain on course and that our customers are happy.


At Planned Cover, we operate as both as a general insurance broker and an underwriting agency through Planned Professional Risks Underwriting Agency (‘PPRUA’).

PPRUA is underwritten by Lloyds Insurance Limited, one of Australia’s largest general insurers. We are delighted that our underwriting division has been recognised in this way.
M&A Award Press Pelease

Our new Risk Rule on Contract Administration has been developed to clarify some common questions about administering a building contract. It covers subjects like selecting a contractor, selecting a building contract, cost plus building contracts, non-standard building contracts and duty of care of the contract administrator (to the client and the contractor) and duty to act impartially.

The Risk Rule is available with your client login details in the Risk Rules section, or ask your Account Manager or Risk Manager here at Planned Cover.

Sandra Pic

On November 20th, the publishers of Acquisition International Magazine announced the winners of their 2013 Finance Awards.

IBL Limited, trading as Planned Professional Risks Underwriting Agency, scooped the Small Broker of the Year award for the Australian region.

The awards recognise the outstanding achievements of individuals and companies within the finance sector – internationally

A.I.’s Finance Awards identify and honour success, innovation and ethics across international business communities.

“IBL Limited, trading as Planned Professional Risks Underwriting Agency, is delighted and honoured to be named 2013 Small Broker of the Year – Australia.”

– Sandra Purser, Managing Director & CEO

The Victorian Government has reformed the funding of emergency services, and in particular the funding of metropolitan and country fire authorities.

Prior to 1 July 2013, insurance companies were required to make contributions to the fire fighting services in Victoria. Insurance companies usually included a component in their property insurance premiums to cover the cost of this contribution.

In October 2012 the Victorian Parliament passed laws to introduce a new funding process for Victoria’s fire services. The Government established a new Fire Services Property Levy, which would operate from 1 July 2013, and would be collected by local councils.

Following the introduction of the new Fire Services Property Levy, insurance companies are no longer required to make contributions to the fire authorities in Victoria.

Premiums for insurance policies relating to property in Victoria no longer include a component for the Fire Services Levy.

Where there are no other changes to the nature of the insurance policy or the underlying cost of insurance, policyholders can normally expect the cost of property insurance to reduce by the amount previously paid for the Fire Services Levy.

However, the cost of insurance can vary because of a number of reasons. These factors are determined by each insurance company from time to time, after taking a wide range of matters into account.

If you have any questions relating to the removal of the Fire Services Levy from your property insurance premium, or the level of premium you are now being charged for property insurance, please discuss the matter with your insurance broker.

If you have any questions relating to the new Fire Services Property Levy, please view the information available from the Victorian State Revenue office at www.sro.vic.gov.au or call 13 21 61.

For the fourth consecutive year, IBL Limited was nominated in the Broker of the Year category at the ANZIIF awards – Australia and New Zealand Institute of Insurance and Finance. We are delighted to walk away with the win and are enormously humbled.

CEO, Sandra Purser: “This Award belongs to the IBL staff and I would like to take this opportunity to thank you each of you for your support and contribution and to congratulate you all on achieving this important accolade.”

Our Consultancy Agreements Checklist provides a guide to common commercial risks in client-drafted consultancy agreements, such as termination rights and extensions of time. We have updated it to add two new items – Securities (bonds, bank guarantees, retentions and liquidated damages) and Limitation of Liability. The revised Checklist is available from in the “Login” section of our website with your client code.

The ACCC has reported on its investigation on the use of unfair terms in consumer contracts. In July 2010, the Trade Practices Act was renamed the Australian Competition and Consumer Act, and among other changes introduced new laws preventing businesses from using certain kinds of unfair terms in contracts with consumers. Although aimed at providers of mass consumer products such as mobile phones, airline flights or fitness packages, unfair contracts law could apply to a services contract between an architect or engineer and a domestic client. The report gives examples of the sort of clauses the ACCC intends to target in future – and, fortunately, they are not the sort of clauses typically used by consultants. The ACCC report can be found here

Is a consultant using BIM still covered by professional indemnity insurance? The UK based Construction Industry Council has weighed into the debate with a new publication called “Best Practice Guide for Professional Indemnity Insurance When Using Building Information Models”. The document can be found here. Our Risk Rule on BIM (available from in the “Login” section of our website with your client code) sets out our own view on the insurance implications of using BIM, and provides references to locally based guidance documents.

A recent study reported in the Age shows that when it comes to household property insurance, consumers have a lot of uncertainty about what their policy does and doesn’t cover. The benefit of using a broker for your business and property insurances is that you have access to experienced people to help you understand what risks your policy does and doesn’t cover. If you would like assistance to understand exactly what your insurance policies cover please contact your account manager. Read the Age report here.

The Suncorp Group (owner of Vero Insurance Limited, the insurer behind our main Architects Professional Indemnity Insurance Facility) have released “Risky Business”, a policy submission which outlines the effect on the insurance industry of climate change and particular natural disasters (such as the 2009 Victorian Bushfires and the 2010-11 floods and cyclones in Queensland). The document relates chiefly to property insurances rather than professional indemnity, and the natural disasters of the last 2-3 years have in our experience not had any profound effect on professional indemnity insurance claims against architects, engineers and other consultants. However, the document makes interesting reading as it combines strong statistical evidence with practical policy suggestions for government. Read “Risky Business”here

As experience grows, more guidance material becomes available on Building Information Modelling. We have updated our Risk Rule to highlight some recently released guidance material. It’s available in the “Login” section of our website with your client code.

On ‘safe design’ law, there continues to be a divide between those states which have adopted the new nationally harmonised occupational health and safety legislation (which imposes onerous new obligations on all designers of buildings) and those which have either refused or delayed its implementation. Our revised and re-titled Risk Rules, ‘Safe Design (Harmonised States)’ and ‘Safe Design (Non Harmonised States)’ provide an overview of the different systems, and they’re available in the “Login” section of our website with your client code.

Evolving forms of project procurement continue to provide new challenges for designers. Our two new Risk Rules on Alliances and Public Private Partnerships explain two models which are becoming more common, focusing on the risks for consultants. They’re available in the “Login” section of our website with your client code.

Laurence Gottlieb (Victorian State Manager) is chairing a seminar presented by Dominik Holzer for the Australian Institute of Architects on “BIM in Practice”. Wendy Poulton (Risk Manager) will be on the panel for general discussion of risk issues in Building Information Modeling in the second half of the seminar. Bookings available here

National Practice Luncheon

Have you checked out the BIM/IPD website run jointly by the Australian Institute of Architects and Consult Australia? It has a helpful list (with links) of available publications providing guidance on working with BIM, eg these standards.

Helen Johannsen (Risk Manager) presented the Insurance and Risk Management modules of the Practice of Architecture Learning Series (PALS) course in Brisbane.