Every business faces its own particular risks, based on a range of factors – like the industry you’re in, your business goals, the size of your enterprise, your location – and where you are in the business lifecycle.
If you’re just starting out, protecting your cash flow may be key to your survival. Or for a mature business, loss or damage of your assets may be the greater risk.
That’s why a one-size-fits-all business package won’t do the job.
To truly protect your business, you need to understand what your greatest risks are. Then you need insurance cover that’s customised to meet your risk profile – as cost-effectively as possible.
That’s where Coastsure can help.
Our customers come from a range of industries and we have particular expertise in:
Each business has it’s own particular requirements be they Professional Risks, Liabilities or Motor Vehicles. Coastsure have experience in dealing commercially with your business insurance requirements.
Builders & property owners
Coastsure has a deep understanding of the construction industry and its terminology.
We can help you determine your liability exposure, and provide technical advice on contracts.
Wholesalers & Manufacturers
The Coastsure team have years of experience working in manufacturing and understand the key risk trends, such as the property risk from expanded polystyrene (EPS), or the brand impact of a product recall.
Warehouse & road transport businesses
At Coastsure, we work closely with warehouse businesses to identify potential storage risks to their property, and to manage complex supply chain and storage risks.
We also have extensive experience helping transport companies, who are highly dependent on subcontractors, to manage their contractual liability.
Identify and measure the unique risks in your business – so you can improve your decisions around how to arrange it
Design an insurance program that meets your firm’s financial and risk profile.
Ensure you purchase the right type and amount of insurance you need – from reputable suppliers that you can trust.
Making an insurance claim can be stressful. So it’s reassuring to have an experienced and diligent claims team to help you.
Get in touch with the Coastsure team immediately. Once you’ve let us know that you need to claim, we will:
The incident and review the insurance contracts.
The claims process
You on any disputes from the insurer.
The claim progress to help ensure a prompt claims settlement.
Of any claims you make to better understand your loss experience, to help with your future risk assessment and program design.
For more than 20 years, Coastsure has been providing commercial value to clients throughout South East Queensland and Northern New South Wales.
We do this by helping businesses like yours make more informed risk decisions, through our professional specialised risk advice.
At Coastsure, we focus on our clients – not products. Our tertiary qualified, internationally experienced team will get to know you personally and understand your individual business priorities. That way, we can create a risk-management solution that’s as individual as you are.
Coastsure Insurance Brokers Pty Ltd Authorised Rep. No: 470155
Ausure ABN 94 096 971 854 – AFSL No: 238433.
Member of the National Steadfast Broker Network
Diploma of Insurance Broking
Senior Associate (CIP) of the Australian & New Zealand Insurance Institute
David has held senior positions in national and international broking and underwriting firms for over 40 years. His vast experience includes specializing in Commercial Property insurance, Public liability insurance, Professional Indemnity and Construction insurances for major corporate and commercial clients.
David works with Coastsure’s major corporate clients, helping them to design, purchase and manage their Industrial and commercial insurance programs.
Diploma of Insurance
Master of Business Administration
Rolf brings more than 30 years of experience in insurance and business, in Australia and overseas, to Coastsure. Specialising in approaching insurance from a commercial perspective, he has served clients in a wide range of industries including food and beverage manufacturing, early childhood, aged care, manufacturing, primary production and logistics. Rolf’s principal aim is for the firm to be a trusted business advisor for all its clients, delivering them value through better insurance decisions.
Master of Business Administration Qualification, Diploma of General Insurance, Cert IV in Insurance Broking
Karen is Coastsure’s dedicated expert in delivering tailored insurance cover for rural organisations and small to medium businesses. Drawing on almost two decades of experience at major insurers including Elders Insurance, WFI and Achmea, Karen is passionate about matching the needs of her clients to the best possible insurance solutions.
It was only when a major fire put me out of business for months that I realised all the work that Coastsure does behind the scenes, making sure my claim got processed and paid quickly. They organised everything with the insurance companies to make sure I had money during the downtime (my Business Interruption cover). They also had the complex repairs authorised fast so I was back in business as soon as possible.
I can’t recommend Coastsure highly enough to any business wanting a really proactive customer focussed, insurance broker.
It was great to have Coastsure take charge of our program and organise all our insurances into a single comprehensive package. My account manager also provides quick solutions for any insurance implications from new legislation affecting our industry. I am more than pleased to recommend Coastsure’s services.
I’ve been self-employed for many years and have always been a great believer in securing my business interest with the correct insurance. The guys at Coastsure Insurance Brokers have been invaluable in helping me understand the types of insurances that I require to adequately protect both myself and my business, as well as sourcing competitive solutions for my insurance needs.
The staff at Coastsure are readily contactable and easy to deal with, and I would recommend their services to any business who are looking for an insurance broker.
JSW Powersports is the largest distributor of personal watercraft in Australia. Our insurance needs are quite diverse and we rely on the advice and expertise of our insurance brokers, Coastsure, to ensure that our business is fully protected against any eventualities and mishaps.
David and the team at Coastsure are always available to speak with an on the occasions when we have had to claim, they have made sure that we received our full entitlement.
I’d have no hesitation in recommending Coastsure to any business that is looking for a proactive and professional brokerage to advise them about their insurance requirements.
After many years of not incurring a loss, we were unfortunate to suffer a series of losses totalling over $1 million. The team at Coastsure take a very pro-active approach to claims – from advising us of the extent of cover and the process that was to follow, to involving the right professional advisors, and meeting with insurers to expedite the claim process.
Coastsure managed the claims expertly and kept us fully informed. They understand we still had the business to run and considered business imperatives like international financing and cash flow constraints in getting the claims settled.
Giving back to the local community is important to the team at Coastsure.
We’re enthusiastic sponsors of Autism Gold Coast. And each year we run a fundraising drive for a charity chosen by our team, to help them continue their valuable work.
In previous years, we’ve supported these worthy organisations:
2021 – Save the Horses
2020 – Animal Welfare League
2019 – Nerang Neighbourhood Centre
2018 – Friends with Dignity
2017 – Act for Kids
2016 – Autism Gold Coast
Staff are also encouraged to support the local community with an annual volunteer day. As a result, our team has been involved in fundraising and lending a hand for such diverse causes as:
Covid19 Related Business Interruption Claims | Latest Update | July 2021
You will recall in our most recent Update on this issue, [November 2020] we reported to you that the NSW Court of Appeal had ruled in favour of Insured’s, meaning that ‘Exclusion Clauses’ in Policies that reference the (now repealed) ‘Quarantine Act 1908’, are invalid.
Bearing in mind that Policies that correctly reference the later ‘Biosecurity Act’, can still be relied upon by the Insurers to decline Covi19 related Business Interruption claims for loss of Income to their Business.
What are the Latest Developments?
Following that November 2020 ruling, the Insurance Council of Australia applied to the High Court of Australia to appeal the decision.
In the most recent development (June 2021), the High Court of Australia rejected that application and as a result, the original decision of the NSW Court of Appeal stands.
Therefore, Insurers cannot rely on ‘Exclusions’ in their Polices that reference the ‘Quarantine Act 1908’, to reject Covid19 related Business Interruption claims.
So What Happens Now?
We can report that the ICA has begun a second ‘test case’, this time in the Federal Court of Australia.
The purpose of this case is to gain clarity on a range of ‘other issues’ that will also have a bearing on the scope and ability of Insured to successfully lodge Covid19 related Business Interruption claims.
We are advised that this further test case will be heard later in 2021.
What Does This Mean for Your Potential Business Interruption Claim?
It is important to remember that the decision to invalidate reliance on Quarantine Act 1908 related Exclusions, does not automatically mean every Business affected by the Covid19 crisis, can claim the resultant loss of income under the Business Interruption section of their Insurance Policy.
Other ‘coverage triggers’ may also have a bearing on whether an Insurer can reduce or decline a potential Covid19 related Business Interruption claim. Each claim will be determined on the specific circumstances of the interruption, and the claim will still need to fall under the coverage as defined in the Insurer’s Policy.
Reminder: Contact Your Coastsure Insurance Broker To Discuss Your Individual Circumstances
As always, please feel free to contact your Coastsure Broker if you would like to explore any potential for lodging a Business Interruption claim under your Policy.
The upcoming test case in the Federal Court of Australia will help to further clarify the extent of coverage available to potential claimants.
We are keeping up to date with developments on this complex issue and will advise you of further important decisions as they occur, and again, please do not hesitate to contact your Coastsure Broker if we can assist you with any insurance related matters whatsoever.
COVID 19 Update November 2020 – Business Interruption Test Case Result.
You may have seen in the press recently the decision handed down in the NSW Court of Appeal in a test case run by the Insurance Council of Australia (ICA) and Australian Financial Complaints Authority (AFCA), with the court ruling in favour of the insureds.
It found that the quarantine disease cover restriction in business interruption policies that referred to the now repealed Quarantine Act, does not exclude cover for listed human diseases under the Biosecurity Act 2015.
Will there be an appeal?
It’s possible this decision may be appealed to the High Court. Also, the ICA has taken steps to obtain clarity on whether the coverage triggers in business interruption policies are satisfied in the circumstances of COVID-19. So further legal action might eventuate.
Determinations on claims will only be made once the legal process is finalised.
What do you need to do?
If you have already submitted a claim under your Business Interruption policy, we will continue to monitor developments and work with your insurer on your claim.
If you have not lodged a claim under your Business Interruption policy, we suggest that you contact us so that we can discuss the process for lodging a claim notification.
Also, the decision only dealt with whether the insurer could rely on an exclusion which referred to the Quarantine Act. The court did not deal with whether any claim falls within the insuring clause.
We’ll continue to update you as more information becomes available. As always, please feel free to get in contact.
9 April 2020
Businesses throughout Australia, including Coastsure Insurance Brokers’ diverse range of clients, are experiencing their own unique set of challenges during the current medical and economic crisis.
For this reason, your Coastsure Broker can provide you with advice and information regarding your Business Insurance, which may be of assistance to you in your own unique situation. We encourage you to contact your Coastsure Broker to discuss your individual circumstances. We continue to operate normal office hours including the 24/7 afterhours number. (see Contact details on our Website: https://coastsure.com.au
To assist with some immediate questions you may have, we have prepared the following list of 5 helpful responses to the most frequent questions received from our clients during the evolving economic downturn.
Insurance Companies Are Working with Policyholders During the Crisis
It is important to know that the Insurance Industry at large has made a commitment to work closely with all Policy holders, to help Businesses maintain adequate covers in place for as long as possible to protect their assets and meet contractual obligations.
We therefore encourage you to talk with your Coastsure Broker, about how we can help you maintain adequate insurance protection for your Business, during the current crisis.
You Should Keep Your Business Insurance Cover in Place.
Even if you are experiencing a significant downturn or have temporarily ceased trading for an extended period, you may still have your ‘Physical Assets’ at risk, such as Stock/Contents/Equipment. You may also need to maintain contractual obligations in respect to certain insurances. (ie: Public Liability requirements under Leases).
Importantly, while you may be absent from your business premises, the risks of Burglary, Theft, Malicious Damage and other physical perils, are still very much present.
You Can Potentially Reduce Your Premium Outgoings During the Downturn
Your Coastsure Insurance Broker can work with you to ascertain how you may be able to minimize premium outgoings during the crisis and advise you on the most effective options for your individual circumstances, while not leaving you open to expensive uninsured losses.
Premium Funding Options Can Spread Your Premium Costs Over The Policy Year.
If you have traditionally paid your Business Insurance premiums in a single remittance, you may wish to consider using a Premium Funding facility to spread the premium payments out over the Policy year. Premium Funding is a finance facility provided by specialist finance companies who only do lending for insurance premiums.
Premium funding is guaranteed available finance as a Business Insurance client and may be a useful resource for you now, to manage cash flows during the current economic challenges, particularly in a persisting low interest rate environment.
Cyber Insurance Protection Still Applies While Working Remotely
Your Cyber Insurance Protection Policy will still protect your Business and I.T. exposures, even when you are working remotely.
That means if a cyber event emanates from a computer or laptop or other device, being used by you or your employees at home, the Cyber protection Policy will respond to a cyber event. This includes Response Costs, Loss of profits and any potential Litigation that may arise.
If you currently do not have a Cyber Protection insurance Policy, please ask your Coastsure Insurance Broker to advise you on a cover that is right for your business.
Coastsure Stands ready to Assist You Personally with any Business Insurance Issues During The Crisis
We understand there are a variety of challenges being experienced by our wide range of Business clientele. No single insurance solution will apply to every Business.
For this reason we encourage you to contact your Coastsure Broker, should you need advice or assistance while we work through this difficult and significant economic crisis.
Thank you for your continued loyalty and support as we all look to better times ahead.
With Kindest regards
The Coastsure Broking Management and Service Teams
Our team would love to hear from you. You’re also welcome to visit us at our offices in Nerang.
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Our combined Financial Services Guide (FSG) and Advisor Profile contains important information about Ausure Pty Ltd, any authorisations and the services we provide. The following link will take you to an electronic copy of the FSG, if you would prefer to receive it another way please contact our office.
Please click here to download the FSG