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FAQs

At Macquarie Insurance Brokers, we pride ourselves on efficiently processing and managing your claims from start to finish.

Why should I place my insurance cover via a broker?

Simple – to get added value. We will assess your needs and use our experience and knowledge to source suitable cover from appropriate insurers and, importantly, at the right price.

We are your ally and will deal with all insurance matters with your interests at heart. This includes ensuring documentation is accurate and timely and assisting you in the reporting and settlement of claims.

We do not sell insurance we buy it on your behalf and provide a comprehensive service to go with it.

Does using an insurance broker increase my cost?

NO! All insurers build a commission factor into their premium rates. These rates are the same whether you use a broker, an agent or go directly to the company.

How is my premium calculated?

The cost of your insurance policy depends on your risk, which in turn reflects the likelihood you will need to make an insurance claim. The lower your risk, the lower your premium will generally be.

It also depends on the value of what you are insuring, because things with a higher value will generally cost more to repair or replace.

A significant portion of your premium is made up of relevant local state and territory government stamp duties and levies, as well as the GST.

Can I pay by instalments?

Yes. We offer several different payment options at competitive rates of interest, including Premium Funding repayments which allows you to pay your insurance premiums monthly rather than by one up-front payment.

Can I cancel my insurance if our circumstances change?

You may (if your policy permits) cancel your policy before its expiry date. If you cancel your policy, any refund of premium will usually be sent to you within 15 business days.

If you change your mind about your insurance purchase, you have a minimum 14-day cooling-off period for most general insurance products. This means you can cancel your policy in this time without any penalty or loss of premium paid.

How do we make changes to our insurance policies?

If there have been any changes to your circumstances that relate to your policy/policies, you should advise us of this. We will issue an endorsement to show you that the changes have been made. Such changes may raise or lower your insurance premium.

What is the ‘Duty of Disclosure’?

You, as the Proposer, have a duty to disclose all material facts both before and during the contract of insurance. If you do not make full disclosure you simply will not have full insurance. This duty starts when you first complete a proposal form and carries on throughout the term of the policy.

What is underinsurance?

Most business owners insure their contents, stock and buildings against property damage from fire, as the threat is visible. However, problems can arise when the level of cover (sum insured) nominated by the owner is too low.

Most insurance policies include an ‘underinsurance’ or ‘average’ policy condition. This applies when the sum insured is a certain amount below the actual replacement cost. Depending on the policy, proportionally reduced payments may be made if the insured value is less than 80-85 per cent of the replacement cost.

If you have business interruption insurance, it can also be affected by underinsurance when you make a claim, reducing your payouts in proportion to the amount for which your property or stock is underinsured.

Do I need products liability for goods imported into Australia?

Under the Trade Practices Act (now known as the Competition and Consumer Act), an importer is ultimately responsible for the safety of any product they introduce into the Australian marketplace.

Furthermore, if the manufacturer of the product does not have a place of business in Australia, then the importer is deemed to be the manufacturer and is accountable for all aspects of the product’s design and safety in litigation.

If you don’t have full control over the product’s manufacture, including the raw materials used to make it that often come from foreign third-party suppliers, then you would be well advised to have products liability insurance in case of unforeseen problems down the track.

What’s the difference between public liability and professional indemnity?

Public Liability insurance covers a person, a business, and even a contractor, from costs arising from a third party being injured as a result of your negligence or the condition of your property is found to cause a person to be injured or killed. Liability insurance covers you when you need to defend a claim and the compensation that may be directed to pay the injured or wronged party, plus their legal costs, if a claim is upheld against you.

Professional Indemnity insurance protects you if you give professional advice or perform services to customers through the course of your work. It will protect you from legal action if someone suffers a loss following your professional advice or as a result of receiving your service.

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Macquarie Insurance Brokers (Australia) Pty Ltd ABN 16 000 580 585 | AFSL 250825

As a client-focussed brokerage, our Sydney Insurance Brokers share their wealth of insurance expertise and knowledge with clients from a diverse range of industries, and work with valued high net-worth private clients across Sydney and New South Wales.

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Bondi Junction NSW 2022

02 9380 9999

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