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New asset notification procedure – update

Sydney, Australia - April 29, 2014: A group of students sit on a lawn before the School of Medicine

The insurance/reinsurance market is facing disruption and change at an accelerating rate. This has resulted in stricter conditions and a need for Unimutual to meet more requirements in order to secure risk protection for our Members.

These additional reinsurance underwriting requirements can cause delays in our ability to accept new property risk in a quick timeframe. It is therefore imperative that all of our Members follow the updated new asset notification procedure in a timely manner to ensure that the Mutual has time to process and take on this new risk.

The New asset, new building or increase in building value notification procedure will now need to be followed for:

  • Additional Contents
  • New Building
  • Increase in Building Value due to refurbishment
  • Increase in Building Value due to revaluation

Notification Procedure

The New Building Notification Form is required to be completed for any new building addition.

So what is different? The following instances now require notification to Unimutual at least TWO WEEKS prior to the protection being required:

Universities

Any new asset or value change greater than 2% of the Members declared value or $25,000,000 whichever is the lesser

Non-Universities

Any new asset or value change greater than $1,000,000.

If the new asset does not fall under the above criteria your normal notification procedure applies.

Please note that buildings with increased exposures may require additional information prior to cover being confirmed. Please ensure lead time is provided in accordance with the above to allow time to navigate any additional queries.
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