Still Cleaning Up Catastrophes

At the time of writing in July 2010 the Insurance Council of Australia's catastrophe disaster statistics record the 3 major losses in the 18 months as the Perth and Melbourne storms in March 2010 and Victorian bushfires in February 2009. It is not surprising that clean up and claims continue.

In July 2010 the value of the 6 March 2010 hail storm in Melbourne was recorded as $1,044 million. The damage caused by the Perth storm only 2 weeks later on 22 March was $1,053 million and is reported as the most costly natural disaster in insurance terms in Western Australia. The Victorian bushfires around 7 February 2009 throughout the state caused damage estimated at $1,070 million.

The last of the commercial bushfire claims are finalising but this does not mean reinstatement has been achieved. Some businesses have accepted cash settlements. Ongoing issues include future rebuilding dates, rebuilding elsewhere, meeting bushfire attack level reinstatement requirements, rezoning, waiting for council development approval and waiting for trades people. These issues are not isolated to this disaster.

Notably motor vehicle hail damage repair dates of February 2011 and beyond, unmistakable evidence of temporary repairs including tarpaulined rooves, covered sky lights and the constant stream of trades' vehicles in affected areas signal that the actual costs of the storm disasters will not be known for some time. For businesses, latent damage includes swelling fixtures, carpets shrinking, machinery seizing and rooves leaking in subsequent rains. The resultant Loss of Gross Profit claims continue.

Claim Solutions has been involved in a multitude of claims from all of these events. We welcome your enquiries.

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Author

Published with permission of Claim Solutions Pty Ltd.

Insurance Policy

Country: - Australia.

Policy Description: - Mark IV Industrial Special Risks (ISR) policy and many Composite and Businesspack policies.

Insurer: - Various.

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