One of the construction industry’s largest insurers has entered into interim liquidation leaving thousands of tradies in the dark and potentially out of pocket. CBL Corporation, a major underwriter for tools, vehicle and worksite insurance, has been forced to put all claims on hold until the liquidation has been resolved.
Are you affected?
If you have Cactus cover, you can rest assured that we are not affiliated with CBL and the protection you have in place is business as normal. If you have insurance with a different provider and are unsure about what’s going on or if it affects you, then jump on the blower and call Cactus today. We can help you understand what’s gone down and what your options are if you’re affected.
What does this mean?
Insurance underwriters are the companies that actually pay your insurance if you file a claim. So if your tools get knicked or someone crashes into your truck, companies like CBL finance your insurer to pay for your coverage.
With the future of CBL uncertain, any claims you have made through their partners are not guaranteed to be processed in the ordinary timeframe and the payout amount is uncertain. Also, if you do file a claim, payments will not be released while the company is still in liquidation. With no time frame on this, it could be several months or it could even lead to the end of the company.
If you think that you may be affected by this, it is better that you act now as their temporary liquidation may not guarantee cover.
If you have any concerns about your insurer or would like to discuss how this could affect you, please don’t hesitate to contact us today. The friendly and experienced Cactus team will be more than happy to discuss your current situation and outline how Cactus can protect your most valuable assets.