I think we all know the importance of reviewing declared values, sums insured and or Limits of Liabilty every year. This is extremely important at the moment with construction costs escallating as much as they have in the past. The same issue is there for machinery and plant, other contents and replacement stock.
In addition to this the Australian dollar has fallen in value with the United States dollar since 1 July 2023.
While I am seeing some uplift in declared values etc., I fear sub-limits are not being uplifted anywhere near as much. In some cases, they have remained the same for the past 20 years.
So, the primary purpose of this post is to ask brokers, risk and insurance managers as well as business owners to go through the sub-limits in place on your insurance program and make sure that they are sufficient to provide adequate protection should the worst happen.
