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how can we help our clients through covid-19

How We Can Help Our Clients Through COVID-19

Everyone is going through an extremely difficult time right now, both personally and professionally, and we are all forced to adapt to changes which seem to be occurring daily. In this time of uncertainty, we would like to do our part by helping our clients in any way we can. These are some of the areas KBI can assist with at the moment:

1. Policy Payment

Premium Funding

We have worked with our premium funding partner, IQumulate, to lower their interest rate and extend their payment terms during this difficult time. This will help make the option of monthly payments more viable for clients.

Payment Deadline Extensions

We can extend our policy payment period beyond our standard terms of 14 days, while some insurers are also willing to extend their payment terms to give companies that are cash strapped more time to make policy payments.

2. Adjustments

Forecast Adjustments

If you are not operating or have significantly downsized, several of the insurers are willing to revisit forecasts used to establish their premium rate. This includes wage estimates for workers compensation policies and revenue estimates for liability policies.

Limit Adjustments

If you need to adjust your coverage limits, the insurers will be accommodating and provide pro-rata return premiums for these changes. We will then expedite these refunds to get them to back to you as quickly as possible.

Policy Period Extension

Some insurers are willing to extend their policy period on renewal, to allow clients more time to assess any changes to make or if the policy is still required.

3. Broaden and Extended Coverage

Several insurers have indicated that they will extend coverage to unoccupied premises for no additional charge, subject to review and acceptance. If this is required, we ask that you let us know so we can confirm coverage with the insurer.

4. Cancellations

If policies need to be cancelled, insurers will do so immediately, and we will then expedite the refund process to get the premium to back to you as quickly as possible.

5. Claims Payments

We will expedite the claims process wherever possible to help clients with cashflow and assist in navigating this difficult time.

KBI is fortunate to have the technology and systems to operate remotely with no interruptions. Our team consists of brokers, claims managers and technology & marketing coordinators so you will not experience any difference in our service levels while we navigate this difficult time.

Please reach out to us if you would like to have a call or a zoom meeting to discuss your insurance or any of the above.  We are here to assist in any way possible.

Have any questions?

Talk to one of our Brokers today!

About KBI

We are a specialist insurance brokerage with an emphasis on adding value to our clients by helping them make an informed decision. Our approach combines that of an insurance broker and consultant, where we focus on providing expert advice to our clients while customising their insurance program and risk management solutions.

Since starting in 2013, KBI is constantly growing and becoming a leader in the Australian market. Our primary point of difference is that we don’t try to be all things to all people.  We work in niche areas, where we can tailor an offering, advice and broker support to meet the specific area’s needs.

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