NIBA is the peak body of the insurance broking profession in Australia and represents around 360 member firms and more than 2000 individual Qualified Practicing Insurance Brokers (QPIBs). In total NIBA represents an estimated 90% of all insurance brokers in Australia, and each member is bound by the Insurance Brokers Code of Practice (https://www.niba.com.au/codeofpractice/overview.cfm)
The member firms all hold an Australian financial services (AFS) licence, issued by the Australian Securities and Investments Commission (ASIC) under the Corporations Act, which enables them to deal in or advise on Risk Insurance products. NIBA members include large multinational insurance brokers, large Australian-owned insurance brokers, and more than 300 small to medium sized insurance broker businesses located in the cities, towns and regions across Australia.
NIBA’s core strategies fall under their four key pillars of representation; professionalism; community awareness; and member services. And as part of this strategy, NIBA has produced a guide to help strata committees and unit owners pick the right strata cover.
Professional Development Executive Linda Evans says the choice can be difficult. “Insurance companies selling strata cover direct to policyholders do not, as a rule, give advice on what products are appropriate for their needs.” She says cheaper insurance bought direct may prove a false economy if unit owners find themselves uncovered for some losses.
NIBA suggests seeking expert advice from a qualified broker, to ensure the right amount and type of cover is taken.
If you would like to know more about NIBA, and whether or not your intermediary is a member and bound by the code of practice, visit their NEED A BROKER website – http://www.needabroker.com.au/