Affinity Insurance Services Pty Ltd Services

The outbreak of the Swine Flu pandemic has had far reaching implications worldwide. Recently, the Australian Government has included swine influenza to be a quarantinable disease in humans under the Quarantine Act 1908. The result of this decision effectively activates a clause within many Business Interruption Insurance Policies which excludes cover for quarantinable diseases.

For many businesses, this means they will no longer be able to rely on their business interruption insurance to re-imburse them if the Pandemic hits home here. This means all businesses will now need to look into their Risk Management Procedures instead of to their insurer.

For more information visit these Federal Government Websites:

http://www.health.gov.au/internet/panflu/publishing.nsf/Content/fluandyou-broch-1

Dr Alan Manning of the LMI Group has written an article on this topic which can be viewed at:

http://www.lmigroup.com/latestnewsview.aspx?id=76

SAY NO TO INSURANCE TAXES

Australia is amongst the highest taxed nations in the world when it comes to Insurance Tax. Victoria and New South Wales are the highest taxed states in Australia. The Insurance taxes are not a single tax, but they are tax upon tax upon tax. Below is a simple illustration of how the tax system works in country Victoria.

EDIT - Sunday May 17th 2009  - The Fire Services Levy in Country Victoria has now increased to 68%. This means now the total tax on Commercial Insurance in Country Victoria is now 103.28%

Base Premium                   $100.00

Fire Services Levy (68% Tax)   $68.00

Sub Total                      $168.00

Goods & Services Tax (10% Tax) $16.80

Sub Total                      $184.80

Stamp Duty (10% Tax)           $18.48

Total Insurance Premium        $203.28

   For every $100 spent on Fire & Defined Events (or Accidental Damage) Insurance, an additional $103.28 tax is charged, $68.00 of which is to fund the CFS. If a prudent business or home owner insure their home, and their neighbour does not, the prudent business or homeowner pays the tax, the neighbour does not, yet the CFS will still put out a fire in the neighbouring Business or Home free of charge even though they did not contribute towards the tax. This is an unfair system.

   In NSW if a business owner insures themselves against flood, they pay a higher premium, resulting in a higher fire services levy (tax) paid on their insurance premium. Yet if a flood occurs and the business calls on the Fire Brigade to assist them, the business is charged a call out and service fee as only fire extinguishment is a free service. Yet another example of an unfair system.

Dr Alan Manning of LMI group is an expert on claims, Dr Manning has prepared a video on this subject and placed it on you tube, to hear Dr Mannings perspective, visit http://www.youtube.com/watch?v=nob46qdDsUU 

NIBA have been campaigning against Insurance Taxes for some time, visit http://www.niba.com.au/tax/html/

As of the 19^th December 2008, Affinity Insurance Services Victorian operations combined services with Wandjina Australia. As of this date, the General Insurance Portfolio of Wandjina Australia merged with Affinity Insurance Services.  

If you are a client of Tasman Sculthorpe (Wandjina Australia), how will these changes affect you and your Insurance?

As Affinity Insurance Services is also an Authorised Representative of NAS Insurance Services, you will continue to receive access to over 60 seperate Insurance Facilities and 500 Seperate Insurance Products. By becoming part of the Affinity Insurance Services network, you now gain access to another 10 qualified Insurance Brokers across the network. As Affinity Insurance Services solely specialises in General Insurance, you can be sure that the advice you receive from any one of our brokers is accurate and up to date in the General Insurance Market.  

If you are an existing client of Affinity Insurance Services, how will these changes affect you and your Insurance?

Tasman Sculthorpe is a qualified Financial Planner and Authorised Representative of AAA Financial Intelligence Pty Ltd, specialising in Life Insurance Products. This means you now have access to a wider range of products which include, Trauma, Term Life, Income Protection and Business Expenses policies, and of course, superannuation.   

These products are not offered by Affinity Insurance Services or NAS Insurance Brokers.

Who do I call if I have a General Insurance Enquiry?

You now have a dedicated General Insurance Broker, Kim Fuller. Kim Fuller is a qualified and experienced Insurance Broker. Kim is an Associate with the Australia & New Zealand Institute of Insurance & Finance (ANZIIF), and a Certified Insurance Professional (CIP). For quotations, endorsements, Certificates of Currencies, Lodgement of a Claims, or Payments of your policies, call Kim Fuller on 03 9727 1077. 

For all the latest in Insurance News visit www.insurancenews.com.au