General Insurance Policy Concepts
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I am buying a business. What insurance should I consider?
Last Updated: September 16, 2026When buying a business, insurance should be reviewed before settlement because the seller's policies should not automatically be assumed to transfer to the buyer.
What should I do if I receive a letter of demand?
Last Updated: September 15, 2026Learn what to do after receiving a letter of demand and how Webber Insurance can assist with notifying the appropriate insurer.
What is the difference between a Named Insured and an Interested Party?
Last Updated: September 16, 2026A Named Insured and an Interested Party have different roles on an insurance policy. The exact rights of each depend on the insurer, notation and policy wording.
What is General Property Insurance?
Last Updated: September 15, 2026General Property Insurance can cover portable business property such as tools, laptops, cameras and specialist equipment when taken away from your usual business premises, subject to policy terms and security conditions.
How do I determine what my insurance policy covers?
Last Updated: September 15, 2026To understand what your insurance policy covers, review the Policy Schedule, Policy Wording, endorsements and any other documents that form part of the policy.
What is a Certificate of Currency?
Last Updated: September 15, 2026A Certificate of Currency provides evidence that an insurance policy is in place at the date it is issued and usually shows key policy details such as the insured, cover type, period and limits.
What insurance do I need to meet my contractual obligations?
Last Updated: September 16, 2026Contractual insurance requirements can include Professional Indemnity, Public Liability, Contract Works and other covers, together with limits, run-off and other policy conditions.
What is a DOFI?
Last Updated: September 17, 2026A DOFI is a Direct Offshore Foreign Insurer. Offshore placements can provide specialist capacity but may involve different regulatory, claims and dispute-resolution arrangements.
When is a Certificate of Currency issued?
Last Updated: September 16, 2026Webber Insurance releases a Certificate of Currency once the insurance is finalised and the applicable payment requirements have been satisfied. Premium Funding requires confirmation that the first scheduled deduction has cleared.
Why has my insurance premium increased if I haven’t made a claim?
Last Updated: September 17, 2026Insurance premiums can increase without a claim because pricing also reflects market claims costs, inflation, reinsurance, insurer appetite and changes to your own business risk.
What can I do to reduce my insurance premiums?
Last Updated: September 17, 2026Insurance costs may be managed by reviewing excesses, risk controls, policy structure and insurer options while avoiding cover reductions that create material gaps.
How are insurance premiums calculated?
Last Updated: September 17, 2026Insurance premiums are based on an insurer's assessment of individual risk factors and broader market conditions, including claims trends, reinsurance and inflation.
What questions should I ask when reviewing my insurance?
Last Updated: September 15, 2026When reviewing your insurance, check whether your activities, limits, exclusions, contracts, business details and claims history still match your current exposures.
How often should I review my insurance program?
Last Updated: September 17, 2026Insurance programs should generally be reviewed at least annually and whenever material changes occur to activities, contracts, staff, assets, claims or other exposures.
What is the difference between General Advice and Personal Advice?
Last Updated: September 16, 2026General Advice does not take a client's objectives, financial situation or needs into account in the way Personal Advice does. Factual information is also distinct from financial product advice.
What does ‘wholesale’ mean in general insurance?
Last Updated: September 16, 2026In general insurance, wholesale commonly describes products or services that are not treated as retail under the Corporations Act. The classification depends on the product and client, not simply whether the insurance is for a business.
What is a retail insurance product?
Last Updated: September 16, 2026Retail insurance refers to prescribed classes of general insurance that can be provided on a retail basis under Australian financial services law. The classification depends on both the product and the client.
What is a wholesale client in general insurance?
Last Updated: September 16, 2026A wholesale client is a client who is not treated as retail for the relevant financial product or service. In general insurance, classification depends on the product and client rather than simply being a business.
What is a retail client in general insurance?
Last Updated: September 16, 2026A retail client is a client treated as retail for a particular financial product or service. In general insurance, this depends on both the type of insurance and whether the client is an individual or qualifying small business.
Why use an insurance broker?
Last Updated: September 15, 2026An insurance broker can help assess your risks, compare insurance options, explain differences in cover, access specialist markets and assist throughout the claims process.
What is a limit of indemnity?
Last Updated: September 16, 2026A limit of indemnity is the maximum amount available under a liability policy, subject to aggregate limits, sub-limits, defence costs and other policy terms.
What is the difference between an exclusion, condition and limitation?
Last Updated: September 16, 2026Understand how exclusions, conditions and limitations define the scope of an insurance policy and affect how cover operates.
What is an insurance excess?
Last Updated: September 15, 2026An insurance excess is the amount you may need to contribute towards a claim. The amount and way it applies can vary by policy, section, event, driver or activity.
What is a retroactive date?
Last Updated: September 16, 2026A retroactive date sets how far back work can generally be considered under a claims-made policy, subject to notification, known circumstances and other policy terms.
What is a claims-made insurance policy?
Last Updated: September 15, 2026A claims-made policy generally responds to claims first made during the policy period, subject to notification requirements, retroactive dates, known circumstances and other policy terms.
What is run-off cover?
Last Updated: September 16, 2026Run-off cover can maintain claims-made protection for past professional services after a business retires, closes, sells or stops providing the insured services.
What is an occurrence-based insurance policy?
Last Updated: September 15, 2026An occurrence-based policy is generally triggered by an insured event occurring during the policy period. Public and Products Liability sections can use different claim triggers depending on the wording.
What is contractual liability?
Last Updated: September 15, 2026Contractual liability is liability you accept under a contract. Insurance may not cover obligations that are broader than the liability you would otherwise have under general law.