David Bushby: We're speaking with
Fred Hawke. He heads up the National Insurance and Risk
Practice Group at Clayton Utz and he's based in
Melbourne. A warm welcome to Boardroom Radio Fred.
Fred Hawke: Thank you.
David Bushby: Fred, thousands of Queensland
businesses mopping up from the recent flooding are now looking to
their insurance policies to cover damaged premises and lost
revenue. What are the main issues for businesses when looking
to make a claim?
Fred Hawke: The main issues are going to be
where did the water come from - primarily, what sort of inundation
was it.
There will be exclusions for flood on a lot of the National
Insurance Brokers' Association Mark 4 and Mark 5 ISR wordings,
and a number of the other wordings that are being used by
businesses in Australia. Some of them will exclude flood entirely,
and some of them will define it only as being water escaping from a
natural water course.
