Farm Insurance Australia :: News
SHARE

Share this news item!

New Water Restoration Standard Revolutionises Claims Handling in Australia

New Water Restoration Standard Revolutionises Claims Handling in Australia

New Water Restoration Standard Revolutionises Claims Handling in Australia?w=400

The information on this website is general in nature and does not take into account your objectives, financial situation, or needs. Consider seeking personal advice from a licensed adviser before acting on any information.

A recently introduced Australian standard is set to transform the landscape of water damage restoration, enhancing consistency and quality in claims handling while bolstering consumer protection.
This development, according to industry professional Jeremy Stamkos, Managing Director of RIC Solutions and chair of the Standards Australia committee, positions the sector at the forefront of global best practices.

Stamkos highlights that the formal adoption of the AS-IICRC S500 standard is a pivotal moment for the industry. It provides a rigorous and scientifically supported framework for the assessment and restoration of water damage, ensuring that practices align with international guidelines and improving overall standards within Australia.

The importance of this standard cannot be overstated, particularly as weather-related incidents and water leak events are among the quickest growing claim categories in the nation. By setting a definitive benchmark for best practices, the new standard aims to minimise disputes, streamline the claims process, and improve risk management strategies.

The AS-IICRC S500 was developed by the Institute of Inspection Cleaning and Restoration Certification and plays a crucial role in aligning Australian restoration processes with those on a global scale. This alignment fosters collaboration among insurers, contractors, and consultants by establishing a shared technical framework, thus ensuring better outcomes in restoration tasks.

Overall, the adoption of this standard marks a significant step forward for the industry, promising to enhance the quality of water restoration work while providing a safer, more reliable framework for all stakeholders involved in the claims process.

Published:Wednesday, 30th Apr 2025
Source: Paige Estritori

Please Note: If this information affects you, seek advice from a licensed professional.

Share this news item:

Insurance News

ASIC Initiates Legal Proceedings Against Australian Super for Claim Delays
ASIC Initiates Legal Proceedings Against Australian Super for Claim Delays
10 Jan 2026: Paige Estritori
The Australian Securities and Investments Commission (ASIC) has initiated legal action against Australian Super, the nation's largest superannuation fund, alleging significant delays in processing nearly 7,000 death benefit claims. These delays, some extending up to four years, have raised serious concerns about the efficiency and fairness of the fund's claims handling processes. - read more
Australian Insurers Face Challenges in Risk Preparedness
Australian Insurers Face Challenges in Risk Preparedness
10 Jan 2026: Paige Estritori
Recent findings from PwC's Insurance Banana Skins Survey indicate that Australian insurers are trailing behind their global counterparts in preparedness for emerging risks, particularly in areas such as cybersecurity and artificial intelligence (AI). - read more
Insurance News to Host Third Annual Conference in Sydney
Insurance News to Host Third Annual Conference in Sydney
10 Jan 2026: Paige Estritori
Insurance News has announced its third annual conference, scheduled to take place in Sydney on March 19, 2026. This full-day event aims to provide attendees with comprehensive insights into current market trends, industry pressures, and emerging opportunities within the insurance sector. - read more
Rising Home Insurance Costs Amid Climate Change Concerns
Rising Home Insurance Costs Amid Climate Change Concerns
10 Jan 2026: Paige Estritori
Australians are facing escalating home insurance premiums, with climate change playing a significant role in this upward trend. Insurance Australia Group (IAG) has highlighted that the increasing frequency and severity of weather events are contributing to higher costs for homeowners. - read more
Rural Affinity and Munich Re Strengthen Agricultural Insurance in Australia
Rural Affinity and Munich Re Strengthen Agricultural Insurance in Australia
09 Jan 2026: Paige Estritori
In a significant development for Australia's agricultural sector, Rural Affinity has renewed its partnership with Munich Re Specialty - Global Markets under a new five-year agreement. This collaboration, which began in 2006, is set to enhance the availability and scope of agricultural insurance products across the country. - read more
WFI Insurance Highlights Significant Drop in Farm Liability Claims
WFI Insurance Highlights Significant Drop in Farm Liability Claims
09 Jan 2026: Paige Estritori
WFI Insurance has reported a notable decrease in farm liability claims across most categories, signaling a positive trend in safety practices within the Australian agricultural sector. The insurer observed a 75% reduction in falls from height over the past year, alongside a 30% decline in impact injuries, marking the lowest level in four years. - read more
Elders Insurance Highlights Increased Summer Storm Risks for Farmers
Elders Insurance Highlights Increased Summer Storm Risks for Farmers
09 Jan 2026: Paige Estritori
Elders Insurance is urging Australian farmers to prepare for another damaging summer, with claims data revealing the scale and financial impact of storm activity across the country's agricultural regions. Analysis of storm-related farm insurance property claims over the last two years indicates that summer accounts for the highest number of claims nationally. - read more
Insuregroup Achieves Significant Milestone in Truck Insurance Policies
Insuregroup Achieves Significant Milestone in Truck Insurance Policies
09 Jan 2026: Paige Estritori
Insuregroup, a specialist insurance brokerage serving Australia's transport and logistics sector, has recently achieved a significant milestone by processing over 10,000 insurance policies since its inception. This accomplishment includes a 25% year-on-year increase in policy count, highlighting the escalating demand for comprehensive truck insurance solutions among Australian freight operators. - read more
Queensland Aligns with National Heavy Vehicle Regulator
Queensland Aligns with National Heavy Vehicle Regulator
09 Jan 2026: Paige Estritori
In a significant move towards regulatory consistency, Queensland has transferred its heavy vehicle compliance responsibilities to the National Heavy Vehicle Regulator (NHVR). This transition aligns Queensland with New South Wales, Victoria, South Australia, Tasmania, and the Australian Capital Territory, all of which have already integrated their heavy vehicle regulations under the NHVR's oversight. - read more
Celebrating Excellence: Finalists Announced for 21st Australian Insurance Industry Awards
Celebrating Excellence: Finalists Announced for 21st Australian Insurance Industry Awards
09 Jan 2026: Paige Estritori
The Australian and New Zealand Institute of Insurance and Finance (ANZIIF) has unveiled the finalists for the 21st Australian Insurance Industry Awards, set to take place on Thursday, 21 August 2025, at the Star Event Centre in Sydney. These prestigious awards honour the outstanding achievements of individuals and organisations across the entire insurance value chain, highlighting the depth of talent, innovation, and dedication within the industry. - read more


Farm Insurance Articles

Tractors, Livestock, and Crops: Tailoring Your Farm Insurance to Fit Your Needs
Tractors, Livestock, and Crops: Tailoring Your Farm Insurance to Fit Your Needs
Welcome to the world of farming, where the fruits of your labor are as tangible as the soil you till. But just as the land is subject to the whims of nature, so too is the business of agriculture. This is where farm insurance becomes essential. Farmers face a set of challenges and uncertainties unlike any other industry, primarily due to the unpredictable forces of weather. - read more
Proven Strategies for Australian Farmers to Reduce Farm Insurance Premiums
Proven Strategies for Australian Farmers to Reduce Farm Insurance Premiums
Welcome to our comprehensive guide on navigating the complexities of farm insurance for Australian farmers. As an integral part of the agricultural industry, insurance provides a safety net that helps secure the livelihood of farmers against unpredictable events that can lead to financial hardship. From property damage due to natural disasters to loss of livestock or crops, having adequate farm insurance can make all the difference in keeping a farming operation afloat in times of crisis. - read more
Agroforestry Insurance Guide: Protecting Your Investment in Australia's Sustainable Future
Agroforestry Insurance Guide: Protecting Your Investment in Australia's Sustainable Future
Agroforestry is a transformative approach to land management that integrates trees into agricultural landscapes. In Australia, where farmers contend with variable climates and environmental challenges, agroforestry offers a resilient pathway to productivity and sustainability. - read more
Investing in Your Farm's Legacy: Estate Planning and Farm Insurance Combined
Investing in Your Farm's Legacy: Estate Planning and Farm Insurance Combined
Farming is much more than an occupation; it's a way of life and a heritage that often spans generations. In today's ever-evolving agricultural landscape, embracing modern practices while preserving your farm's future has never been more crucial. Estate planning emerges as a pivotal strategy for safeguarding your agricultural legacy, ensuring that your hard-earned investments and the land you hold dear are passed on according to your wishes. - read more
The Modern Farmer's Checklist for Assessing Farm Equipment Insurance Needs
The Modern Farmer's Checklist for Assessing Farm Equipment Insurance Needs
As the backbone of Australian agriculture, farm equipment plays an essential role in day-to-day operations across our expansive and diverse landscapes. From the vast wheat belts to the tropical fruit farms, machinery ensures efficiency and productivity in the face of constant challenges. But with reliance on such equipment comes significant risk—the financial burden of damage or loss can be devastating to a farmer's livelihood. - read more
Farm Liability Insurance Costs vs. Benefits: Is It Worth It?
Farm Liability Insurance Costs vs. Benefits: Is It Worth It?
Farm liability insurance is a type of coverage that protects farmers from financial losses due to legal claims and lawsuits. This insurance is crucial for safeguarding your farm against various liabilities that may arise from farm operations. - read more
Protecting Your Herd: The Aussie Farmer's Guide to Livestock Insurance
Protecting Your Herd: The Aussie Farmer's Guide to Livestock Insurance
For Australian farmers, livestock is more than just a vital asset; it's the heartbeat of their livelihood. In a land where the sunburnt plains are as relentless as they are beautiful, protecting your herd isn't just a duty; it's a necessity. That's where livestock insurance comes into play—a shield against the unpredictability of Mother Nature. - read more
What Australian Farmers Should Know About Crop Insurance
What Australian Farmers Should Know About Crop Insurance
Crop insurance is a type of insurance policy designed to protect farmers from the financial losses that arise from damages to their crops. This could be due to various risks, including adverse weather conditions, pests, and diseases. - read more
5 Essential Farm Insurance Policies Every Australian Farmer Needs
5 Essential Farm Insurance Policies Every Australian Farmer Needs
Farming in Australia is not just a job, it's a way of life. However, it’s also a livelihood that comes with its own unique set of risks. From unexpected weather events to machinery breakdowns, the life of an Australian farmer is fraught with uncertainties. - read more
Common Pitfalls to Avoid When Insuring Your Farm Equipment
Common Pitfalls to Avoid When Insuring Your Farm Equipment
In the world of agriculture, having the right insurance coverage is essential. Farming is a high-risk industry that deals with unpredictable elements, and insuring your farm equipment can safeguard your livelihood. - read more


Need a Quote?
Start your free farm insurance quote comparison here.
Farm Type:
Postcode:

All quotes are provided free and without obligation by a Specialist from our National Broker referral panel. See our Privacy Statement for more details.


Knowledgebase
Umbrella Policy:
An additional insurance policy that provides extra liability coverage beyond the limits of the insured's primary policies.