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30 April 2017
The Australian Reinsurance Pool Corporation (ARPC) has been expanded to include mixed-use and high-value residential buildings.
The changes, which were recommended by Treasury’s triennial review in 2015, have been approved and will be effective from July 1.
The definition of eligible property has been widened to include buildings with a commercial floor space of at least 20%, or that have a building sum insured of at least $50 million, regardless of use.
The Terrorism Insurance Act has also been amended to remove doubts over coverage for chemical or biological attacks.
The scheme covers such incidents – but not nuclear or radiological events.
The definition of a terrorism exclusion or exception will be extended to include acts described as chemical, biological, polluting, contaminating, pathogenic, poisoning, or words of similar effect.
ARPC Chief Underwriting Officer Michael Pennell says the clarifications will benefit insurers and policyholders.
“These changes will modernise scheme coverage, underpin its financial strength, and ensure the ARPC is better equipped to protect Australia from the economic losses caused by terrorism catastrophe,” he said.
28 April 2017
This is a rare opportunity to be a part of TIO, and lead our NT commercial business to achieve continued success and growth.
18 April 2017
The successful applicant will be responsible for all ANZ Claims (ie direct) related strategic procurement for bodily injury (ie providers of services relating to health, recovery and injury management) and investigations (ie providers of investigative services).
11 April 2017
Westlawn Insurance Brokers is an established and respected local company with nine branches across Northern NSW. We are looking for an Insurance professional with drive and commitment to join our Lismore team.