An in-depth summary of how Strata titles operate in Tasmania
The ATO's definitive guide on distinguishing employees from contractors.
Often when discussing contents insurance we will hear the phrase ‘I’m only renting and don’t really have anything of value – just a few second-hand pieces of furniture’.
As a tenant it is important to remember that contents insurance provides:
• A new for old replacement cover for all your furniture, regardless of age
• Cover for portable items like mobile phones, tablets etc.
• Another important cover often forgotten is the public liability protection
Over the decades we have seen many instances where damage caused by a tenant, i.e.
• Flooding caused by the accidental overflow of a washing machine
• Major loss such as fire causing significant damage to a rented premises
has resulted in a landlords insurer attempting to recover costs from the tenant.
Most Home and Contents policies offer public liability cover for any damage or personal injury that may have been caused by you in the course of your normal activities.
The “uninsured risk checklist” maybe useful to help you consider risks you have not recently considered. Should any of these covers raise concerns, or you would like to discuss them further, please give me a call.
Our concern lies not so much in the fact that you may retain certain insurable risks, but that you may do so without fully recognising the fact, and without making a conscious decision to do so. Such conscious decisions should be reviewed from time to time in the light of changing circumstances. A potential problem area could arise from a series of losses, each subject to a heavy deductible.
A further concern is the possibility of the aggregation of self-insured risks. For example , one incident could give rise to a number of losses, leading to a combined loss figure well above an affordable level (e.g., a fire or explosion at a major location could involve building, plant and stock damage, business interruption, parked trucks and their loads, not to mention legal liability for injured workers and third parties’ property or injury).
With this in mind, we have indicated a number of risks that you do not insure at present with our practice. While no list of uninsured risks can ever by exhaustive, we have aimed to highlight the more significant omissions from your current Insurance Program. As any business is susceptible to change, we recommend you review these areas regularly to ensure that you are still comfortable with the scope of cover provided by your existing policies.
Our Financial Services Guide is provided to inform our clients of key information about ourselves, and the services we provide. Our FSG is readily provided to our clients in the event of any changes to our practice or services.