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
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

Share this news item:

Insurance News

National Climate Risk Assessment Unveils Growing Insurance Challenges
National Climate Risk Assessment Unveils Growing Insurance Challenges
17 Sep 2025: Paige Estritori
The Australian government has unveiled its inaugural National Climate Risk Assessment alongside a comprehensive National Adaptation Plan, highlighting the heightened impact of natural disasters on insurance accessibility across the nation. With an urgent call to action, the government acknowledges the impending climate threats and commits to intensifying efforts towards emission reduction. - read more
ASIC Extends Relief on Distribution Rules for Insurance Providers
ASIC Extends Relief on Distribution Rules for Insurance Providers
16 Sep 2025: Paige Estritori
The Australian Securities and Investments Commission (ASIC) has announced an extension of the exemption allowing general insurance providers to forego appointing product distributors as authorised representatives. This decision comes with the introduction of a new legislative instrument, 2025/520, which renews the previous framework, originally established under instrument 2015/682. The relief will now continue until August 27, 2030. - read more
Cyber Insurance Becomes Essential Amid Rising Digital Threats
Cyber Insurance Becomes Essential Amid Rising Digital Threats
12 Sep 2025: Paige Estritori
The recent cyberattack on Fortnum Private Wealth, accompanied by ASIC's legal action, has spotlighted the critical risks cyber threats pose to financial advice companies in Australia. With digital integration intensifying across the finance sector, the owner of Fortnum, Entireti, plans to defend the case, underscoring the necessity for ongoing vigilance in cybersecurity measures. - read more
Swiss Re Foresees Rising Premiums Amid Increasing Global Risks
Swiss Re Foresees Rising Premiums Amid Increasing Global Risks
10 Sep 2025: Paige Estritori
In a comprehensive analysis, Swiss Re Institute predicts that global property and casualty insurance premiums will rise in tandem with GDP over the upcoming decade. This growth is driven by amplified natural catastrophe losses, asset accumulation, and heightened economic and litigation claims inflation. The institute's report outlines the evolving insurance landscape amid increasing global risks. - read more
Insurance Council of Australia Assists NSW Flood Claimants
Insurance Council of Australia Assists NSW Flood Claimants
09 Sep 2025: Paige Estritori
In response to the devastating floods that swept across New South Wales' Mid North Coast in May, the Insurance Council of Australia (ICA) is taking proactive steps to support the affected residents. Insurers, organised by the ICA, will be meeting with flood victims in Kempsey, Taree, and Port Macquarie to provide guidance and support as they navigate their insurance claims. - read more
Ombudsman Upholds Policyholder’s Claim Despite Fraud Allegations
Ombudsman Upholds Policyholder’s Claim Despite Fraud Allegations
08 Sep 2025: Paige Estritori
A motor insurance policyholder has won a significant dispute over fraud allegations, with the industry ombudsman ruling in favour of a payout following a controversial car accident claim. The case revolved around an incident where the claimant's wife crashed at an intersection one evening, reportedly failing to yield. The lack of photographic evidence due to shock and subsequent involvement of towing services complicated matters. - read more
NM Insurance Secures Growth with Five-Year Zurich Partnership
NM Insurance Secures Growth with Five-Year Zurich Partnership
05 Sep 2025: Paige Estritori
In a strategic move set to bolster its market position, NM Insurance has announced a five-year agreement with capacity provider Zurich, positioning itself for further growth and increased broker confidence in its success. Since its establishment two decades ago as Nautilus Marine Insurance Agency, NM Insurance has expanded its focus beyond the recreational boat market in Australia, branching into New Zealand and diversifying into the commercial marine, caravan, and motorcycle sectors. - read more
Empower Your Cyber Knowledge with CFC's Free Masterclass
Empower Your Cyber Knowledge with CFC's Free Masterclass
03 Sep 2025: Paige Estritori
In an era where cyber threats are increasingly sophisticated, CFC Underwriting Limited has unveiled a unique opportunity for brokers to fortify their expertise through its newly launched Cyber Masterclass. This initiative offers a flexible, on-demand video learning series designed to advance brokers into proficient cyber insurance specialists at their convenience. - read more
NSW Revisits CTP and Lifetime Care Schemes
NSW Revisits CTP and Lifetime Care Schemes
02 Sep 2025: Paige Estritori
New South Wales (NSW) is undertaking a detailed review of its Compulsory Third Party (CTP) insurance scheme as well as its lifetime care and support system. The Standing Committee on Law and Justice of the state's upper house has initiated this examination as part of their routine practice conducted every parliamentary term. The last thorough assessment took place in 2022. - read more
AFCA Upholds Insurer's Premium Increase Amid Consumer Complaint
AFCA Upholds Insurer's Premium Increase Amid Consumer Complaint
01 Sep 2025: Paige Estritori
A recent decision by the Australian Financial Complaints Authority (AFCA) has ruled against a homeowner seeking an $18,000 refund from Allianz. The homeowner claimed that the insurer failed to adequately inform her about substantial increases in her optional flood cover premiums. Initially, her monthly payments surged from $369 to $1277 in August 2022, a change she only noticed in March of the following year through her bank statements. - read more


Farm Insurance Articles

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
Building Resilience Against Natural Disasters: Practical Steps for Aussie Farmers
Building Resilience Against Natural Disasters: Practical Steps for Aussie Farmers
Australian farmers face an array of natural disasters that can threaten livelihoods and disrupt the delicate balance of agricultural ecosystems. From devastating bushfires and droughts to powerful storms and floods, these catastrophic events pose serious risks to the farming community. Understanding and preparing for these forces is not just about survival; it's about building a sustainable future for farms across the continent. - 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
Customized Insurance Solutions: The Advantage of Specialized Farm Brokers
Customized Insurance Solutions: The Advantage of Specialized Farm Brokers
Farming in Australia is more than just a way of life; it is a critical sector that supports the nation’s economy and food supply. However, managing a farm comes with its own set of unique risks. From natural disasters to equipment failures, farmers face numerous challenges that can impact their livelihood. - read more
Understanding Farm Equipment Insurance: A Breakdown for Australian Farmers
Understanding Farm Equipment Insurance: A Breakdown for Australian Farmers
In the dynamic world of Australian agriculture, farm equipment plays a crucial role in the day-to-day operations of farms. From tractors to harvesters, having the right machinery means managing your farm more efficiently. However, the high value of this equipment makes it essential to protect it adequately through insurance. - 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
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
The Digital Farmer's Guide to Insuring Your Agribusiness in the Tech Age
The Digital Farmer's Guide to Insuring Your Agribusiness in the Tech Age
Welcome to the defining era where technology and agriculture entwine, bringing forth the digital farmer's era. With the evolution of agribusiness in the tech age, comes an array of new tools, opportunities, and risks. As a custodian of the earth and steward of the latest innovations, safeguarding your digital farm is just as crucial as nurturing your crops and livestock. - 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
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


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

Knowledgebase
Insurance Premium:
The periodic amount paid for the purchase of insurance.