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Insurance Business | 14 Nov 2016, 08:37 AM Agree 0
A message about the importance of fine print has been sent at the expense of this direct insurer
  • Rick | 14 Nov 2016, 10:58 AM Agree 0
    Oh the irony!!!!

  • John | 14 Nov 2016, 11:01 AM Agree 0
    The standard flood definition is only obligatory for direct domestic insurance. It isn't mandatory for broker issued domestic policies or any commercial policy.

    Most insurers can & do use their own definitions in commercial policies & furthermore, flood is excluded from the majority of such policies.

    I believe that NRMA is similar to CGU, both following an IAG line & that they do not normally offer commercial flood insurance. As the local branch is probably a franchise that has insured itself with NRMA, it stands to reason that they have no flood cover.

    The Picton event was realistically a flood, so there shouldn't be much argument irrespective of the definitions anyway for the majority of claims.
  • So over it | 14 Nov 2016, 11:32 AM Agree 0
    So over being told that 'fine print' is in the policies - it is all the same size print....
    I even see one broker with the tag line 'making the fine print bold' - wouldn't that just be bold fine print?
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