Blog

Boat

I thought I’d pick Boating and look at the types of Boat insurance you can get to protect not only the owner but the asset as well.

Boat/Personal watercraft (Jetski) Insurance

Similar to Vehicle insurance you can obtain Boat Insurance with two types of cover  Comprehensive cover and Third Party Only cover for your boat.  Full comprehensive cover will cover the vessel for a set sum insured/Market value for damage and theft.  You can also add optional extensions to the cover, such as water skiers liability – which particularly important if your boat is capable of towing a skier or donut behind it.   It’s always recommended to take Boat Insurance cover with Waters skiers Liability.   In the off chance you may decide to tow the kids/family/friends behind your boat during summer.  This extension will protect you in the event that someone is hurt and sustains injuries.

Boat Insurance Comprehensive cover will even cover sailing boats, and will include cover for masts, spars and rigging.  The cover can be extended to cover,  whilst they are racing in Yacht Races, at an extra cost.  Boat insurance also allows you to elect to insure your accessories such as sounders, GPS, and Radio’s, fishing equipment. If your boat lives on a trailer you also need to insure the trailer and nominate a value to insure it against damage too.

Third party only Boat Insurance only covers the boat owner for any property damage and personal injury claims caused to other parties.  So there is NO cover for the damage to your boat in the event of an accident.

So next time you go out on your boat for a spot of fishing or fun Water-skiing, make sure your boat Insurance has adequate cover and is up to date.

Please be aware that any advice offered is General Advice only and has been prepared without taking into consideration your objectives, financial situation or needs. Before deciding to acquire a financial product please consider the Product Disclosure Statement and whether the product is appropriate for your individual objectives, financial situation and needs.

 

IMG_4250

Party Celebrations 2015

Austwide Team celebrates Melbourne Cup Lunch, at the lovely Sails Restaurant, Hastings St Noosa. Beautiful 4 course meal was enjoyed with great company. The weather was superb, with a slight breeze overlooking beautiful Laguna Bay.

We joined Sue Pollard of Noosa Beauty Rooms, and her friends Karen & Janelle. Danielle and John from Bali Hali Resort Noosa.  We were fortunate to be given a free bottle of Moet from the Owners which certainly kicked our event off to a good start.  We had a lovely selection of Fresh Seafood to chose from in our 4 courses.

Thanks to Sails Restaurant for a perfect Lunch. Sails Noosa Restaurant

Sue Pollard won best dressed, and the rest of us didn’t pick a winner but enjoyed the Lunch festivities and danced to some great live music. What a great ride by Michelle Payne! Lovely to see a women ride the winning horse! History was made in 2015.

 

IMG_4254

Sarah and Sue – Melbourne Cup 2015

IMG_4253

Simone and Laurel

IMG_4265

Sue Pollard – Won Best Dressed

 

 

Travel Insurance

A quote from the spokesperson from the Australian Consulate once said ‘If you can’t afford travel insurance, you can’t afford to travel’ – these are wise words.

Travel insurance can be purchased from your insurance broker and quite often the travel agents also sell Travel insurance Packages.  Travel Insurance usually covers things such as medical expenses, lost baggage, Lost money, Public liability Cover, Hire vehicle excess cover, including such things as Ransom and kidnap!!  Even in today’s environment you might need this depending on what country you are travelling too!!

Of course, there are various levels of cover and that would impact on what those sum’s insured’s limits may be, so depending on your budget whether you want a Top of the range policy with all the bells and whistles or a Silver or bronze type policy. Another factor that effects the price is whether you are a single person traveling or a family travelling and what region you are travelling to. The world is made up of regions and each region is rated according to risks.

So on your next trip overseas or interstate or cruise – consider travel insurance, your investment in travel insurance – could save you heaps of dollars in expenses overseas should you have an incident which requires you to claim.  Accidents do happen, and the cost of medical attention could run into the hundreds of thousands.  Having your bag snatched, can cause all sorts of issues, or having a motor vehicle accident overseas for example which could be very costly.

Everything you need to know about your travel insurance is written down by the insurer in its Product Disclosure Statement (PDS).  Always read thru the tables showing what amounts they will cover in the event of a claim.

Its also a good idea to read the general exclusions is a list of events that aren’t covered by any sections of the policy. Not all policies provide cover for things like contracting avian bird flu or injuries sustained while drinking or taking drugs. So if you have a few drinks, then slip and break a leg, this may not be covered because arguably it happened while you were drunk.

A good site to also check out before any overseas holiday:  https://www.smartraveller.gov.au/insurance/ Its full of good ideas and tips

Please be aware that any advice offered is General Advice only and has been prepared without taking into consideration your objectives, financial situation or needs. Before deciding to acquire a financial product please consider the Product Disclosure Statement and whether the product is appropriate for your individual objectives, financial situation and needs.

Tax AuditThe Tax office states each year that they will be targeting certain business industries and sectors for tax evasion. Each Year many businesses are contacted by the ATO to conduct an audit/ investigation of their tax affairs. The costs of these audits and the time taken to organise the paperwork for viewing is time consuming and can be expensive.

The Extent of the cover will depend on the options you select:

1. Business Audit Only – including investigation costs. (Be warned some insurers don’t cover investigation costs, always select including investigation cover). This cover EXCLUDES Personal Tax returns of the directors and the Superannuation funds.
2. Business & Directors cover – again including Investigation costs. (excludes Superannuation and self-managed funds)
3. Individual Cover – excluding Self-Managed Super funds and super funds, business audits.
4. Superannuation Funds – Excluding Directors, and business audits.

Tax Audit insurance will not pay any penalties or fines. Rather the investigation costs, accrued by the accountant/ statutory body to provide the information required for the Audit or investigation.

Tax Audit cover will not cover if you are Audited because if you haven’t lodged your tax returns, or your failure to provide the information required to the Tax department or statutory body. The policy will cover the. Accountants fees and time to provide the aui

Tax Audit can often be added to your business package or your management liability insurance, otherwise is available as a standalone policy, renewable yearly.

You are able to select a variety of options for covers depending on the size of your company and your audit requirements. Talk to your broker today about getting a quote for Tax Audit Insurance.

Please be aware that any advice offered is General Advice only and has been prepared without taking into consideration your objectives, financial situation or needs. Before deciding to acquire a financial product please consider the Product Disclosure Statement and whether the product is appropriate for your individual objectives, financial situation and needs.

business-graphics-1428637-s

These days there are some pretty big risks involved in being a Company Director, Partner or Trustee, with onerous duties and responsibilities. If someone thinks you have not lived up to them, rightly or wrongly, there can be serious legal action, that’s why you should consider Management Liability Insurance.

No matter the business, its size or structure: Private Companies, Directors and Officers are exposed to the legal consequences of unintended errors arising from their actions: Shareholders who suspect mismanagement; Investors who feel they’ve been misled; Trade association investigations; Industry regulatory bodies or perhaps a liquidator if the company is thought to have traded while insolvent.

Potential penalties range from hefty fines through to disqualification and possible imprisonment. The need for an immediate and effective response to any threat is clear. Listed companies would not allow their decision makers to be exposed in any way.

The potential scope of Management Liability is shown by these scenarios based on actual claims:

Directors and Officers Liability: Provides protection for any claim alleging a wrongful act (for example misrepresentation, negligence, breach of duty) by a Director or Officer. The scope of this policy can include cover for potential breaches such as; Insolvent trading; personal liability, fines, banning orders, environmental prosecution, fire safety regulations, defence to public inquiry and intellectual property breach.

Claims Example: A Plaintiff had been engaged by a company to perform work for it. He filed a complaint against the individual directors saying they had utilised his services knowing that the company was nearing insolvency and unlikely to be able to meet the payments required for the work. The directors denied knowing this to be the case. The claim settled for a total settlement and defence costs exceeding $100,000.

Statutory Liability

Provides cover for breach of a statutory regulation like an Occupational Health & Safety regulation or the Food Safety Act. The scope of this policy can include cover for potential breaches such as; environmental prosecution, Occupational Health & Safety, breach of contract, unfair treatment of shareholders, identity fraud or accidental death.

Claims Example: Health and Safety – A company failed to take practical steps to ensure the safety of an Employee. The firm breached Occupational Health & Safety Regulation and the fine was over $100,000. This was covered under the Statutory Liability cover, as part of the Management Liability package provides cover for fines and breaches like these up to the selected cover limit.

Employment Practices: Cover for claims alleging an employment breach such as discrimination, harassment or wrongful dismissal. Examples of claims which would fall under this section of the policy are wrongful dismissal, harassment & discrimination of third parties, unfair dismissal, duress, misconduct, discrimination and constructive dismissal.

Claims Example: An Employee of a restaurant claimed she was bullied by the Head Chef, who constantly verbally berated and belittled her. The restaurant eventually settled for $56,000. Management Liability can provide full cover for Employee Practice Liability claims like these, up to the selected cover limit.

Other sections which can be included are Legal liability and Tax Audit cover can be included too.

Please be aware that any advice offered is General Advice only and has been prepared without taking into consideration your objectives, financial situation or needs. Before deciding to acquire a financial product please consider the Product Disclosure Statement and whether the product is appropriate for your individual objectives, financial situation and needs.