Renew your policy

The QGIF Insurance Policy is renewed on 1 July each year. The renewal process starts with QGIF requesting agencies to complete the following policy renewal documents:

Over several months, the collection and analysis of this underwriting information is used by QGIF’s Underwriting team to assess each Agency’s risk exposures and, in consultation with the State Actuary’s Office, determine the appropriate premium allocation for the next 12 months.  Each Agency’s premium contribution is determined purely on a cost recovery basis.

Premiums are actuarially determined to ensure the total premium pool is sufficient to meet the cost of current and future claims. The total premium pools for each class of insurance are also submitted to QGIF’s Governance Committee for approval prior to the release of Insurance Premium Notices/Tax Invoices.

Every renewal, QGIF works closely with our clients to improve the quality and completeness of the data received to enable us to better understand the State’s financial exposure to losses. Having accurate and quality data is also critical in obtaining cost-effective reinsurance for the State’s catastrophic risk exposures on a whole-of-government basis.

 

Frequently Asked Questions

The Insurance Particulars Form must be completed and returned to QGIF by 28 February.  Asset Schedules are due by 30 September.

Annual Renewal Tax invoices are sent early July, and due for payment within 30 days.

The QGIF Insurance Policy automatically renews on 1 July each year. The Agency can still lodge a claim, however settlement will be delayed until payment of the Annual Renewal Tax Invoice and declaration of any Input Tax Credit Entitlement (ITCE).

This is required to ensure compliance with the GST legislation and avoid any unintended GST liability on claim settlement payments.  While delay in the declaration of ITCE does not affect your insurance cover, claim payments can only be made after the ITCE has been provided and payment of the Annual Tax Renewal Invoice has been received.

Importantly, the ITCE needs to be your Agency’s global or enterprise ITCE and not the individual entitlement on various Policy sections.  Should you require assistance in determining the ITCE, please contact your Agency’s tax advisor.

Details of all assets are required so QGIF can assess the level of risk exposure and calculate an appropriate premium commensurate with that exposure.  In addition, QGIF collates each Agency’s asset details into a Whole-of-Government (WoG) Asset Schedule which is provided to reinsurers in accordance with our reporting obligations.   Providing accurate and comprehensive data to the reinsurance market enables QGIF to purchase the most appropriate and cost-effective reinsurance for the State’s assets and liabilities.

Geocodes (or geographical co-ordinates) are used to map the physical location of State assets. These maps enable QGIF to better understand where a particular agency’s asset, such as a state school, is located and how this location may be impacted by a natural disaster. Providing the reinsurance market with accurate data on asset location assists QGIF to purchase appropriate and cost-effective reinsurance for the State’s assets and liabilities.

Current replacement value is required as QGIF settles claims on a reinstatement or replacement basis. If replacement value is not available, please advise acquisition value.