Brookvale Insurance Brokers: Everything you need to know
Number of employees: < 50
Headquarters: Balgowlah Rd, Balgowlah NSW
Key figures: Michael Olofinsky (founder, licensee, and managing director), Craig Olofinsky (general manager)
All data correct as of February, 2019.
Brookvale Insurance Brokers offers a wide range of general insurance products and risk management advice, including business and commercial insurance, professional and financial risk, household and motor, and workers’ compensation.
The firm also offers several specialty products, such as motorcycle dealers insurance, owner builder insurance, builders contract works and home warranty, and food/coffee van insurance.
Brookvale was founded in 1983 by Michael Olofinsky, who is currently its managing director. He had worked in the insurance industry for over a decade, first as an underwriter then later as a broker, before establishing his own brokerage business.
In the present, Brookvale is part of the Steadfast network of insurance brokers, as well as a member of the National Insurance Brokers Association of Australia (NIBA).
Brookvale Insurance Brokers offers several insurance products catering to businesses, including small and medium enterprises (SMEs). It also has a business/trade/office package insurance, which provides a range of applicable covers for these commercial entities. Some of the packages’ contents are: fire & other perils, business interruption, burglary, money, public/product liability, and glass.
It also offers workers’ compensation, insuring employees against injury or death while at work. For sole traders & partnerships that are unable to purchase workers’ compensation for the principals, as they are not employees, Brookvale has a personal accident & illness product that provides a weekly benefit in case of injury or sickness.
Professional and Financial Risks
Brookvale boasts expertise in professional and financial risks, amid a narrowing scope of cover and a falling number of insurers operating in this technical market segment. It provides professional indemnity insurance, which covers legal liability to compensate third parties for loss sustained due to negligent acts, errors or omissions or civil liability on the part of the insured in the conduct of their business.
It strongly recommends its management liability products for all Pty Ltd companies. The covers under its management liability umbrella include directors’ & officers’ (D&O) liability insurance, employment practices insurance, trustees liability insurance, kidnap ransom & extortion insurance, and more.
Medical malpractice insurance, which covers claims of negligence against healthcare providers, is also available, covering claimant’s compensation and associated legal expenses.
Cyber liability insurance, a recently emerging line, covers both first-party and third-party losses.
Builiding, household and motor insurance
Brookvale Insurance Brokers has access to to up to 10 different insurers that can provide insurance for residential, commercial, and mixed strata titles – from small dwellings to high-rise buildings.
For owners renting out their property, landlords insurance is available, protecting the investment from malicious damage caused by tenants, including tenant default.
Brookvale also brokers motor insurance, including the compulsory third-party cover for all motor vehicles, both four-wheeler and motorcycle. Fleet options are available for businesses, as well. More specialty covers include boat insurance, with a water skiing liability cover extension.
In 2015, Trent Mockford of Brookvale Insurance Brokers was named one of the Insurance Business Elite Brokers for that year. According to Mockford, he chose to enter the industry because broking is “a stable career that had opportunity for growth and development” to support his new family.
The following year, Tim Coventry made the list of Insurance Business Young Guns 2016, which identifies the most promising young insurance brokers in the Australian market. He joined Brookvale in 2008, and had since grown and developed his portfolio to GWP in excess of $5 million.
In 2018, Brookvale was nominated for the JAVLN Brokerage of the Year (>20 staff) category, alongside major names in the Australian broking industry such as Austbrokers, Centrewest, and Honan.
Taking advantage of technology to serve its clients better, Brookvale released its mobile application, named Brokerapp, for both iOS and Android devices. The app contains useful information and tools to help clients lodge a claim, view their insurance portfolio details, or get in touch with their broker.
Brokerapp has a built-in claims tool which allows clients that are involved in a motor accident or who suffer property damage to submit a claim by filling in an electronic form and taking photos of the damage. The information will be sent to Brookvale immediately, allowing it to act on claims faster.