As a result of the Hayne Inquiry into the financial services industry, businesses are no longer permitted to purchase insurance and on-sell it to their customers unless they are a registered financial services provider. Since Burleigh Golf Club is not a registered provider, we have adjusted our insurance coverage accordingly.
The Club now holds insurance that covers “customers’ goods,” defined as items belonging to our customers for which we are responsible or have explicitly assumed responsibility to insure prior to any damage or destruction.
One unintended consequence of this change has been an increase in claims for damage to golf clubs that have simply become wet, based on the possibility that they may rust over time if not dried properly. While this has resulted in a modest increase in the Club’s liability, a more significant concern is that insurers have expressed reluctance to offer coverage for members’ golf equipment altogether.
To ensure Burleigh Golf Club can continue to offer the suite of insurance products expected by our members, we will no longer provide coverage for future damage to golf clubs resulting from exposure to water.
Members can take proactive steps to protect their equipment by:
- Arranging personal coverage under their home and contents insurance policy.
- Ensuring their golf clubs are thoroughly dried after exposure to water.
If you have any questions regarding this policy change, please feel free to reach out via email.