KSS October eKourier 2023

FEATURE

CUSTOMER GOODS INSURANCE PART TWO

"Totally recommend Michael and Gareth and the whole team at Kennards Coorparoo who were wonderful. Very patient and understanding with all my concerns. Especially recommend John from Easy Moves who helped reorganise my belongings in my storage unit giving me so much peace of mind and more room! Amazing! Lovely clean facilities and always feel very safe at all times. Security is at a high standard enabling us to feel secure with our decision to store with Kennards. Thanks, Kennards Coorparoo." "We've been a customer of Kennards Petersham for a while now, and today had another great experience with Chris, very helpful and courteous. Would definitely recommend if you are looking for storage or packing supplies." "Fantastic service from Sam at Kennards Gladesville! The entire process has been really easy and helpful. Thanks Sam!" "Just finished a three year tenancy with Kennards Belmont. No issues ever encountered. The staff are friendly, accommodating and professional. Highly recommend Kennards Belmont." "We had an absolutely wonderful experience from day one with Belinda at Kennards South Nowra. Collaborative and responsive on the phone, and by email. It was a great experience and we now have everything we need in our half garage ready for the next move."

P reviously in our July 2023 edition of the Kennards Kourier, I wrote about a change to our Customer Goods Insurance. The article went into detail about the change from AON to Howden Insurance Brokers and explained the decision by QBE to withdraw from offering Customer Goods Insurance to the Self Storage Industry. The article finished by stating that we were well advanced on moving away from QBE for our Customer Goods Insurance and a new look program would take effect October 2023. That new look program involves Kennards moving to a self-insurance model for Customer Goods Insurance. Most companies purchase insurance policies from commercial insurance providers to cover various risks such as property damage, liability, workers' compensation, and more. This is the most common approach and involves paying premiums to an insurance company in exchange for coverage. Larger companies with sufficient financial resources can choose to self-insure certain risks. This involves setting aside funds to cover potential losses instead of purchasing traditional insurance policies. Self-insurance is often used for risks that are predictable and manageable.

where a company or individual sets up a trust to manage and cover potential losses or risks. In this context, the term "discretionary" refers to the flexibility and authority given to the trustees of the trust to make decisions about how to handle and allocate funds to cover losses or claims. Kennards has chosen a Discre- tionary Trust model of self-insurance to continue offering protection over customers goods while in storage with us. To comply with all the required regulations the Trust has been set up in partnership with Howden Insurance Brokers, the Trust will be managed by a Trustee within Howden operating under Howdens Financial Services Licence. Howden have established the Trust, provided the oversight and appropriate administration such as PDS (Product Disclosure Statement) and application forms. Howden will also provide claims management and fund distributions. Kennards will contribute money to the fund, enough to cover annual claims by our customers. This is an exciting change for Kennards that opens enormous potential and possibilities on how we offer insurance in the future. Darren Marshall Chief Operating Officer

A Discretionary Trust for self-insurance is a legal and financial arrangement

6 Kennards Kourier Oct 2023