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Frequently asked questions

What is your annual insurance questionnaire?

As part of the annual insurance renewal, we require information from clients to assist in the preparation of insurance documentation to ensure that clients are properly insured and protected.  This year we will be selecting a sample of clients to complete the insurance questionnaire. This information, combined with existing client data, will provide an accurate view of the State’s overall insurance needs.

Why do you only survey a selection of clients?

We understand that completing the annual Insurance Questionnaire is time consuming, particularly for the many clients whose insurance requirements do not vary greatly from year to year. So, we have simplified the way we obtain information and reduced the burden. We select a sample of clients to complete the insurance questionnaire, based on their risk profile. Surveying clients with a larger risk profile gives us the confidence our overall insurance program terms are appropriate.

 

This information will be used with existing client data to assess overall insurance needs. Clients will be advised by email about the requirements of each year’s Insurance Questionnaire. Those receiving the Insurance Questionnaire will receive a phone call from their VMIA Risk Adviser.

How will I know if I have to complete the insurance questionnaire?

Your VMIA Risk Adviser will contact you by early March to let you know whether you are required to complete the Insurance Questionnaire. Your risk adviser is available to work closely with your organisation to assist you to complete the IQ and make the process as easy as possible. If you have not been selected, you do not need to do anything. Your annual premium will be calculated based on information collected in prior years and you will receive your renewal notice in June. If you have not been contacted either by phone or email, and wish to discuss your insurance needs or participate in the insurance questionnaire process, please contact us on (03) 9270 6900, or email contact@vmia.vic.gov.au. As part of our rolling review of client data, you may be requested to complete the IQ in future years.

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How are you determining which clients are selected?

We select a sample of clients from across our portfolios. Those with higher risk profiles and activity levels will be prioritised for review. In future years, there will be a rolling review of client data, so we expect client numbers will vary year to year.

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Can my organisation be selected to be part of the annual insurance questionnaire?

If you have not been selected for this year’s Insurance Questionnaire but wish to complete the questionnaire, we are more than happy for you to participate. Please contact us by email on contact@vmia.vic.gov.au or phone on (03) 9270 6900.

If you don’t survey me, how do I know that my coverage is sufficient?

The annual Insurance Questionnaire is just one way we work with you to manage your insurance needs. We understand that completing the Insurance Questionnaire is time consuming, particularly if your requirements do not vary greatly from year to year. We will use historical data, along with any new or additional information you provide us to inform your insurance renewal. For State-owned properties, we use the Valuer-General Victoria’s asset valuations. If you believe there have been significant changes in your organisation that may impact your insurance requirements, please contact us on (03) 9270 6900 or email contact@vmia.vic.gov.au

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My organisation hasn’t been selected for the insurance questionnaire but there have been significant / out of the ordinary changes to my organisation’s operations and risk profile. What should I do?

If you believe your organisation has significant or out of the ordinary changes such as mergers, construction work (> $500k), property acquisitions (> $1m), material changes in the type and level of activities or major changes to your risk profile, please contact us on (03) 9270 6900 or email contact@vmia.vic.gov.au to discuss any impact to your insurance arrangements. 

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My organisation wasn’t selected this year, will I be selected next year?

As part of our ongoing rolling review of client data, you may be requested to complete the IQ in future years. We will notify you if you are selected to participate in next year’s insurance questionnaire.

What significant / out of ordinary changes need to be reported to you?

Significant or out of the ordinary changes include mergers, construction work, property acquisitions, material changes in the type and level of activities or major changes to your risk profile, please contact us on (03) 9270 6900 or email contact@vmia.vic.gov.au to discuss any impact to your insurance arrangements.

With only a selection of clients involved in the questionnaire, what is the impact to annual premiums?

There is no impact to annual premiums. We are confident that by surveying a selection of clients, combined with our existing data, we will generate significant information to accurately and fairly calculate annual premiums, while reducing the administrative burden on clients.

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How do I know that the premiums are calculated fairly?

Premiums are allocated to clients on the basis of their risk profile, activity levels and past claims experience as an indicator of potential future loss. We are confident that by surveying a selection of clients, combined with our existing data, we will generate significant information to accurately and fairly calculate annual premiums, while reducing the administrative burden on clients.

As part of the Insurance Questionnaire I was able to record my compliance to a component of the Victorian Government Risk Management Framework Insurance Attestation. As I am not completing the questionnaire, how will I record that information?

Under Ministerial Direction 3.7.1, public sector agencies insured by the VMIA must comply with a number of risk management and insurance requirements. The obligations of the Victorian Government Risk Management Framework (VGRMF) are outlined here along with helpful resources. In previous years the Insurance Questionnaire has provided some clients with documentation to assist with attestation. Ongoing discussions with us from time to time can also inform your organisation’s attestation process. If you need to complete an Insurance Questionnaire or discuss your level of insurance to assist with VGRMF obligations, please contact us on (03) 9270 6900 or email contact@vmia.vic.gov.au

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Need more information or have further questions?

If you require further information or would like to discuss your insurance needs, please contact us on (03) 9270 6900 or email contact@vmia.vic.gov.au

Page last updated: 30 April 2018