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Webinar – Active Assailant
May 27, 2024![](https://unimutual.com/wp-content/uploads/2018/05/broker-business.jpg)
Broker Business Issue #2, May 2024
May 29, 2024Welcome to the latest edition of Member Matters with Unimutual.
This month, we share some important updates as we pass the financial half-year and head towards the 2024/25 protection renewal. This edition includes details about the 2024/25 protection renewal, the reintroduction of Claims Corner, some exciting news about our website, as well as an offer to present to your risk and audit committee.
Protection Renewal 2024/25
In the past couple of weeks, Tobias Pfau, Unimutual’s Chief Underwriting Officer and I had the opportunity to meet with our reinsurers in London. I have always found it important to meet in person with our reinsurance partners to discuss the delivery of a smooth and seamless renewal for our Members. Throughout the week, we focused on understanding the current market conditions and any possible impacts they could have on Unimutual.
While it is too soon to be talking about this year’s renewal pricing, it is never too soon to share with them the story of our Mutual, our vision for the future and why we are different. It is clear from these conversations that the international markets are keen to continue their support, and additional reinsurers are interested in participating in our account.
The best way for Unimutual to head into renewal is for us to have complete Member data in a timely manner, to enable us to model our exposures and negotiate the best terms on our reinsurance protection. Completion of data collection is due by Wednesday 31 July 2024.
To support Member budgeting, we will again be holding our Renewal Update Webinar, which is set for Tuesday 23 July 2024. Keep an eye out for the invitation in your email inbox.
Modernising Unimutual.com
This year, Unimutual will be retiring its current website, in favour of a new platform to improve Member accessibility and experience.
As we move through the website design phase, we will be engaging your technical committee to provide input on behalf of the Membership. If you would also like to provide input into this project, we would love to hear from you. Please get in touch with me at Geoff.Henderson@unimutual.com.au.
Even though the new website will not be launched until September 2024, you may have noticed that the current website has received a facelift, already taking onboard some of the recommendations of a recent review.
We look forward to sharing more about our exciting new website in the coming months.
Half Year Update
Last year, Unimutual introduced a half-year update, to provide Members a view of how their Mutual has performed in the first six months of the year, and the areas of focus as we head towards year-end. This year we will be once again sharing a half-year update with Members, which will be available in the next couple of weeks.
Claims Corner
Moving forward in our Member Matters editions, we will be re-introducing Claims Corner – a section dedicated to sharing learnings from recent claims, to support risk management activities for the benefit of our membership. This month’s Claims Corner case study is focused on a claim that was made by a Member following the smell of smoke in a building – read more below.
The claim
On 1 November, a staff member noticed the smell of smoke but did not know where it was coming from. After several days, the Member engaged an electrician to inspect the main switchboard. The electrician discovered that a 160-Amp surge protection device had burnt out and was at risk of imminent failure.
The electricity supplier was contacted so the building could be disconnected from the main grid until the necessary repairs had been carried out. Repairs were carried out within two days, but the electricity supplier was unable to re-visit for around two weeks, during which time the Member incurred significant costs due to the hire and operation of a generator.
The coverage position
In subsequent conversations between the loss adjuster and the electrician, it was discovered that the surge protection device had become fatigued, resulting in fusion. The Member advised that the main switchboard was fifty years old and had never been subject to preventative maintenance.The loss adjuster concluded that the surge protection device had reached the end of its serviceable life and had failed as a result of wear and tear and gradual deterioration, which are excluded under the Unimutual Property protection.
However, the subsequent damage was covered.The existence of covered loss/damage under Section 1 meant the generator hire and fuel costs (which made up the majority of the claim) could be covered under Section 2 of the Property protection, which covers Business Interruption losses.
Lessons to be learned
The Member was unaware that the surge protection device required periodic maintenance, so none had been carried out. The post-loss lesson for Members is to be aware of the equipment they have that requires periodic maintenance, and to ensure maintenance is carried out. A failure to do so can lead to an increased likelihood of a loss, and a potential reduction in cover in the event of a claim.
If you have questions about this case study, please email us at service@unimutual.com.au.
Unimutual Webinar Series
Feedback from our recent Annual Conference indicated a continued desire to receive education and development opportunities. Unimutual continues to deliver our webinar series with a variety of topics. All webinars are recorded and available for viewing in the Member Section of the Unimutual website.
Below is the 2024 webinar schedule:
- Respect@Work – held 8 February 2024 and available within the Members section of the Unimutual website here.
- Life Cycle of a Claim – held 11 April 2024 and available within the Members section of the Unimutual website here.
- Active Assailant – held 23 April 2024 and available within the Members section of the Unimutual website here.
- Renewal Update – to be held on 23 July 2024
Please check your inbox for upcoming invitations to register for these insightful and important webinars and discussions. If you do not receive an invitation or need help registering, please email us at service@unimutual.com.au.
Member Forum and Chat Rooms
A reminder that we will be holding a Member Forum and Chat Room on Thursday 30 May at 1:00pm. The purpose of these forums is to enable Members to come together to discuss and exchange ideas on a variety of issues and topics. This month’s forum will include an update on issues discussed and actions arising from the last Technical Committee meeting.
If you have not received an invitation to join the forum, please contact service@unimutual.com.au.
CEO Presentations
As mentioned in the most recent CEO Connect, I extend an invitation to any Members who would like me to present to your various committees, should you feel it will add value. This could include sharing information on specific topics, such as global insurance and reinsurance updates, the Unimutual 5-year strategy, or simply just being available to answer any questions that committee members may have.
Some Members have already taken up this opportunity, so if this is of interest, please let me know so we can schedule a time to meet.
Warm regards,
Geoff Henderson
Chief Executive Officer
To subscribe to receive our checklists, forms and procedures or other Unimutual updates, please send your details to service@unimutual.com.au and follow us on LinkedIn for notifications.