1. Policy & Coverage

Does my client need to sign a new Proposal Form for their renewal? 

No. Our platform will automatically issue out renewal terms. 

Are there any major coverage “gaps” between the old and new wording? 

No. Our policy wording remains the same with some updates to incorporate the latest AVN and LMA industry standards (AVN124, LMA5450 and AVN38B). A copy of the updated policy wording can be found here (Australia & New Zealand)

Can I still bind New Business on the old security? 

From 1 April 2026, all new business quotes will automatically be generated with Sompo as the security. Existing quotes on the old security will be honoured until their expiry date.

2. Mid Term Policy Changes and Claims 

Who handles Mid-Term Policy Changes? 

If the policy was originally issued by HDI Global Specialty SE – Australia, they remain the insurer for that term. Any mid term policy changes or cancellations will be processed under that original binder until the next renewal date. 

What happens if my client has a claim on a policy that started in 2025? 

The insurer on risk at the time of the loss/notification remains responsible. However, your point of contact does not change. You will still report the claim to Precision Autonomy Insurance, and we will manage the process through to settlement.

3. Admin & Finance

Do I need to update my bank details in our accounting system? 

Yes. For all policies with an inception date from 1 April 2026, please ensure payments are made to our new Statutory Trust Account. 

We will be in touch with updated bank account details in the coming days.

Is there a new TOBA (Terms of Business Agreement) to sign? 

No. Your existing TOBA remains valid. Your commission levels remain exactly as they are today.