ASIC writes to insurers, Lloyd’s and brokers in relation to handling business interruption claims

The Australian Securities and Investment Commission (ASIC) has recently written to insurers, Lloyd’s coverholders and a number of insurance brokers in relation to the handling of business interruption claims.

The National Insurance Brokers Association (NIBA) CEO, Dallas Booth said, “This is an important letter that all insurance brokers should consider very carefully.”

NIBA legal adviser, Mark Radford, has prepared a note, which also includes a copy of the ASIC letter. “We recommend all insurance brokers familiarise themselves with this material,” Booth added.

You can download the letter on the NIBA website here (first item under resources).

As always, any questions or comments should be submitted to Dallas Booth at dbooth@niba.com.au