The Insurance Advisernet Foundation was recently proud to donate $25,000 in matched giving to support Starlight’s Super Swim campaign - an initiative dedicated to bringing joy, laughter, and essential support to sick kids across Australia.

For over 35 years, Starlight Children’s Foundation has been brightening the lives of seriously ill children and their families by replacing fear, pain, and stress with fun, laughter, and joy. Through programs like the Starlight Express Room, Captain Starlight, and Wish Granting, Starlight helps children find moments of happiness during difficult hospital stays and medical treatments.

With the generosity of donors and the power of matched giving, the Super Swim campaign’s impact soared, achieving a 20% increase in funds raised!

This incredible outcome is a testament to the power of community. Super Swim fundraisers, donors, and supporters came together to make a real difference, proving that small actions can lead to life-changing results.

The IA Foundation is honoured to have contributed, but the real credit goes to Starlight and everyone who his swimming, fundraising, or donating to their February 2025 Super Swim campaign to help brighten the hospital experience for seriously ill children.

To learn more about Starlight or donation to the Super Swim Campaign, visit their website.

General Advice Warning

This communication including any weblinks or attachments is for information purposes only. It is not a recommendation or opinion, your personal or individual objectives, financial situation or needs have not been taken into account. This communication is not intended to be a constitute personal advice. We strongly recommend that you consider the suitability of this information, in respect of your own personal objectives, financial situation and needs before acting on it. This document is also not a Product Disclosure Statement (PDS) or a policy wording, nor is it a summary of a particular product’s features or terms of any insurance product. If you are interested in discussing this information or acquiring an insurance product, you should contact your insurance adviser to obtain and carefully consider any relevant PDS or policy wording before deciding whether to purchase any insurance product.

A rare La Niña event, is potentially forming in the Pacific Ocean, with the likelihood of increased storms and heavy rain, particularly in tropical regions and along the east coast.

For business and homeowners this may result in localised flooding, as well as storm and water damage to properties and interruption to businesses.

 Wind, thunderstorm and flood preparation

Preparing to protect your home and business, includes knowing what the main weather risks are in your area. Are there creeks of rivers nearby, is your area subject to localised flooding in heavy rains?

Of course, there are the usual preparations for storm season, such as getting a builder to check that the roof, windows and doors are weatherproof.  

Also clearing out gutters, as well as trimming trees that are too close to buildings.

We would recommend looking at local government websites which have free checklists or specific information for your area.

It also pays to review your main risks with your insurance adviser, who can provide advice and information that can help to minimise your risks and ensure you have the insurance cover you need.

Stormwater or flood water damage

If your premises are flooded during a storm and you have flood insurance, you would most probably make a claim and expect a payout.

Unfortunately, if you only have storm damage cover and not flood cover there may be an issue when making a claim.

Knowing if your policy covers stormwater damage or flood damage is important. Storm or rainwater damage is usually covered under insurance policies, while flood is not always covered and may only be available as an option at an extra premium.

So as a business owner, it’s important that you understand what your insurance covers. Talk with your insurance adviser or can discuss your cover and provide options.

Emergency plans - basics

Now may be a good time to ensure your emergency plan is up to date, also discuss the plan with any new employees so they understand their roles.

Plans generally include:

• Preparing a plan that includes key people’s contact info and their roles, including insurance information and your insurance adviser;
• Rehearsing responses for specific weather events and evacuation procedures;
• Re-packing an emergency kit that includes a portable radio, torch, spare batteries, and first aid kit;
• Having emergency equipment on standby (e.g. tarpaulins, rope, nails, hammer, timber, sandbags) to protect the plant, stock and other building contents in the event that the storm damages the roof or wall structure;
• Isolating water, gas and electrical power supplies when severe storms are forecast to prevent further damage and personal injury from ruptured pipes or fallen power lines; also
• Monitoring local radio for updates on severe weather warnings in your district.

Sometimes, despite doing all you can to minimise your risks, the worst still happens, roofs are damaged, with contents or stock lost.

A discussion with your insurance adviser will ensure you have the cover you need to protect your business, employees and customers.

General Advice Warning

This communication including any weblinks or attachments is for information purposes only. It is not a recommendation or opinion, your personal or individual objectives, financial situation or needs have not been taken into account. This communication is not intended to be a constitute personal advice. We strongly recommend that you consider the suitability of this information, in respect of your own personal objectives, financial situation and needs before acting on it. This document is also not a Product Disclosure Statement (PDS) or a policy wording, nor is it a summary of a particular product’s features or terms of any insurance product. If you are interested in discussing this information or acquiring an insurance product, you should contact your insurance adviser to obtain and carefully consider any relevant PDS or policy wording before deciding whether to purchase any insurance product.

Insurance policies are designed to protect against specific risks. However, they also contain exclusions and limitations that outline what is not covered. Understanding these exclusions and limitations is crucial to ensuring that you have the appropriate coverage for your needs.

Common Exclusions

• Fines & Penalties: Most insurance policies exclude cover for fines and penalties, which are intended to be personal consequences to deter similar behaviour.
• Intentional Acts: Insurance generally does not cover losses caused by intentional acts, where injury or damage is very likely. For example, digging up a pipe and damaging it without doing a dial before you dig search. 
• Ordinance or Law: if your building or other property was not built to code before the loss or damage, then insurance cover will pay for the loss or costs of repairs, not the cost to rectify the building code defect. 
• Flood: Flood damage is usually excluded from property insurance. A flood can occur when water overflows from a creek, river, or canal. 

Common Limitations

• Jewellery: insurance will generally only cover jewellery up to $3,000 or $5,000 for burglary or damage. Talk to your insurance adviser if you need additional cover.  
• Sub-Limits: Insurance policies often have sub-limits for certain items, like storm damage to gardens or valuables taken outside the home.  

How to Understand Exclusions and Limitations

• Read Your Policy Carefully: Take the time to read your insurance policy thoroughly, and talk to your insurance adviser if you have questions.  
• Ask Questions: If you have any questions about specific limits or exclusions, don't hesitate to contact your insurance adviser. 
• Review Your Policy Regularly: Your insurance needs will change over time, so it's important to review your policy regularly to ensure that it still meets your needs.   

Understanding your insurance policy's exclusions and limitations can help you make informed decisions about your coverage and ensure you have the coverage you need.

General Advice Warning

This communication including any weblinks or attachments is for information purposes only. It is not a recommendation or opinion, your personal or individual objectives, financial situation or needs have not been taken into account. This communication is not intended to be a constitute personal advice. We strongly recommend that you consider the suitability of this information, in respect of your own personal objectives, financial situation and needs before acting on it. This document is also not a Product Disclosure Statement (PDS) or a policy wording, nor is it a summary of a particular product’s features or terms of any insurance product. If you are interested in discussing this information or acquiring an insurance product, you should contact your insurance adviser to obtain and carefully consider any relevant PDS or policy wording before deciding whether to purchase any insurance product.

ASIC has issued a warning to investors to stay vigilant after a notable rise in stolen share reports since August 2024. This alarming trend is linked to identity theft, where fraudsters impersonate individuals to transfer or sell their shares. Many victims remain unaware of the theft until they receive a confirmation letter from a share registry or the Clearing House Electronic Subregister System (CHESS).

Australians who have previously been affected by data breaches are at increased risk, as their personal information may be accessible online, making them prime targets for identity fraud.

The sophistication of these fraudulent schemes has grown, making it crucial for investors to carefully review any notifications that seem unexpected or suspicious.

How Does Share Sale Fraud Occur?

A typical fraud scenario involves a scammer impersonating a real shareholder, such as 'Jane Citizen,' to open a share trading account. Using stolen or falsified identification documents, the fraudster gains access to Jane's shares by illegally obtaining her security reference number or holder identification number. They may even open a fake bank account in Jane’s name to receive the proceeds from the sale of her shares.

ASIC has highlighted that fraudsters gather personal information through various means, including online sources and stealing mail directly from letterboxes.

Steps to Protect Yourself

ASIC urges investors to remain cautious and take immediate action if they detect any unusual activity. Here’s how you can stay vigilant:

1. Regularly Review Your Shareholdings: Monitor your share portfolios, whether they are registered with a share registry or held in a trading account, to catch any unauthorised activity early. It's also a good practice to regularly review your other investment accounts, such as superannuation or managed funds.
2. Use Strong Security Measures:
   • Opt for passphrases rather than simple passwords for your online accounts.
   • Enable multi-factor authentication (MFA) whenever available to add an extra layer of identity verification.
3. Secure Your Mail:
   • Lock your letterbox and check it frequently to prevent mail theft.
   • Ensure your contact details are up to date with your stockbroker, share registries, and financial service providers.
4. Act Quickly if Something Seems Off:
   • If you receive unexpected correspondence, such as new bank cards, notifications about how your shares are held, account creations, or unauthorised share sales, don’t ignore it.
   • Immediately contact your stockbroker, share registry, or bank if you notice any unapproved activity and update your passwords.
   • Always verify contact information from the organisation’s official website, not the details provided in the email or letter, which could be part of a scam.
5. Report Fraud:
   • Report any suspicious activity to Scamwatch.
   • Contact IDCARE, a government-funded service, for help with creating a response plan if your identity has been compromised.
   • Victims of fraud can request credit reporting bodies to place a ban on their credit reports, preventing unauthorised credit checks.

Additional Resources

For more tips on protecting yourself from identity fraud, visit ASIC’s Moneysmart website. Further information is also available on the government’s IDMatch website.

Stay alert and take proactive steps to protect your investments from identity theft and fraud.

General Advice Warning

This communication including any weblinks or attachments is for information purposes only. It is not a recommendation or opinion, your personal or individual objectives, financial situation or needs have not been taken into account. This communication is not intended to be a constitute personal advice. We strongly recommend that you consider the suitability of this information, in respect of your own personal objectives, financial situation and needs before acting on it. This document is also not a Product Disclosure Statement (PDS) or a policy wording, nor is it a summary of a particular product’s features or terms of any insurance product. If you are interested in discussing this information or acquiring an insurance product, you should contact your insurance adviser to obtain and carefully consider any relevant PDS or policy wording before deciding whether to purchase any insurance product.

Businesses change with new assets or operations, new laws are introduced, or the economy changes. It’s important to talk to your insurer and insurance adviser about any impact or changes to your business to ensure cover remains appropriate.

For example, changes related to:

1. Business:

• Growth or Expansion: Your insurance needs may change as your business grows or expands. For example, if you open new locations or buy more equipment, you may need to change the mix of insurance or sums insured.
• New Product or additional New Service: usually need to be advised to your insurance adviser, to ensure that cover remains in place and any new risks are identified and any gaps in your insurance cover picked up.
• Changes in Business Structure: If you restructure your business, formed a new partnership or company, your insurance will need to be updated. If the company is not noted on the insurance policy, it may not be covered.
• Weather: Many areas are experiencing more frequent natural disasters, which can impact your business, suppliers, and customers. It’s recommended that your Business Interruption insurance be reviewed.

2. Industry:

• Emerging Risks:  Competition, changes in technology and market conditions.
• Cybersecurity Threats: these pose a significant risk to businesses, not just breach of privacy and data, also fraudulent invoicing and payments.  Cyber insurance can provide great support and minimise the impact to your business.

3. Regulatory:

• Industry-Specific Regulations: Stay informed about industry-specific regulations that may affect your insurance cover needs.
• Data Privacy Laws: Changes in privacy laws and penalties that can impact your business and insurance cover.

By regularly reviewing your business risks and talking to your insurance adviser, you can minimise risks to the business and make sure you have the right mix of insurances and amount of cover.

General Advice Warning

This communication including any weblinks or attachments is for information purposes only. It is not a recommendation or opinion, your personal or individual objectives, financial situation or needs have not been taken into account. This communication is not intended to be a constitute personal advice. We strongly recommend that you consider the suitability of this information, in respect of your own personal objectives, financial situation and needs before acting on it. This document is also not a Product Disclosure Statement (PDS) or a policy wording, nor is it a summary of a particular product’s features or terms of any insurance product. If you are interested in discussing this information or acquiring an insurance product, you should contact your insurance adviser to obtain and carefully consider any relevant PDS or policy wording before deciding whether to purchase any insurance product.

Real estate investment can be a lucrative venture, but it also comes with financial risks, like the tenant not paying the rent or damaging the property.

Landlord Insurance plays a vital role in managing these risks and protecting your investment, key covers include

1. Fire, Storm or impact damage to the property

Landlords' insurance covers major damage from fire, storms, vandalism, or impact.

Tenants should have their own contents insurance to cover their contents for loss or damage.

2. Public Liability Insurance

Covers legal defence costs and any damages awarded by a court if the tenants or people visiting the property are injured or their property is damaged due to an issue with property. It should be noted that the tenants should have public liability insurance to cover themselves if they cause injury or damage.

3. Optional covers

Depending on where you’re located and prior claims history, insurers often offer the following covers at an additional cost:

• Flood insurance;
• Accidental breakage;
• Loss of rent due to fire or accidental damage;
• Damage by tenants; and
• Rental payment default.

Title Insurance

This is separate insurance that assists in ensuring you have clear title to your property, protecting you against fraud and claims of ownership or liens. In addition, it can cover repairs or the cost to demolish any unknown unapproved building works, such as decks, pergolas, granny flats, or carports, if ordered by your local council.

This policy can also cover financial loss caused by errors contained in public property searches carried out when you purchased your property.

Insurance will help manage your financial risks

By understanding the various insurance options available and tailoring your coverage to your needs, you can effectively manage key financial risks related to your investment and protect your assets.

General Advice Warning

This communication including any weblinks or attachments is for information purposes only. It is not a recommendation or opinion, your personal or individual objectives, financial situation or needs have not been taken into account. This communication is not intended to be a constitute personal advice. We strongly recommend that you consider the suitability of this information, in respect of your own personal objectives, financial situation and needs before acting on it. This document is also not a Product Disclosure Statement (PDS) or a policy wording, nor is it a summary of a particular product’s features or terms of any insurance product. If you are interested in discussing this information or acquiring an insurance product, you should contact your insurance adviser to obtain and carefully consider any relevant PDS or policy wording before deciding whether to purchase any insurance product.

With the 2024-25 bushfire season officially starting, high fuel loads across NSW are posing a challenge for fire agencies. 

The NSW Rural Fire Service (RFS) has already responded to over 1,600 fires since July, and predictions of a hot summer heighten concerns, with grass fires which spread quickly, present a significant threat this season. Firefighters will be hard at work, but responsibility also lies with property owners to reduce hazards and have an emergency plan in place.

Steps to take now

The NSW Minister for Emergency Services and Rural Fire Services (RFS) Commissioner urged residents to take proactive steps to reduce fire risk around their homes, including:

• trimming trees;
• mowing grass and; 
• clearing gutters. 

Be prepared

1. Prepare a Bush Fire Survival Plan is critical, especially with high temperatures forecast for the summer months. 
2. Stay informed via the RFS website and the Hazards Near Me app.
3. When travelling during the holidays, check the local fire danger ratings before venturing out. 

NSW National Parks and Wildlife Service is also working to clear fire-prone areas and maintain trails, helping firefighters protect communities and national parks.

For more information on bushfire preparedness, visit the NSW RFS website.

General Advice Warning

This communication including any weblinks or attachments is for information purposes only. It is not a recommendation or opinion, your personal or individual objectives, financial situation or needs have not been taken into account. This communication is not intended to be a constitute personal advice. We strongly recommend that you consider the suitability of this information, in respect of your own personal objectives, financial situation and needs before acting on it. This document is also not a Product Disclosure Statement (PDS) or a policy wording, nor is it a summary of a particular product’s features or terms of any insurance product. If you are interested in discussing this information or acquiring an insurance product, you should contact your insurance adviser to obtain and carefully consider any relevant PDS or policy wording before deciding whether to purchase any insurance product.