HomeLatest News

latest news

Industry

Stay up-to-date with the latest news, information and updates from Honan Insurance Group, including innovation in the insurance space, business highlights, community & partner profiles and company announcements.

All Categories
Company Updates
Covid-19
HoneIn
In the Press
Industry
Partners
People

HONEIN Quarterly Market Update

View Quarterly Market Update
October 11, 2023
Corporate Risk
Agriculture
Biotech & Life Science
Construction
Financial Institutions

Claiming Success: Why Your Insurance Broker is the Key to Notifying Insurers About Potential Claims

When it comes to insurance, brokers are in a unique position. We’re neither the client nor the insurer, we’re privy to the unique notifications from clients when there is a situation that may give rise to a claim, and the reactions from insurers to those notifications. This is a complex and evolving area, and in the post-pandemic era, we’ve observed that insurers are scrutinising all aspects of the claims process. Following a loss, the claims process can be stressful, complex, and long. This article outlines the paradigm shift in insurer’s perception of an acceptable notification of circumstances which may give rise to a claim, from a broker’s perspective.
Read More
October 4, 2023
Pharmacy

Protecting Your Pharmacy’s Reputation & Finances: A Guide for Owners

Pharmacies play a crucial role in providing accessible healthcare services to the public. As part of this essential service, pharmacists must maintain the highest standards of professionalism, ethics, and regulatory compliance to mitigate the risk of claims. Additionally, robust insurance coverage plays an important role in protecting pharmacies from claims related to misconduct, errors, or accidents within the premises. This article explores some of the most common types of claims, how those risks can be managed, and the insurance solutions that can limit the impact of claims.
Read More
September 22, 2023
Construction

Professional Indemnity Insurance: Construction Professionals & the Growing Deductible Dilemma

Although the market is starting to show signs of stabilising after a sustained period of hard market conditions (where demand exceeds the supply), Professional Indemnity insurers for Construction professionals (including Engineers and Building Surveyors) continue to see a high degree of claims against their portfolios. In response, insurers are seeking higher deductibles associated with Professional Indemnity risks to manage the escalating costs of claims. In this article, we explore the critical considerations for construction professionals when addressing deductibles and risk management.
Read More
September 20, 2023
Financial Institutions
Corporate Risk
Start-Ups

Resurgence of the IPO Market: The Importance of Prospectus Liability Insurance

Despite a subdued start to Initial Public Offerings (IPOs) in the first half of 2023, the listing of the chip designer, Arm, on the Nasdaq, which surged 25% on its inaugural day and raised $7.6 billion could signal the reopening of the "IPO window" more broadly. As the market gains momentum, it is critical for entities to consider the role of protective instruments like Prospectus Liability Insurance to limit the impact of prospective claims, litigations, or fiscal implications associated with the IPO process. Dennis Moens explains how the insurance market is responding to create favourable conditions for entities.
Read More
September 13, 2023
Sport
Corporate Risk

Concussion in sport: Human errors can harm players, amplifying the need to prioritise athletes' well-being

With the AFL finals underway where the best of the best will duke it out, matches are not the only battles happening in the sport. The topic of concussion casts a lingering shadow that leaves administrators, players and clubs very nervous and with a lot of uncertainty. This threat not only jeopardises the health and well-being of those involved but also the future of sporting leagues through the potential for legal battles.
Read More
September 12, 2023
Corporate Risk
Financial Institutions
Professional Services

Audit recommendations will be constructive for Directors’ and Officers’ Insurance

The Australian Institute of Company Directors (AICD) has recommended companies undertake robust reviews of their external auditors every five years to instil investor confidence and avoid accounting misconduct. These sentiments are something Directors’ and Officers’ (D&O) insurance underwriters have been encouraging for years when reviewing company risk profiles. Implementing a review or even having a fresh set of eyes has always been considered good financial management, usually indicating financials have undergone regular health checks. This article takes a closer look at the recommendations and why they matter when it comes to insurance coverage.
Read More
September 11, 2023
Construction

Navigating the Rise of Toxic Mould Exclusions in Professional Indemnity Insurance

For professionals such as architects, engineers, and construction contractors, the importance of having Professional Indemnity (PI) insurance cannot be overstated. This cover shields construction professionals from claims related to professional negligence, errors, or omissions. However, in recent years, numerous insurers have adopted blanket toxic mould exclusions, resulting in the removal of coverage for claims directly or indirectly associated with the presence of toxic mould. Luke Vumbaca unpacks the reasons behind this trend, the unintended consequences of these exclusions, and how a specialist broker can help you find adequate cover.
Read More
September 6, 2023
Corporate Risk
Retail & Wholesale

Product Recall Expense Extensions: A safety net for manufacturers, distributors & importers 

Public and Product Liability insurance helps businesses mitigate their exposure if their product causes bodily injury or property damage to third parties. However, businesses can also suffer significant financial impacts if their product is deemed defective or suspected of a defect that may cause harm. This can result in costly situations where the business must notify the affected third parties and remove their product from circulation. However, a product recall expense extension can cover expenses directly related to a product recall. Yvonne Chew explains how. 
Read More
September 4, 2023
Construction

Why Australian property developers & builders need to know about Decennial Liability Insurance 

Consumer trust in New South Wales' building and construction industry has been eroded following a series of widely-publicised defects issues in apartment buildings. However, industry reforms are paving the way for improvements to the quality of residential apartment buildings. In a recent move that could significantly reduce legal disputes between developers, builders, and owners’ corporations—especially for the construction of apartments, the NSW government has amended the Strata Schemes Management Act 2015 (NSW) to enable the purchase of Decennial Liability Insurance in place of a building bond.
Read More
September 4, 2023
Construction

How much professional indemnity insurance should I purchase? Eliminating the guesswork for building surveyors

The question of "how much professional indemnity insurance should I purchase?" has long challenged building surveyors seeking to protect themselves from potential liabilities. In the past, if you asked an insurance broker this question, the response would often be "as much as you can afford." However, with the implementation of the AIBS Professional Standards Scheme (PSS), the answer to this question is much clearer.
Read More
August 28, 2023
No items found.

Navigating Insurance Claims: A Beginner’s Guide

Making a claim on an insurance policy can be a stressful experience. Loss events can be distressing and it is not always clear what steps need to be taken to help resolve the situation. This can lead to mismatched expectations, delays, and added frustration. However, having a dedicated broker to help handle the claim on your behalf can alleviate the pressure on you and all parties involved.
Read More
August 7, 2023
Strata News

Cyber Risks & Insurance: A Guide for Strata Managers

Strata managers have a crucial role in overseeing strata properties on behalf of owners. As technology becomes essential for storing and sharing information efficiently, it is increasingly important for strata managers to consider cyber policies to help protect the personal information of residents in the properties they manage. This article unpacks the advantages of cyber insurance for strata managers and offers strategies to minimise vulnerabilities and the potential risk of cyber attacks.
Read More
August 1, 2023
Strata News

Body Corporate Insurance Coverage: The Hidden Risks of Neglected Building Maintenance

Maintaining a strata title building is not only essential for its overall appearance and functionality but also for securing adequate insurance coverage. Failure to maintain a building can result in increased premiums, coverage exclusions, or even denial of claims. Rebecca Crowther outlines some of the key risks and explains how to ensure your strata building is adequately maintained. 
Read More
August 1, 2023
Financial Institutions
Professional Services

FY23 Q4 Market Update: Professional & Executive Risks

Read More
August 1, 2023
Employee Benefits

FY23 Q4 Market Update: Employee Benefits

Read More
No items found.

Category Title

Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.

Featured Article

Tue 25 Jan, 2022

3dd COVID Support Ends & Debt Collection Resumes: Is Your Business Sustainable?

Over the course of the Pandemic in Australia, the Government...

Market Updates

Covid-19

Continue Reading

Previous Articles

With You All The Way.

Helping you to realise your growth strategies and limitless potential is the reason we exist.

Contact Us Today.

Melbourne
Sydney
Brisbane
Perth
Adelaide
Darwin
Newcastle
Auckland
Singapore
Kuala Lumpur
Corporate Risk
Biotech & Life ScienceConstructionFinancial InstitutionsFood & BeverageMedical & Health ServicesMining & Energy
Professional ServicesRetailSportStart-UpsTechnologyTransport & Logistics
Employee Benefits
Wellness Solutions
Strata & Real Estate
Strata at HonanReal Estate at Honan
Important Documents

Honan Document Library

New Zealand Financial Advice Disclosure

Financial Hardship Policy

Supporting Vulnerable Customers Policy

Domestic & Family Violence Policy

NIBA Code of Practice

General Code of Practice

Financial Service Guide

Honan Document Library

New Zealand Financial Advice Disclosure

Financial Hardship Policy

Supporting Vulnerable Customers Policy

Domestic & Family Violence Policy

NIBA Code of Practice

General Code of Practice

Financial Service Guide

Privacy Policy
Feedback and Complaints Policy
Terms of Use

Honan Insurance Group Pty Ltd (Australian Financial Services Licence no. 246749, ABN67 005 372 396) is an insurance broker acting as agent for insureds and intending insureds. Honan is not an insurer.  The information on this website has been prepared without taking into account your objectives, financial situation or needs.  Any advice provided on this website is general advice only.  Before making a decision to purchase an insurance policy, please read the relevant Product Disclosure Statement to make sure the policy is right for you.  Insurance cover is subject to policy terms and conditions including policy limits and exclusions. 

From time to time, Honan may act under a binder arrangement with an insurer.  When this happens, Honan is authorised by the insurer to issue certain insurance policies on the insurer’s behalf.  When Honan does this it acts as the agent for the insurer and not for any insured person.  We will let you know when we are acting under a binder.  You can view the Product Disclosure Statements for the insurance policies we issue under a binder arrangement here.  A copy of the Target Market Determination for each policy is also available on this website.

Copyright 2022 Honan Insurance Group Pty Ltd ABN: 67 005 372 396. All rights reserved.

Website Designed & Developed by Splashbox

LATEST NEWS

Honan Insurance Group Pty Ltd is now fully owned by Marsh Pty Ltd. To find out more, speak to your broker or read the announcement

Announcement