Bushfire Disaster Planning

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Bushfire Disaster Planning
from an Insurance Perspective
Dec 2007 OAMPS Insurance Brokers
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AGENDA

• Welcome
• Overview
• What insurance do I need?
• Specific Issues
• Special Benefits
• Questions

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OVERVIEW

• In the last 40 years the cost of bushfires to the
  insurance industry in Australia have exceeded
  3.0b
• 2006 in Victoria 1,000 fires Cost 180m
• Canberra 2003 300M 500 homes
• Ash Wednesday 400m 2,000 homes

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OVERVIEW

• Insurance is only part of your overall risk
  management strategy.
• Develop a risk management plan
• How do I minimise my exposure
• Risk of not having insurance
• 70 of businesses that are underinsured or not
  insured at all do not re-open after an event that
  could have been insured.

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What insurance do I need?

• Property
• Cover for fire, theft miscellaneous risks
  (water, storm etc) to your property
• Loss of Income
• Following damage to your property causing loss of
  income
• Public Liability
• Bodily injury property damage to third parties
  as a result of your negligence
• Income Protection

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Specific Issues

• Under Insurance
• Full Replacement values are required
• Annual review of sums insured
• Penalties apply if you get it wrong
• Reasonable Care
• Not every risk is insurable
• Regulatory compliance

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Special Benefits

• Removal of Debris
• Landscaping
• Loss of Land Value
• Fire Extinguishment Costs
• Prevention of Access
• Loss of Attraction

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Disaster Planning

• We are all exposed to the elements be it Crime,
  Floods or Bushfires
• Insurance is about having the right protection to
  help you maintain your business

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How to Contact OAMPS

• Email trip_at_oamps.com.au
• Fax No. 03 9412 2470
• Danielle Gavey
• Account Executive
• Ph 03 9412 1107
• Matthew Wilson
• Assistant Account Executive
• Ph 03 9412 1383

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• Thank you for your time
• Any Questions??