Could crystal meth be destroying your rental property?

The destructive force of crystal meth or ice on lives, families and communities due to its cheap production, ready availability and highly addictive quality is being felt far and wide and now even more so by insurance companies.

Checks of properties that have been used to ‘cook’ ice or smoke it are being found to be chemically contaminated by the drug’s dangerous residue.

And the clean-up bill for landlords and homeowners can be devastating.

It has been reported that insurers in New Zealand have experienced a spike in claims for chemical residue clean-ups and as a result have now moved to cap payouts and increase excesses.

The change increases pressure on landlords and property managers to vet tenants more thoroughly and conduct regular inspections.

Australia is also experiencing increasing levels of crystal meth production and abuse, particularly in rural areas.

It is therefore natural to expect that Australian insurers will also begin to review and reconsider their treatment of claims associated with the repairs and clean-up of chemical residue from crystal meth.

It’s a warning sign worth considering if you are the owner of a rental property.

Rest assured that if your property is insured by MGIB’s Landlords Residential Property Insurance, you will be covered for the cost of repairs and the clean up bill if a drug lab is discovered at your rental property.

MGIB Race Day

Thank you to all our clients and friends who made it to the recent 2017 MGIB Race Day.

As always, it was a terrific day and we were so pleased to have such a great turnout.

Escaping Western Australia’s winter

Did you know that four in 10 people have travelled outside Australia in the past 12 months? And the top destinations were:

  • New Zealand
  • Indonesia
  • USA
  • UK
  • Thailand

The majority of us (74%) were heading off on a holiday, while 18% of us were going to visit family/friends.  The rest were travelling for business.

How lucky are we to live in a country where 92% of us can afford to go on a holiday and visit family?

What’s not so fortunate is what can happen to us if we decide to travel overseas WITHOUT travel insurance.  As many as 15% of 18 to 24-year-olds travelled without insurance on their last overseas trip!

Travel insurance will generally cover:

  • Medical expenses (personal injury or illness)
  • Loss of luggage or personal items
  • Disruptions to travel (Cancelled flights)
  • Baggage, personal effects, money
  • Excess on a hire car
  • Emergency trip to the dentist

The Travel insurance that you can purchase through our website has just had a revamp, where the maximum age for obtaining cover has been increased from 69 years to 89 and the list of automatically included pre-existing medical conditions has been updated from 14 to 52.

The cost of the premium compared to the cost of what you could be lumbered with in the event of a disaster is minimal.  To purchase a policy for a family of four flying to Indonesia for 10 nights is $150 (Prestige policy) – that’s all!

So if you are thinking about escaping somewhere warm this winter – get covered with our travel policy (through Chubb Insurance).

You can purchase and pay online, but if you get stuck, just give us a call and we will help you through it.

MGIB crew dig in for truck pull

The Team at MGIB flexed their muscles on Sunday, March 19 at a Truck Pull event held as part of the Lishman Health Foundation’s Motoring Extravaganza.

Teams of 12 pull a 40 tonne truck over a distance of 3.6 metres with the fastest team named the winner.

The event is a major fundraiser for the Foundation – an independent organisation aiming to facilitate and promote health research that will provide a significant gain for people in regional Australia.

You can support the Lishman Health Foundation by donating via their website.

Threat of cyber attack continues to grow

It’s not just BIG businesses that are being attacked by cyber criminals, according to Mark Gorrie, Norton Business Unit Director at Symantec, a US software security company.

“Australian businesses of all sizes are vulnerable to attacks,” he said. “However, small businesses are traditionally more vulnerable because they often don’t have the same security resources and budgets as their big business counterparts.”

Statistics about the regularity of cyber attack and the increasing vulnerability of particularly small businesses, paint a truly worrying picture.

One in five or 19 per cent of Australian businesses have already experienced the catastrophic fallout of a cyber attack.

Allianz Australia Insurance Limit has reported cyber incidents as the 3rd largest Global Business Risk – just four years ago it was only ranked 15th! However there is no need to live in fear. Here at MGIB, we recommend a two-step process for cyber crime preparation.

Number 1: Risk Management

This doesn’t have to be a complex process – especially for small businesses. But it is critical.

There are online self assessment tools available to determine your preparedness and develop some solutions. It’s all about good online security, regular audits to expose any new vulnerabilities and ongoing awareness and training on the issue for staff.

Part of your Risk Management process will also involve developing a plan of action in the event of a cyber attack.

Number 2: Cyber Insurance

Cyber Insurance is a flexible package policy that provides a range of cover designed to easily integrate with your existing insurance program.

Cover includes First Party cover – these are costs that you would incur that would normally come straight out your own pocket (Crisis Management/Business Interruption/Public Relations costs etc) and Third Party Cyber Liability – covers losses to Third Party as a result of failures in your system.

For more information about preparing for the event of cyber attack, please call your broker.