New IMI wording

LAUW is pleased to announce a new investment managers’ insurance (IMI) wording, with significant enhancements to the existing form. The form is tailored towards long-only equities managers.

For a copy of the wording or to answer any questions, please phone Steve Walker on (02) 8912 6402 or email steve.walker@lauw.com.au.

Medical malpractice

Another new product is LAUW’s medical malpractice policy, which will focus on private entities and is based on a civil liability insuring clause. The LAUW medical malpractice policy provides wide-ranging coverage, including many beneficial automatic extensions.

For more information, please call LAUW on (02) 8912 6400.

Contract review services

Contracting in the construction industry is becoming significantly more complex and onerous. There is increasing pressure on design professionals to accept liabilities, increase limits of indemnity, provide indemnities to other parties and give extended warranties and guarantees for their professional services.

In light of these commercial pressures, LAUW has engaged law firm Colin Biggers & Paisley (CBP) to provide a free contract review and audit service. Working closely with brokers, CBP will review contract terms and comment on coverage relevant to your clients’ LAUW professional indemnity policies.

The review service extends only to architects, engineers and miscellaneous construction industries. To access the service, please call LAUW on (02) 8912 6400.

Brisbane UAC-NIBA Expo

LAUW exhibited at the Underwriting Agencies Council expo in Brisbane in July and saw potential growth in the Brisbane market. The number of smaller brokerages by far outnumbered larger firms, which was good news for LAUW, as we were unaware of their existence and vice versa.

Guest speaker at the lunch was outgoing Lloyd’s chairman Lord Levene, in his final visit to Australia as chairman. His main focus was on the spate of natural disasters that will cause rate rises across the board for most insurers.

Lord Levene retires in mid-October after nine years as chairman and last week the Lloyd’s Council announced he would be awarded a prestigious Lloyd’s gold medal to recognise his achievements during his chairmanship, the longest in modern times. The medal was first struck in 1919 and has not been awarded since 1996.

A final note

Thanks to all the brokers who support London Australia Underwriting. We’re now in our sixth year in business and have demonstrated constant, profitable growth. LAUW aims to maintain our excellent levels of service for many years to come.

News Alert September 2011