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Martin Minett: The specialists in business interruption business claims
Welcome to the quarterly MartinMinett newsletter for clients and industry contacts.
This Winter 2013 edition covers:
  1. News and Current industry issues – across insurance and risk management.
  2. MMCP profile – a brief profile of the MartinMinett Directors.
  3. A MMCP Corporate Day Outa wrap on our Anzac day out


1)News and Current Industry Issues

Whether or not a business has gone to the expense of preparing a formal Business Continuity Plan, the importance of mitigating any loss situation is well understood by all good businesses.  Such formal or informal plans are essential and can be the difference between a business surviving a major interruption or not.

Claim Time

While it is all well and good to have a Business Continuity Plan that details the operational response to a business interruption - many business fail to consider if their insurance will adequately respond.  This is where the ‘’safety net” of adequate Additional Increase Cost of Working (AICW) is essential.

AICW provides insurance cover that can meet urgent cash-flow needs, assist recovery of the business and protect the insured’s client base.

AICW provides better cover to help clients (and brokers) to “sleep easy”.

AICW provides cover beyond the limiting factors of proving the sole purpose of the increased expenditure and meeting the economic limit test required under Gross Profit (ICW) cover.

AICW also importantly adds a further aspect of coverage with flexibility to provide great potential benefit when unforeseen and unexpected circumstances arise when an Insured suffers a loss.

On many occasions we have seen AICW provide great benefit to the recovery of a business that has suffered insured damage.  Conversely we have seen businesses suffer if AICW cover has not been taken out or, almost as importantly, not enough AICW cover has been taken out.

What Additional Increase Cost of Working (AICW) covers:

“The insurance under this item is limited to the increase in cost of working (not otherwise recoverable hereunder) necessarily and reasonably incurred during the Indemnity Period in consequence of the damage for the purpose of avoiding or diminishing reduction in Turnover and/or resuming and/or maintaining normal business operations and/or services.”

The additional words “and/or resuming and/or maintaining normal business operations and/or services” adds significantly to the Gross Profit (ICW) cover. It is broad in meaning and assists the Insured in recovering what might be substantial expenditure on the recovery of the business to where it was prior to the interruption. Importantly, this expenditure can assist recovery of the business and protect the insured’s client base. This additional expenditure may not reduce the loss of Turnover, but as long as it is “necessarily and reasonably incurred during the Indemnity Period in consequence of the damage” and satisfies the meaning of “resuming and/or maintaining normal business operations and/or services”, the additional cost incurred is recoverable under AICW.

It is common to see AICW sub-limits in excess of $100,000 on Buspack policies and even larger AICW sub-limits for businesses on ISR policies (e.g. AICW cover of over $1m). AICW protects clients for the additional costs incurred following insured damage and can be vital in assisting the business to recover fully as quickly as possible. 

Brokers should obtain as much AICW cover as appropriate for their client and that underwriters will provide.  AICW provides great benefit to the recovery of a business that has suffered insured damage.  The importance of adequate AICW cover cannot be stressed enough


2) A brief Profile of the MartinMinett Directors

Rob martin & Paul minett

Rob Martin has gained a wide range of experience over 20 years in insurance accounting and insurance operations within the industry. In that time, Rob has worked as an external auditor of Insurance companies, in internal management for Insurance companies and was a Partner and Director for 5 years at MSM Loss Management specialising in business interruption insurance. In particular, Rob has experience in preparing claims with technical, legal and detailed insurance and accounting issues as well as the ability to negotiate favourable outcomes for business claimants.

Paul Minett has dealt with Insurance issues for companies both in internal management and as an external consultant over the last 25 years. Firstly, as a Financial Controller and then in the last 14 years as an Economic Loss Expert, Paul has used both his technical and modelling skills on detailed projects for clients to ensure they achieved the best outcome. For 12 years, Paul was with MSM Loss Management and for 5 years was a Partner and Director. Paul has specialist experience in preparing and settling claims in all business sectors and in particular for retail, food and beverage, logistics and mining and metal processing industries.

Over the last decade, Rob and Paul have managed the preparation, lodgement and the resolution of insurance claims for a diverse range of clients ranging from multinational companies through to middle market businesses. They have also liaised with senior counsel and solicitors and compiled expert reports on quantum of loss claims for mediation and litigation matters.


3 MartinMinett

Once again, we had our Martin Minett afternoon at the footy incorporating a celebration of the Anzac tradition.   A number of Brokers and their partners joined us for the now traditional NRL Anzac Day clash between St George Illawarra and Sydney City Roosters.   As well as the NRL match, the event paid tribute to current and former Australian and New Zealand armed service men and women.  All involved had a memorable Anzac Day experience.


5) MartinMinett Claims Services
OUR SERVICES - Claims Preparation

MartinMinett Claims Prep assists brokers and their business clients to prepare material damage and business interruption claims. Its principals, Rob Martin and Paul Minett, have assisted many clients to ensure they receive the full claim entitlement from their insurance policy. MartinMinett Claims Prep helps to minimise disruption and works to save time and money for the client and the broker.

Generally claim preparation costs are covered under the business client's policy and therefore at no cost to your client they receive a financial and service benefit. In addition the broker saves time and cost while still keeping control of the claim process by using the services of MartinMinett Claims Prep. A real win/win/win scenario.

Martin Minett: The Claims Prep Experts
Rob Martin
02 9248 0438
0418 406 206
Paul Minett
02 9248 0440
0437 125 222
T+ 61 2 9248 0438 | F + 61 2 9248 0433 M 0418 406 206
PO BOX Q1470, QVB NSW 1230