FAQ

What does a Broker do?
An Insurance Broker acts for his/her client, drawing on years of experience and expertise to arrange the
appropriate insurance to protect client assets. After discussing client needs, a broker obtains quotes from
relevant insurance companies and negotiates the best terms for the client so that an insurance 
policy can be issued.

What is an Underwriter?
An Underwriter is an insurance company which accepts the risk proposed by the client and pays a valid claim.


What is Underinsurance/Coinsurance/Averaging?
These terms are found in policy wordings and refer to underestimating the replacement value of the property
to be insured. The general rule is that in the event of a Fire/Perils claim, for example, if property is
insured for less than 85% of its true value, then an underwriter will pay proportionally less than the claim
being made. It is therefore critical that policyholders insure their property for the full, correct, replacement
value sum insured.

What is a Certificate of Currency?
This Certificate is issued by an underwriter to confirm a policy holder's current insurance. It contains details
such as policy number, insured name, insured period, the sum insured, property description (if relevant) and
any interested party (such as a financier like a bank).

What is a Policy Schedule?
A Policy Schedule is issued by the underwriter and shows all of the informaiton contained in a Certificate 
of Currency as well as additional details such as the premium charged, Endorsements and Conditions
which attach to the policy.

What does QPIB mean after some brokers' names?
QPIB stands for Qualified Practicing Insurance Broker. It is a qualification issued by the National Insurance
Brokers Association.