Current estimates show that cyber crime is costing the Australian economy more than $1 billion every year. Recently the Minister for Law Enforcement and Cyber Security, Angus Taylor and DUAL Asia Pacific CEO, [...]
Landlords Insurance is an insurance policy that covers a property owner from damages connected with rental properties. The main features of a Landlords policy through Arma Insurance Brokerage includes the following: Building Insurance: [...]
This month we are concentrating on something that effects most types of Insurance policies - Underinsurance. What is Underinsurance Underinsurance is when you do not have adequate insurance to cover the cost of loss [...]
This month our claims story unfortunately is not a Disney Fairy Tale. This month we have a lesson in listening to advice provided and understanding the cover you have. This week a client called the office advising that one of the subcontractors they regularly use was chasing them for $50,000. Our client had received an invoice from the subcontractor via email, this email detailed that the subcontractor had new bank details and that the payment needed to go directly to these details. Our client promptly paid the invoice to the new account. Unbeknown to our client the email had been hacked and the new bank details were the hackers details. Our client has since contacted the police and the bank to attempt to recover his lost funds, these attempts have been unsuccessful. The client still owes his subcontractor more than $50,000. This is not something that is covered under a Public Liability policy, this is something that may have been covered under a Cyber Insurance policy. As the clients Insurance Broker we had previously recommended Cyber Insurance and the client advised he did not want cover. As your dedicated Insurance Broker it is our job to identify risks in your business and recommend solutions to solve them. As clients it is your job to listen to all advice provided. We encourage all clients to consider our recommendations thoroughly. However at the end of the day it is your decision to whether we can implement policies on your behalf.