In the wake of three earthquakes across Victoria's north-east on September 22, 2021, property damage in Melbourne and regional Victoria has added an additional level of complexity following the State’s two-week construction shut down announced on 21 September. Under the shut down, any projects that are not considered an emergency or essential (specifically, all unoccupied lots) will be placed on hold for two weeks*.
*If you believe any of your jobs fall within this emergency/essential category or have any specific questions on a project, please feel free to reach out to Kieran Drum or Tracy Woolley directly (details below).
RESPONDING TO EARTHQUAKE DAMAGE
In terms of responding to emergencies, such as damage caused by the September 22 earthquake, our building and repairs partners are ready to respond. You can either contact your Honan Insurance broker to arrange this or contact a make-safe partner (details below). Regardless, please be sure to contact your Honan Insurance broker or the Honan Helpdesk.Most policies for Commercial, Residential, and Strata buildings will specify that Damage must occur within 72 hours of the earthquake.
For claims relating to other damage caused by the earthquake, please check your policy for information about the excess, as an additional excess may be applied for an earthquake. Alternatively, please speak with your Honan claims advocate or Honan Insurance broker.
Standard Earthquake Excesses for Strata properties (policies may vary so please check your schedule and PDS wording):
**We have reached out to key insurers and underwriters for confirmation around their residential earthquake excesses, but Policy Wordings for both simply refer to what is noted on the policy schedule.
UPDATE: STRATA EARTHQUAKE EMBARGO LIFTED
Honan was advised that due to the earthquake, some insurers implemented an embargo for all of Victoria effective September 22, 2021. As of September 23, 2021, Honan has been advised that the temporary embargo has been lifted. If you continue to have difficulty accessing insurance cover for risks/policies incepting due to the earthquake, please reach out to your Honan Insurance broker or the Honan Helpdesk. Note that the terminology of the temporary “embargo” related to quotes and new business to selected insurer(s) and underwriting agencies on the day of the earthquake (22 September 2021).
Protecting cash flow, guarding against late and/or non-payments from customers, and securing your company’s own creditworthiness is critical to business sustainability. This article looks at two key ways you can limit your liquidity risks: credit reports and trade credit insurance.
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.
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