Insurance & Financial Services Ombudsman Scheme
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News
$43K ute repossessed
The CCCFA sets out lender responsibilities for consumer protection. When Charlie, who was terminally ill, couldn't repay a $43,000 loan, his ute was repossessed. The lender made mistakes, which displayed unfortunate conduct, particularly given Charlie’s vulnerabilities.
Story from Stuff: 10 October, 2020
Covid & business interruption
In most cases, the Business Interruption cover would not respond, because there was no material damage. Standard business interruption exclusions for infectious diseases were triggered when COVID-19 became publicly notifiable.
Story from insurance.com.au: 5 October, 2020
Covid & travel insurance
The idea of purchasing travel coverage for a reasonable price in future may be at risk, given the enormous pressure on the travel insurance industry. Does insurance need a new paradigm for known risk?
Story from interest.co.nz: 28 September, 2020
Financial Adviser complaints
Complaints about financial advisers can include service issues. In this example, an adviser reduced his client's life insurance cover as requested. After the client died, his family said the adviser had breached his duty of care.
Story from Good Returns: 15 September, 2020
Featured Case Studies
An excess is paid when claims are accepted. If there is more than one event, more than one excess can be applied.
Viv’s claim, for carpet damaged by dog vomit and diarrhoea, was accepted. But three policy excesses were applied.
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Check your exclusions. Most travel policies exclude global pandemics.
Barry cancelled his Bali trip due to Covid-19. His insurance claim was declined due to the pandemic exclusion.
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Check for exclusions and limitations. Travel exceeded 90-day limit on credit card
The credit card travel insurance policy had a 90-day limit. The watch was stolen on day 57 of the 100-day trip.
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Your full medical history must be disclosed when you apply for insurance.
Jin had life and trauma insurance. After his stage 4 colon cancer diagnosis at age 31, he made a claim.
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