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Hollard Commercial Insurance

Insurance, Australia, New South Wales, Sydney

Hollard Commercial Insurance provides innovative and tailored insurance solutions for businesses, backed by expert risk assessment and exceptional claims handling expertise.

About Hollard Commercial Insurance

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Basics

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Founded
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Total Employees
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Main Office
Australia, New South Wales, Sydney
Official Website
http://www.hollardcommercial.com.au
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FAQs – Hollard Commercial Insurance

What happens if an uninsured driver hits me and I don’t have UM coverage?

If you lack uninsured motorist coverage, you may have to pay out-of-pocket for medical expenses and vehicle repairs. You could sue the uninsured driver, but collecting damages may be difficult if they lack financial resources.


What factors influence health insurance premiums?

Health insurance premiums depend on factors like age, tobacco use, location, pre-existing conditions, policy benefits, network type, deductible amount, and whether the plan is individual or employer-sponsored.


How does proportional reinsurance work for ceding companies?

In proportional reinsurance, the ceding company and reinsurer share premiums and claims based on a fixed percentage of risk transferred.


How does big data impact claims management?

Big data streamlines claims processing by automating document verification, fraud detection, and damage assessment. AI-powered image recognition and blockchain technology ensure transparent and efficient claim settlements, reducing manual intervention and processing times.


Can an insurance premium change during the policy term?

Most fixed-term policies maintain the same premium, but some policies allow rate adjustments due to inflation, risk changes, or policy endorsements.


Can I get compensation for sentimental or irreplaceable items?

Travel insurance does not compensate for sentimental value, only the actual monetary value of lost items. If an irreplaceable item is lost, compensation is based on its market value or purchase price. It’s best to avoid packing irreplaceable items in checked baggage.


Can term insurance be used for estate planning?

Term insurance can be part of estate planning if you need temporary coverage to cover estate taxes, debts, or other costs. However, it’s not a permanent solution for estate planning, as it expires after a set term.


How does the facultative reinsurance approval process work?

The primary insurer submits details of a specific risk to a reinsurer, which evaluates the risk, negotiates terms, and decides whether to provide reinsurance coverage.


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