Compliance
Click on the drop-down button to learn about KBI’s compliance activities.
Financial Services Guide
Standard Services
Our Services:
We are able to provide you with the following services:
• Help you identify and assess your risks and develop a proposal to submit to potential insurers
• Advise and make recommendations as to your insurance requirements
• Contact you with our recommendations
• Prepare underwriting submissions
• Seek insurance quotes (we will seek quotes from the broader general insurance market before making a recommendation. We have arrangements with around 150 National and International insurers, which enables us to find the right insurance product for you)
• Negotiate terms with any existing insurers and with alternative insurers.
• Place the insurances agreed upon
• Review policy wordings and obtain signed policies from insurers
• Confirm the placement of the insurances to you
• Calculate, invoice and collect the premiums
• Adjust premiums on prior year policies
• Review your insurance arrangements:
– when you inform us about material changes to your circumstances;
– and during the period of insurance as and when required
– upon renewal of your insurances.
• Facilitate policy changes and/or cancellations as per your instructions
• If required, assist you with any insurance premium funding needs.
• If required, assist you to manage any claims you may need to make:
– we will keep you informed in a timely manner regarding the progress of claims.
– when we receive an insurer’s response to a submitted claim, we will notify you of the outcome as soon as it is reasonably practical to do so.
– if a claim is either unreasonably denied or reduced by the insurer, we will act as claims advocates on your behalf to try to have the claim paid.
– we will advise you if the insurer seeks to negotiate a settlement of your claim.
– we will seek your instructions before agreeing to any settlement of your claim.
– if the insurer declines to pay a claim, we will explain the reasons for the insurer’s decision and outline what further steps can be taken, including steps to make a complaint.
– in the event you terminate our appointment as your insurance broker we will provide details of any claim(s) to your new insurance broker so that they may continue to negotiate settlement on your behalf.
We will take reasonable steps to contact you at least fourteen (14) days prior to your insurance cover expiry date to engage you on the next steps to be taken prior to the expiry of the policy. We will take appropriate, professional and timely steps to seek insurance cover terms and conditions and advise you of available options (if any) for your consideration.
Many commercial or business contracts contain clauses that relate to your liability (including indemnities or hold harmless clauses). These clauses may entitle your insurers to either reduce cover, or in some cases, refuse to indemnify you at all. Please inform us of any clauses of this nature before signing and accepting such contracts. We may recommend that you seek legal advice.
We can also advise on risk management strategies apart from insurance.
Please contact us for any additional or detailed information on any of the above.
Insurance Brokers Code of Practice
KBI Pty Ltd subscribes to the Insurance Brokers Code of Practice. The Insurance Brokers Code of Practice promotes good relations between its members and their clients, insurers and others involved in the insurance industry and describes standards of good practice and the level of service to be expected from Members. Click below to read the Insurance Brokers Code of Practice.
Complaints
Clients not satisfied with our services should contact the Director at KBI Group Pty Ltd at the contact details on this website. We are also members of the Australian Financial Complaints Authority (AFCA), a free consumer service. Further information is available from this office, or contact AFCA directly on 1800 931 678 or visit www.afca.org.au.
If an issue has not been resolved to your satisfaction, you can lodge a complaint with the Australian Financial Complaints Authority, or AFCA. AFCA provides fair and independent financial services complaint resolution that is free to consumers.
Website: www.afca.org.au
Email: info@afca.org.au
Telephone: 1800 931 678 (free call)
In writing to: Australian Financial Complaints Authority, GPO Box 3, Melbourne VIC 3001
General Advice Warning for Retail Clients
Retail clients are individuals or those purchasing an insurance product for use in connection with a small business where the product is a designated retail product (eg motor vehicle, home buildings, home contents, personal and domestic property, sickness and accident and travel insurance). All other clients are wholesale clients. General advice on this website has been prepared without taking into account your objectives, financial situation or needs. Before acting on the advice, please consider its appropriateness. You should also consider our disclosure documents, which include our Financial Services Guide and Product Disclosure Statements for some products.
Target Market Determinations
This page provides links to the Target Market Determination documents & reporting details of Steadfast’s key partners.
This webpage has been prepared without taking into account your objectives‚ financial situation or needs. Before making a decision to buy insurance, you should consider whether it is appropriate for your specific circumstances and read the relevant Product Disclosure Statement (PDS) and Target Market Determination (TMD). A copy of the PDS and TMD can be obtained by following the links to the relevant insurer, underwriting agent or premium funder.