• MOTOR INSURANCE
    MOTOR INSURANCE

     

    This policy would cover your motor vehicles against the risks of fire, theft and accidental damage. The policy would also cover third party liability as per Statute plus an extension to cover property damage,

  • MARINE CARGO INSURANCE

     

    We provide cover against problems that arise, whilst on sea or air which include fire, theft, collision, and a wide range of problems that may cause damage, loss or education to your goods/cargo.

  • WORKERS COMPENSATION
    WORKERS COMPENSATION

     

    All categories of employees are covered in event of accidental death or bodily injury/disease during the course of their employment.

  • FIRES & SPECIAL PERILS
    FIRES & SPECIAL PERILS

     

    Your buildings and contents therein could be insured under a fire and special perils policy to cover the risks of accidental fires by whatever nature plus damage to the same as a result of riots,

Those targeted included a NSW man who was sold a Combined policy by an AR at a dirt-bike event, on the basis it would cover medical costs should his children be injured riding. Combined does not offer cover to people injured in dirt-bike accidents.

The man’s child was subsequently injured in a crash and incurred significant medical costs.

A couple in Queensland were sold Combined policies even though they were ineligible to hold them. The couple declared they were receiving pensions, but the AR did not record that on the application. Combined does not cover individuals receiving government pensions.

The couple was not asked about their medical histories, which would also have excluded them from cover.

An ASIC spokesman told insuranceNEWS.com.au it is impossible to put a figure on the remediation at this stage, but it will be a significant sum involving hundreds of people.

“For some it will just mean being put on a proper plan, but others will have their premiums paid back,” he said. “All those affected will be remediated.”

More than 15 years ago Combined faced similar action over the sale of inappropriate policies to Aboriginal communities. But the ASIC spokesman says while some vulnerable people were affected, indigenous communities do not appear to have been targeted this time.

ASIC Deputy Chairman Peter Kell says it is “a clear case of how poor culture and conflicts of interest in remuneration have led to poor conduct, resulting in a financial cost to both consumers and the organisation alike”.

“ASIC’s priority in this significant investigation was the affected consumers, and we have pursued the best result possible for those consumers.”

Ace, which is merging with Chubb under the Chubb brand, announced earlier this month that Combined will cease to write new business in Australia and New Zealand.

An Ace spokesman told insuranceNEWS.com.au the insurer has “a commitment and responsibility” to ensure its agents comply with legal requirements.

“Ace regrets any instance where that responsibility was not fully met.”

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