Brokers attend Australia’s largest insurance conference

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Principals Rick and Barb attended the 2016 annual Steadfast conference recently held at the Brisbane Convention Centre from 16 – 19 April.
 
Steadfast is Australia’s largest broker group with over 7,500 businesses. As a member of this group, Sarina Insurance is able to offer a complete range of insurance products from a mix of Australian and overseas insurers to suit any need.
 
3,000 brokers and staff attended the event and participated in workshops, networking and new product presentations.
 
One booth Rick and Barb attended was run by the University of NSW in conjunction with Zurich insurance.
 
They were trialling a driverless car simulator and the University were collecting data from a variety of subjects to assist with its future implementation.
 
As a participant Barbara managed to park the car correctly, (but ran 3 cars, 2 semis and a bicycle off the road while doing so).
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Recent catastrophe affects business owner’s income

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Many believe that concrete and steel will survive a fire, but this picture proves otherwise. The steel beams that support the roof have buckled in the heat allowing the walls to fall inward. The slab will also have to be demolished and re-laid and it could be 6 months or longer before the tenants can return.

In this circumstance, the business interruption option available as part of a business insurance package would replace the income of the tenant while repairs are in progress.

Statistics tell us that 2 out of 3 businesses who suffer such damage either fail to reopen, or close within 12 months of reopening. The main cause of failure is cited as lack of cash flow.

Unfortunately this business interruption option is often refused by tenants.