LMI Group’s claims services team, Loss Management International (“LMI”) were recommended by an insurance broker and subsequently appointed by the Insured to assist with the mitigation of losses and quantification and preparation of both their material damage and business interruption claims, following a major fire in their Eagle Farm factory.
The fire at a snack foods manufacturer started at about 3:45am and quickly took hold. The losses are estimated at over $10 million.
LMI have assigned two of their most experienced claims experts, Steve Grandidge and Carl Greenhalgh to assist the client.
It is now that the true value of the insurance contract comes into play. The premium paid is irrelevant compared to the quality of cover afforded by the policy, the financial strength of the insurer, and the claims service provided to the client. LMI will assist by providing the highest level of claims service available, but it is up to every business owner to ensure that the important issues of coverage and financial strength rating are considered at the time the policy is taken out. It is far too late at claim time to find the policy is not worth the paper it is written on.
Fortunately, the client in this instance had a good quality insurance broker and these issues were brought to the client’s attention at each renewal, which is the sign of a good insurance adviser.
When questioned on this subject, LMI Group’s Managing Director, Dr Manning said, “a good insurance broker is as important to a business as a lawyer or accountant is. Everything the business owners/managers tell their lawyer or accountant, they should tell their broker”.
We wish the management, owners and staff of Gold Line Foods every success for a quick and painless recovery.