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Suncorp Insurance Embargo


daveylad

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Suncorp have sent out this document regarding Insurance for Homes, Boats and Motor Vehicles, they have placed embargos on the attached suburbs, quick to take your money but not so quick to pay it out when they have to

[attachment]C:\fakepath\Embargo Update - 12Jan2011 - SUN 10 30am (2).docx[/attachment]

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Not worked ita a word document if anyone wants it let me know I'll pase some of the suburbs affected

Wednesday 12/01/2011 10:30am

EMBARGO UPDATE

Flood Embargo Update –

Effective immediately –

The following postcodes are currently under embargo for Home, Motor, Motorhome, Caravan & Safetrak insurance:

QLD

• 4000 through to 4300, 4301, 4303, 4304, 4305, 4306, 4307, 4309, 4310, 4311, 4312, 4340, 4341, 4342, 4343, 4344, 4345, 4346, 4347, 4350, 4352, 4353, 4354, 4355, 4356, 4357, 4358, 4359, 4360, 4361, 4362, 4363, 4364, 4365, 4370, 4371, 4372, 4373, 4374, 4384, 4385, 4387, 4388, 4390, 4400, 4401, 4402, 4403, 4404, 4405, 4406, 4407, 4408, 4409, 4410, 4411, 4412, 4413, 4414, 4415, 4416, 4417, 4418, 4419, 4420, 4421, 4422, 4423, 4424, 4425, 4426, 4427, 4428, 4454, 4455, 4461, 4471, 4472, 4481, 4486, 4487, 4488, 4489, 4490, 4491, 4494, 4496, 4497, 4498, 4502, 4507,4510, 4514, 4518, 4519, 4551, 4552, 4553, 4554, 4555, 4556, 4558, 4560, 4561, 4562,4564, 4565, 4566, 4570, 4600, 4601, 4605, 4606, 4608, 4610, 4611, 4612, 4613, 4614, 4615, 4625,4626, 4627, 4630, 4650, 4659, 4660, 4670, 4671, 4673, 4674, 4676, 4677, 4678, 4680, 4694, 4695, 4697, 4699, 4700, 4701, 4702, 4703, 4704, 4705, 4706, 4707, 4709, 4710, 4711, 4712, 4713, 4714, 4715, 4716, 4717, 4718, 4719, 4720, 4736, 4810,

4811-4820,4822,4825,4828,4849,4850,4852,4854,4861,4865,4868,4869,4870,4871,4879,

4880-4891,4895

NSW

• 2372, 2409, 2440,2454, 2455, 2460, 2462, 2463, 2469, 2470, 2471, 2474, 2480, 2490, 2832, 2836, 2839, 2840.

Please note – Due to system limitation we are unable to load system embargos for some of these products

Please delete any previous communications as this information is the most up to date

The weather conditions across the nation will continue to be monitored and further communications will be issued as necessary

The next EMBARGO UPDATE will be issued on 24/01/2011

________________________________________________________________________________

New Business

Customers will not be able to start a new business policy via the Internet or through our contact centres or branches.

SUN : Excludes cover for Bushfire, storm or flood for the first 72hrs from the start date of the policy.

But we will provide cover when; these events on the same day:

• Bought your home.

• Signed a lease contract for your home,

• Or immediately after another policy covering the same home expired without a break in cover. (but only up to the sums insured on your expired policy).

Existing Business

Please be aware of the postcodes under this embargo and ensure that existing customers do not:

• Increase Sum Insured on Home, Motorhome & Caravan policies

• Increase cover on Home, Motorhome & Caravan policies

• Make any additions to existing policies (e.g. add Building or Contents, Personal Valuables, or adding of any options to policy).

• Re-instate lapsed/cancelled policies

• Reduce excesses on existing policies

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This is referring to uninsured people wishing to take out new policies before the flood water hits. The same would apply for people who have allowed their policies to expire and now wish to renew as the flood water is approaching their driveway.

It also prevents people from increasing the insured amount as the flood event unfolds.

Quite a reasonable expectation on the part of the insurer.

I have sympathy for people who have no insurance, but taking it out as the water rises around your ankles is almost insurance fraud.

I'm sure that existing policies will be honoured.

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Also I dont know who the sister inlaw is insured with, but she already has been in touch with her insurer (residence went under overnight at river hills) and was told that because there was a rain event within the timeframe they set just prior to the flood (above the property) she will be fully covered for building and contents. So at least that is one less thing for her not to worry about and shes been given a case number for assesors to come out as soon as practically accessable.

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also assume those who have under insured are attempting to up their cover when it looks like they could be flood affected this time.Got no problem with Suncorps stand.Normally if you want to up a policy they give you that new figure coverage cover as long as the extra cost is paid within that 14 days,if something did occur.

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Suncorp have sent out this document regarding Insurance for Homes, Boats and Motor Vehicles, they have placed embargos on the attached suburbs, quick to take your money but not so quick to pay it out when they have to

[attachment]C:\fakepath\Embargo Update - 12Jan2011 - SUN 10 30am (2).docx[/attachment]

I believe the upload didn't work as the .docx file type wasn't in the allowed list. This has been added now so these types of Word documents should now work

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so can I but you get a bit synical as you get a little older :P , I think one of the items will be was the damage casued through water by flood (Rain) or inundation (rising waters) or via drains I know in the past they have made decisions on these and knocked back people who have made claims and the companies have said it was water that came via a drain not flood waters. wait while the claims really start and the companies band together to set new goal posts, as old Joe used to say...Just you wait and see!

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Yeh, have to agree re some insurance companies when faced with big payouts.

I've been with Suncorp for over 30 years both for home and car insurance. They aren't the cheapest insurer, but I believe them to be one of the most ethical ones. On the odd occasion that I have made a claim they payed quickly and without a hassle.

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if i recall correctly last March when flood waters passed through St. George(i think) Suncorp paid out for most claims for flood damage from water coming from further up their system,people covered by some other insurers(a couple did the right thing and also paid out) were told no you were not in the storms/rain events so no payouts.

I must say Suncorp`s premiums can,at times, be a bit eyebrow raising.But when poo hits the fan they seem to cover and pay out for more circumstances than most others

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so can I but you get a bit synical as you get a little older :P , I think one of the items will be was the damage casued through water by flood (Rain) or inundation (rising waters) or via drains I know in the past they have made decisions on these and knocked back people who have made claims and the companies have said it was water that came via a drain not flood waters. wait while the claims really start and the companies band together to set new goal posts, as old Joe used to say...Just you wait and see!

Its a business at the end of the day and they will only help themselves, like a casino. They will just say its an act of god and wont cover claims, herd it before several times :(

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The business i work for got a call from suncorp this morning saying they will not be covering insurance for our building and the stock inside of it. So they suggested we get everything that we can up high or out of the building as we will NOT be covered......so maybe onto something.

just playing devil's advocate here. Why should an insurer pay people that leave stock, furniture and vehicles in the way of a flood when they have time to remove the items out of the flood zone? They are a business and need to make profit. If they pay folks for everything and for leaving stuff in the flood zone then we all pay for it as higher premiums.

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i beleive it falls under a duty of care to minimise your own loss'es. Since there has been advance notice of the flooding, perhaps they are looking at it from that angle.

they use it a fair bit in africa for car accidents. i.e You have a minor car accident, then you hire a guard to look after the wreck in case freddy light fingers comes and starts removing parts from the wreck.

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if i recall correctly last March when flood waters passed through St. George(i think) Suncorp paid out for most claims for flood damage from water coming from further up their system,people covered by some other insurers(a couple did the right thing and also paid out) were told no you were not in the storms/rain events so no payouts.

I must say Suncorp`s premiums can,at times, be a bit eyebrow raising.But when poo hits the fan they seem to cover and pay out for more circumstances than most others

Same thing happened in Roma Suncorp were one of the few companies to pay up promptly.

CHeers

Ray

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The business i work for got a call from suncorp this morning saying they will not be covering insurance for our building and the stock inside of it. So they suggested we get everything that we can up high or out of the building as we will NOT be covered......so maybe onto something.

for my curiosity is the business in a known flood low spot...that is occassional extended/heavy rain period =flash flooding

cheers

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this embargo started a few weeks ago and it meant they will not be taking any new policys,and if they ring you and say get your stock or things out you should do so people have time to get it out thats why they call and if you choose not too do so its at your own risk,they will not approve a claim if you have time to do this and dont.

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Insurance loop hole: If you have or can prove that you have done everything in your power to mitigate your loss, if the insurer declines your cover, i strongly recommend you to complain through their IDR procedures, then if not successful, refer to the FOS.

I can guarantee you 95% of the time,under the insurance code of practice, you will be paid out. If your cover is declined, and you cannot prove you have mitigated loss, then hard one to dispute.

cheers ty

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I fully support any embargo they place on people trying to take out flood coverage two seconds before they go under!

Why should my NEXT years premium rise to cover the free loaders of the system? You are covered, or you are not.

Harsh, but the way it is with me.

i second that...in insurance, its classified as fraud - committing an act for financial gain.

Anyway, though i can feel for some that are uninsured, im against the ones that fraud the system.

makes my job more bloody stressful

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Watching all the boats and docks go down the river it'll be intersting to see what the increase in the premiums will be on the next renewal, as for home insurance I reckon the homes in flood areas are really going to be hit hard which I suppose thats a normal thing to do the more the threat the higher the premium.

I think we should remember there are some battlers out there that just cant afford that extra cover for their contents or boats, unfortunatley theya re the ones that always suffer on these events

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I think we should remember there are some battlers out there that just cant afford that extra cover for their contents or boats, unfortunatley theya re the ones that always suffer on these events

Perhaps they should own less and cover more then. I fine balancing act, but its a necessary cost of owning something is insuring it if its lost or damaged.

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if the insurance compainies spent more on Investigating their claims I know many of them would be reduced or knocked back, its been a long standing thing to rort the system when people make a claim a good B&E in Bankstown always had a great bag full of gold jewellry stolen and a lest of items as long as your arm, no reeipts though.

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do you reckon they could insure them? Also the boat owners had enough time to remove their boats. It is not like people with a private pontoon are short of a quid. they could have paid someone to remove their boat
i agree where there is a will there is a way

if you can afford a private pontoon and boat, you can afford to get another

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do you reckon they could insure them? Also the boat owners had enough time to remove their boats. It is not like people with a private pontoon are short of a quid. they could have paid someone to remove their boat
i agree where there is a will there is a way

if you can afford a private pontoon and boat, you can afford to get another

not allways true plenty of people have struggled to get what they have if my pontoon floated off i couldnt get another i built the one i have and would have to do the same again

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I did find intersting that the news programs are saying that the floods will result in inccreases in future insurance premiums to help cover losses....considering most of them are not covering or paying their clients for these floods, on what grounds do they have to increase their premiums. I think the regulators should allow those who do provide coverage (and pay on them) should be allowed to increase premiums where as those that dont (cover or pay their claims)shouldnt be allowed to increase premiums because they are just profiteering on the back of insurers that are more customer focused.

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I did find intersting that the news programs are saying that the floods will result in inccreases in future insurance premiums to help cover losses....considering most of them are not covering or paying their clients for these floods, on what grounds do they have to increase their premiums. I think the regulators should allow those who do provide coverage (and pay on them) should be allowed to increase premiums where as those that dont (cover or pay their claims)shouldnt be allowed to increase premiums because they are just profiteering on the back of insurers that are more customer focused.

It is confusing isn't it? I was wondering why all premiums in Australia increased after 9/11. Apparently all insurance companies around the world are indirectly linked through re-insurance companies. The companies that we (the customers) deal with, offset their risk by insuring themselves against catastrophic events. When the re-insurer has to pay out, they recover their loss by increasing the premiums charged to all insurance companies. So when Suncorp has a large payout, the re-insurance premiums charged to other insurance companies may increase and they pass it on to the consumer. Without re-insurers some insurance companies would go to the wall when faced with an event like this, and the policy holders would pay the ultimate cost.

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do you reckon they could insure them? Also the boat owners had enough time to remove their boats. It is not like people with a private pontoon are short of a quid. they could have paid someone to remove their boat
i agree where there is a will there is a way

if you can afford a private pontoon and boat, you can afford to get another

not allways true plenty of people have struggled to get what they have if my pontoon floated off i couldnt get another i built the one i have and would have to do the same again

No disrespect Faulked - It was a sweeping statement about the wealthy folk along the river that left their boats on the pontoons.

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do you reckon they could insure them? Also the boat owners had enough time to remove their boats. It is not like people with a private pontoon are short of a quid. they could have paid someone to remove their boat
i agree where there is a will there is a way

if you can afford a private pontoon and boat, you can afford to get another

not allways true plenty of people have struggled to get what they have if my pontoon floated off i couldnt get another i built the one i have and would have to do the same again

No disrespect Faulked - It was a sweeping statement about the wealthy folk along the river that left their boats on the pontoons.

itss all good guys absoulutelly no offence taken i just live on the cheap river . none of the big ass mansions down this river lol

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