Is your business insurance likely to be renewed?
Members of the ADRD Division have advised VACC that they are struggling to access business insurance for their dismantling businesses.
It was discussed that quite often members are not provided with warning from their insurance providers that non-renewal will take place until the member attempts to renew policies that are either due for expiration or renewal.
To help address this issue OurAuto Insurance and JLT representatives have briefed the ADRD Executive Committee on insurance options such as discretionary trusts that may provide a solution to this sector. It was discussed that any set up of a discretionary trust will necessitate a predetermined minimum number of participants. Part of a strategy to attract participants will involve in taking a national approach.
The Committee is keen to ascertain the veracity and quantification of the issue and have requested the Division, OurAuto and JLT monitor member feedback and action accordingly.
It is important that you verify that your business insurance will be renewed. If you are experiencing any issues in regard to this please call VACC.