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If you always do what you’ve always done, you’ll always get what you’ve always got.

 

This article leads on from my earlier article on  Making your Scheme Competitive to Insurers and the idea I present today stems from a discussion I had with a developer client in WA. They have a $100+ million building in northern WA that went through a Category 5 cyclone. When I asked about the extent of the damage, he said ‘all we lost was the front doors and a few shade cloths.

 

The insurance premium for this property was in the order of $1 million a year!….. so it got me thinking….. if the damage to that type of property was fairly minor in the highest-level storm, why are they paying such a high premium?

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