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Stay up-to-date with the latest news, information and updates from Honan Insurance Group, including innovation in the insurance space, business highlights, community & partner profiles and company announcements.

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September 13, 2023

Concussion in sport: Human errors can harm players, amplifying the need to prioritise athletes' well-being

With the AFL finals underway where the best of the best will duke it out, matches are not the only battles happening in the sport. The topic of concussion casts a lingering shadow that leaves administrators, players and clubs very nervous and with a lot of uncertainty. This threat not only jeopardises the health and well-being of those involved but also the future of sporting leagues through the potential for legal battles.
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Audit recommendations will be constructive for Directors’ and Officers’ Insurance

The Australian Institute of Company Directors (AICD) has recommended companies undertake robust reviews of their external auditors every five years to instil investor confidence and avoid accounting misconduct. These sentiments are something Directors’ and Officers’ (D&O) insurance underwriters have been encouraging for years when reviewing company risk profiles. Implementing a review or even having a fresh set of eyes has always been considered good financial management, usually indicating financials have undergone regular health checks. This article takes a closer look at the recommendations and why they matter when it comes to insurance coverage.
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September 11, 2023

Navigating the Rise of Toxic Mould Exclusions in Professional Indemnity Insurance

For professionals such as architects, engineers, and construction contractors, the importance of having Professional Indemnity (PI) insurance cannot be overstated. This cover shields construction professionals from claims related to professional negligence, errors, or omissions. However, in recent years, numerous insurers have adopted blanket toxic mould exclusions, resulting in the removal of coverage for claims directly or indirectly associated with the presence of toxic mould. Luke Vumbaca unpacks the reasons behind this trend, the unintended consequences of these exclusions, and how a specialist broker can help you find adequate cover.
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September 7, 2023
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Honan on the Move: Laurence Basell

After spending over ten years in the consulting world in M&A and Strategy roles, Laurence Basell joined Honan as Chief Operating Officer in 2019. Although it took six months of convincing for him to join the world of insurance, five years later he’s convinced it has been the best career decision he’s made. We recently sat down with Laurence to learn more about his career journey to date, his leadership philosophy, and what he thinks are the biggest career drawcards the insurance industry has to offer.
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Product Recall Expense Extensions: A safety net for manufacturers, distributors & importers 

Public and Product Liability insurance helps businesses mitigate their exposure if their product causes bodily injury or property damage to third parties. However, businesses can also suffer significant financial impacts if their product is deemed defective or suspected of a defect that may cause harm. This can result in costly situations where the business must notify the affected third parties and remove their product from circulation. However, a product recall expense extension can cover expenses directly related to a product recall. Yvonne Chew explains how. 
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September 4, 2023

Why Australian property developers & builders need to know about Decennial Liability Insurance 

Consumer trust in New South Wales' building and construction industry has been eroded following a series of widely-publicised defects issues in apartment buildings. However, industry reforms are paving the way for improvements to the quality of residential apartment buildings. In a recent move that could significantly reduce legal disputes between developers, builders, and owners’ corporations—especially for the construction of apartments, the NSW government has amended the Strata Schemes Management Act 2015 (NSW) to enable the purchase of Decennial Liability Insurance in place of a building bond.
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September 4, 2023

How much professional indemnity insurance should I purchase? Eliminating the guesswork for building surveyors

The question of "how much professional indemnity insurance should I purchase?" has long challenged building surveyors seeking to protect themselves from potential liabilities. In the past, if you asked an insurance broker this question, the response would often be "as much as you can afford." However, with the implementation of the AIBS Professional Standards Scheme (PSS), the answer to this question is much clearer.
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August 28, 2023
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Navigating Insurance Claims: A Beginner’s Guide

Making a claim on an insurance policy can be a stressful experience. Loss events can be distressing and it is not always clear what steps need to be taken to help resolve the situation. This can lead to mismatched expectations, delays, and added frustration. However, having a dedicated broker to help handle the claim on your behalf can alleviate the pressure on you and all parties involved.
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