Burnett Insurance in Kingaroy, Queensland | Insurance broker

Burnett Insurance

Locality: Kingaroy, Queensland

Phone: +61 7 4182 0222

Address: 192 Kingaroy St 4610 Kingaroy, QLD, Australia

Website: http://www.burnettinsurance.com.au/

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25.01.2022 Authorities swoop over alleged insurance fraud Two search warrants have been simultaneously executed in Auburn and Granville by over 20 members from the Australian Federal Police (AFP), National Disability Insurance Agency (NDIA), and Services Australia as part of a probe into an unnamed healthcare practitioner over alleged large-scale fraud. Materials were seized from the sites in Western Sydney to assist the National Disability Insurance Scheme (NDIS) Fraud Taskforce in ...its Operation Pavo investigation. In a joint release by the AFP, NDIA, and Services Australia on August 27, the authorities said the case’s current fraud value is estimated to be over $120,000. The healthcare practitioner is accused of falsifying reports, overcharging for services, and using the allotted NDIS funding while neglecting clients’ best interests. It was noted that the approximate fraud value would likely increase as the probe rolls on and the full extent of the alleged violations is revealed. Additionally, charges against the healthcare practitioner are being considered. To people who may seek to take advantage of the NDIS, let this be a warning that you are up against the collective expertise and resources of our agencies, declared AFP Superintendent Mel Phelan. Your hunger for short-term profit will result in long-term negative consequences for you. The NDIS Taskforce’s Operation Pavo is supported by the AFP-led Taskforce Iris. The raids were conducted on August 26, while the NDIA works to ensure that disability-related support is not disrupted. NDIA branch manager of scheme integrity Scott Britton commented: The National Disability Insurance Agency has a zero tolerance to fraud and will not tolerate the misuse of funds intended to support people with disability. We are working with participants to ensure their plans are protected. The agency will reimburse any lost funds to any affected participants as quickly as possible. Stressing that fraud is a criminal offence, Britton added that any participant who suspects they might have been the target of fraud activity should contact the NDIS reporting hotline at 1800 650 717. Source: Insurance Business Australia.

18.01.2022 Australia faces hardest D&O market in history Directors in Australia are facing the most volatile and restrictive liability insurance market in history with no signs of improving anytime soon, according to the latest report by the Institute of Directors (IoD) with Marsh and MinterEllisonRuddWatts. IoD’s 2020/21 Directors’ Fees Report revealed that 78.5% of organisations provided directors with liability insurance, up from 76%. A hardening market, it went on to state, is im...pacting all organisations pointing in particular to the Australian Royal Commission into financial services and an emerging class action and litigation funding environment impacting prices. This challenging environment has led to companies examining their D&O insurance to ensure they are purchasing a programme with sustainable limits, coverage and premiums for the risks faced, the report stated. In a soft market, an organisation’s goal will be to secure the broadest coverage, and highest limits possible at reasonable premiums. This has historically been available as insurers have been willing to offer wide cover and extensions as they compete for business and look to expand their portfolios. However, in today’s hard market, the opposite is occurring insurers are seeking to restrict capacity and coverage, resulting in companies having to determine the scope and level of cover they need, while adhering to their own budgetary constraints. In addition, a host of insurers, locally and further afield, have withdrawn from the market. It is estimated that capacity in the London market alone is 50% less for those companies with an ASX presence compared to 2017. Insurers are increasingly cautious when considering renewals or applications, often requiring greater access to organisations and their boards, explained Marsh chief client officer Steve Walsh. Premiums and excesses are climbing, and some insurers are exiting the market altogether. Directors should be ready to play an active role in securing the appropriate liability coverage for themselves and the organisations they represent. This could include meeting with insurers to provide insights into the company and board structure, as well as their own competency and qualifications. The report also highlighted the importance of D&O insurance as directors come under economic and structural pressure. However, it warned that organisations should be meticulous when choosing the best policy for them. Some key issues directors should be looking for are; whether coverage includes investigation costs, separate defence costs, and adequate cover for individual representation, as well as whether it excludes insolvency-related claims or cover for capital raising or claims by majority shareholders. Not all D&O policies are equal, Horne said. Source: Insurance Business Australia.

16.01.2022 ASIC releases guide for add-on insurance deferred sales model by Roxanne Libatique 29 Jul 2021 ASIC releases guide for add-on insurance deferred sales model The Australian Securities and Investments Commission (ASIC) has released a new guide and final customer information requirements to implement the new add-on insurance deferred sales model (RG 275).... In December 2020, Parliament introduced the new deferred sales model following the recommendation of the Financial Services Royal Commission (Royal Commission), which found numerous issues in the add-on insurance market including poor-value products, unfair sales practices and outcomes, and worse claims outcomes than in other insurance markets. The new add-on insurance deferred sales model requires a four-day pause between the sale of a principal product or service and add-on insurance. RG 275 provides guidance as the industry prepares to comply with the new model from October 05, 2021. It follows a consultation on the draft proposals with stakeholders. As required by the reforms, ASIC made the guide to specify the information that must be given to customers to start the four-day deferral period and how the information must be given. ASIC deputy chair Karen Chester deemed the new deferred sales model a key government reform to improve consumer outcomes in the add-on insurance market. The pause in the sales process will give people time to consider the insurance they’ve been offered and compare it with alternatives, she said. It will reduce the risk of people buying insurance on the spot that is poor value or just not right for them. ASIC offered assurances that it will help businesses prepare for the new regulations, noting the input it had received from the industry and consumer representatives. Chester said the feedback has enhanced our regulatory guidance and the customer information requirements. The deferred sales model is one of multiple government reforms in the insurance sector that will improve how insurance products are designed and sold and how claims are managed. Source: Insurance Business Australia.

16.01.2022 AFCA awards payout, compensation to saggy ceiling claimant 2 July 2021 A Victorian woman has won a payout and been awarded compensation for unusual physical inconvenience and stress in a claim dispute with IAG over sagging ceilings throughout her 13-year old home....Continue reading

14.01.2022 Broker value 'goes way beyond client': key report 13 October 2020 Facebook Twitter LinkedIn Google The immense value of insurance broking to clients, insurers, the economy and society has been demonstrated by a new report prepared by Deloitte Access Economics for the National Insurance Brokers Association (NIBA)....Continue reading

10.01.2022 Insurers aren’t brokers': underinsured policyholder told cover onus on her 30 October 2020 A complainant whose underinsured business was destroyed by bushfire last summer was told in a claim dispute ruling that she had many years to seek alternative insurance cover better suited to her needs....Continue reading

09.01.2022 Insurer must pay burglary claim despite property sale contract 28 October 2020 A dispute hearing has determined Westpac General Insurance was wrong to deny a home and contents claim payout of almost $32,000 after thieves ransacked the property and ripped out newly fitted appliances....Continue reading

07.01.2022 Carpenter wins 102 days of accident cover in claim dispute A sole trader who was unable to work for more than three months after injuring his back while carrying a door frame has won a claim dispute with Suncorp for around $7000 in accident cover and been awarded $1000 compensation. The Australian Financial Complaints Authority (AFCA) said the injured carpenter was left without income for a substantial amount of time without certainty regarding the resolution of his claim and...Continue reading

05.01.2022 Man with undisclosed drug charges loses claim dispute 6 August 2021 A homeowner has lost a dispute over a fire damage claim after he failed to read policy renewal letters or disclose three criminal convictions for possessing methylamphetamine....Continue reading

03.01.2022 ASIC takes major insurance name to court The Australian Securities & Investments Commission (ASIC) has launched Federal Court civil penalty proceedings against Insurance Australia Limited over NRMA Insurance premiums. The regulator is accusing Insurance Australia Limited of having engaged in misleading or deceptive conduct and making false or misleading representations to certain customers of NRMA Insurance a trading name of Insurance Australia Limited by supposedly sayin...Continue reading