What would happen if you lost everything you’ve ever worked towards?
It’s a fear that we might rarely acknowledge…but in the face of devastating fires, floods and storms across Australia, these Business Interruptions are a reality for many.
And the problem is only going to get worse.
Our recent guest on the Win Sales Now! Podcast, Lyndon Holland, has “seen it all before”.
A 39-year veteran of the insurance industry, he’s witnessed the crippling impact of business people purchasing the wrong insurance package…then losing everything they’ve ever worked towards.
But not his personal clients, because Lyndon has had a 100% success rate in getting insurance claims paid, with more than $150M (yes, million) paid out to his customers.
This conversation is for you if you’d like to learn how to:
– Avoid losing claims because of under-insurance
– Prevent non-disclosure issues
– Protect yourself, your family and your business
– Shield your property/ies from interruptions like fire, theft, loss of rent and flooding
Please enjoy the conversation with our good friend Lyndon Holland!
To learn more about Lyndon Holland, visit: https://cbdinsuranceservices.com.au
Daniel Tolson & Nini Tolson: 00:01 Ladies and gentlemen, our guest today has been in the insurance industry for over 39 years. During this time, he’s had a 100% success rate in getting insurance claims paid with more than $150 million pied at two. He is clients today. He’s going to show business people across the country how they are losing claims because of under-insurance, how to avoid non-disclosure issues and how to protect yourself from business interruptions such as total loss from fire, loss of rent and flooding. Ladies and gentlemen, please help me welcome our good friend Lyndon Hollander.
Lyndon Holland: 00:43 Hello [inaudible]. Thank you. Thank you so much. And what a pleasure it is to be on your podcast.
Daniel Tolson & Nini Tolson: 00:48 Well, it’s always a pleasure and I’m, you know, we’re always about winning sales now and there’s plenty of things that can go wrong in business and in my opinion, most business owners don’t look far enough into the future and look for those business interruptions. So you’re the expert in this field and I’d like to pick your brains and just have a look at, uh, at reasons why people aren’t prepared for business interruptions. So you’ve been in the field for 39 years. Boy, you must’ve seen some stuff of the past 39 years to business owners. Lock ass, what have you signed?
Lyndon Holland: 01:25 Yeah. Wow. It’s amazing. Thank you. What an interesting question looked at and seen. A lot of things happen over the years to small businesses and as you know, within the first few years of of establishing a small business they normally file. What happens is, is that we tend to forget what’s important to us and concentrate on our core business and not look at mitigating the risks. So we don’t, we tend to not mitigate it by having out correct insurance. And as you said, underinsurance is a very, very big risk in insurance. In Australia we find, or I find that probably nine out of 10 businesses are underinsured or are incorrectly insured and that’s because they don’t know how to identify the risk in the first place. In fact, most of them don’t have a risk register and if you don’t have a risk register, how can you not your risk. So there, that’s one of the first things we do is we identify the risks by likelihood and consequence.
Daniel Tolson & Nini Tolson: 02:31 So business owners like myself and any MOUs give you a lot of sleepless nights. So when you got to bed, thinking about us, what runs through your mind about small business operators in Australia? What are these sleepless nights that you have?
Lyndon Holland: 02:51 Yeah, look, I mean, it’s an interesting question. I mean, I do have sleepless nights sometimes. And when you are now dealing with people around the globe, it presents new risks and presents challenges for us to be able to manage those risks. So for, um, uh, somebody who has a business such as as your, um, awesome business coaching business, we need to look at the risks for nanny and the family or your business partner or the children’s. So we need to look not only one week down the track, but we need to look four or five years and 10 years down the track. And it’s important to, to review that on a yearly basis. And you know, we do it twice a year because so many things change so often. So, you know, um, nanny might have another baby and that changes your, the risks and it changes what it is and the needs that the family needs.
Lyndon Holland: 03:51 So typically a family, um, a family business, the principal and his wife are in their thirties and forties. They’ve just taken out a mortgage. They’ve got one or two children or one on the way, um, normally one or two cars and they’ve, they’ve financed, um, and you know, maybe even a business loan or an overdraft. So they’re the sorts of things we, we tend to not to look at. And so if the main income earner, um, it’s taken out of the equation and cannot earn an income, there’s a big risk of sending everybody, um, bankrupt or into liquidation because you can’t afford or meet your debts when they fall due. So, and if you can’t meet your debts when they fall, do you go into liquidation? We can transfer these risks by actually having correct business insurance. And I don’t mean business insurance by ringing, um, an insurance company direct and, and having what they call business insurance put together because there’s a big difference between business insurance that you do direct with an insurance company or business insurance that you actually go through and secure with a broker.
Lyndon Holland: 05:08 Uh, for example, yo, when you deal direct, the policy wording, the definitions and the benefits are sometimes 50% less when you deal direct than it is going through a broker. And so when you do your comparisons on the premiums and you think, okay, well this one is with a, B S the insurance company, the brokers with ABC insurance company. And if I go direct, I’m saving myself $1,500 a year. So that’s what I’m going to do. And it’s not understanding what the benefits and the definitions are and what the policy wording differences are. Daniel. So it’s a very difficult thing for small business people because they’ve got a cashflow, can I afford the insurance? And then as they tend to expand and grow, they might not have had a claim and they go, Oh, I don’t need the insurance. And then next minute there’s a $5 million claim. And this is where we see so often businesses fail if they don’t fail getting their business off the ground. And if they’re not using Daniel, they’re not going to do that properly. But if they don’t have the insurance to support them and back them in the event that there’s a catastrophe, they’re shorter foul.
Daniel Tolson & Nini Tolson: 06:29 Hmm. But Linden, I’m perfectly healthy on, on my former athlete, I ate the right foods. I don’t drink, I don’t smoke. I’m the, I’m the best driver on the road. I’ve married in the blue bloods pedigree. There’s nothing wrong that could happen to me. I’m not going to bet against myself.
Lyndon Holland: 06:49 Well that’s it.
Daniel Tolson & Nini Tolson: 06:50 And I this and a friend of mine just last week, 42, same story stories, maid dropped dead last week
Lyndon Holland: 06:58 at $42 million business. What happened? Yeah, it’s a really interesting question. Then, um, the, the issue that we find is that everybody’s invincible. And when you’re 19 or 20, and you’re starting out in a new business and you’re an entrepreneur and everything’s happening and you’re driving a new Mercedes Benz or a new Ferrari or whatever it might be. Um, it’s a really, really interesting scenario where they say, Oh, I’m just invincible and in it will never happen to me. And it’s like the Corona virus. It is, it is spreading worldwide and it is now starting to create concern in the countries that are joining China. So Taiwan and Korea and places like that, um, as far as Japan and Thailand are now starting to take precautions and, um, airlines are now banning, flying in and out of certain cities within, uh, mainland China. And that becomes an issue.
Lyndon Holland: 08:02 So the loss does, for Quantus for example, they’re going to lose probably four or five services a day to two cities. And when you’re talking, you’re carrying three, four, 500 passengers, you’re talking millions and millions of dollars of revenue lost. Now, I’m not talking to the likes of Quantus or BHP, but to, to [inaudible] to give you an understanding of that quantum. If I was a small business and my only market was China and it was delivered by air and I couldn’t get anything out of China for three months and I can’t source a market anywhere else, then where am I going to go? If I had an insurance and I transferred that risk to the insurance company, I know that I could survive, I could keep my staff, I could keep my mortgage and I can keep paying my rent and I can keep paying all those bits and pieces I needed to. But without it, you’re going to have to start looking for somewhere else to go. And people will wait to see what happens. And sometimes it’s just too late.
Daniel Tolson & Nini Tolson: 09:09 [inaudible] this Corona virus impacts businesses like mine as a consultant. Uh, I plane trainings globally. So, you know, we didn’t plan for the coronavirus. It’s a bloody inconvenience to me. And, and what happens is we don’t plan for it. We don’t look far enough ahead. And like you mentioned before, we think we’re invincible and it’s not going to happen to us, but we’re in the middle of it. Ninnies Tagua nice. And they’ve already shut 200 flights down between Dubai and China and we were planning to go to Dubai at the end of the month. Now we can’t go
Lyndon Holland: 09:45 and I look forward to seeing you in Sydney when you can’t fly to Dubai now
Daniel Tolson & Nini Tolson: 09:49 and, and this is what I said to ninny as well as I want to go back to Australia. Bet. Now the concern is what if I go and then they closed the border and I can’t get back to Taiwan then mot. And then I’ve also, I’ve got to think, yes I am set up to an operate an online business. But what if I had played for events and I had events playing and I couldn’t shop because we just bought a ticket to an event here in Taiwan. What if they don’t come? So are you saying that I can transfer this risk because I can’t win sales anymore? I only ne had to lose sales now, but this insurance could protect me in situations like that is, is that the case?
Lyndon Holland: 10:28 Yeah. Look, a business interruption loss or consequential loss is, you know, the losses that are the result of the consequences of, of the result of the risk that’s happened. So the damage could be, for example, as you say, I’m prevented access to my building for example, or I’m prevented access to my products or whatever. Um, that prevents you from sales that prevents you from [inaudible], from turnover that prevents two from daily, um, incoming and outgoing. And so if, if you’re prevented access, then you’re entitled to speak, um, the losses to be re compensated for. And that’s what insurance is about, is if I suffer a loss, insurance is there to put me back into a position I was in before I suffered that loss. So whether that be loss of income, whether that be loss of revenue, whether that be locked. So something else. However, one of the other things in, in losses is when you tell people that it doesn’t cover my workmanship. So if I go to a seminar or a conference and I don’t deliver and they’re not satisfied, then that doesn’t, my insurance doesn’t cover that.
Daniel Tolson & Nini Tolson: 11:42 Hmm. So [inaudible] I don’t know anybody. I don’t trust anybody, you know. W where do you get the rod advice? Because I, I’ll tell you a story. You and I have the same microphone and I’ll been using this microphone for two years and I love it. And it’s probably cost me 200 5,300 bucks, but I want to buy one for ninny. So what I did the other day was I’m satisfied with it, but there’s one thing I just want to know about it. So I spent an hour on YouTube looking for independent advice and after I was convinced to the answer, I then ran, rang the manufacturer. Yeah. Because I didn’t want to speak to the manufacturer first. I wanted to get my own advice. So people who are in our position, your, you’re husband and wife, you’ve got a couple of kids, your businesses being successful
Lyndon Holland: 12:31 [inaudible]
Daniel Tolson & Nini Tolson: 12:31 where do you start looking for advice? What, what do you do?
Lyndon Holland: 12:35 Um, a great question. You know, the best thing to do is to ask already your trusted experts around you. You say you might have an accountant or a lawyer, I’m an insurance broker, I’m a trusted business partner or somebody you know who’s in business and they would normally have somebody that they would trust to get this sort of advice. What, um, we need to do is we have a lot of people running around getting expert advice from people who aren’t experts. And it’s like me trying to replace my own fence after the wind blew it down. I’ve done that before. I was young and I was foolish once before. And then there was a storm in Sydney and it took away my brand new fence on my brand new home and the next weekend my father and I are there trying to repair it. The week later the storm came back through and gone was the fence again.
Lyndon Holland: 13:29 So we really do need to get expert advice and to save that extra couple of dollars really, really costs us in the long run. And we’ve all bought something that’s cheaper because it’s cheaper and it looks the same. But it’s not the same. Same. So you really do need to, if you’re talking about a business advice, your business coach ought to know somebody who does financial planning, who has, um, a touch on general insurance and they will know experts in law. They will know experts in other areas in which they can put you in touch with. Unfortunately, for us, uh, my next door neighbor is an expert in insurance. And, um, the, the father is an expert insurance. None of them have ever done any business in the insurance industry, but they’re all experts and we all tend to take advice from people who don’t know much about what they’re talking about.
Lyndon Holland: 14:28 Um, and it’s anytime we go and sit around the dining table or with friends and we bring up a subject, there’s always an expert there that doesn’t really know anything they’re talking about. So we need to be careful that we do engage proper experts. And if you’re talking about in the general insurance industry, you really do need to have, um, a steadfast, um, and NEBA member as an to make sure that you’re being [inaudible] live with the right advice. Um, in, in the financial planning side of things, there’s the, um, uh, Australian independent financial planners association or independent, um, advisors now professional advisors, and that’s where you go to seek those sorts of things. A lot of people have gone to the banks and we’ve seen what’s happened in the Royal commission and they thought they were seeing experts in financial planning and insurance. But we’ve since found out that they have no ID, uh, what they talking about or what they’re doing. And it’s been a big cost to lots of small business. We’ve seen small business fail and lose because they’ve not sought the proper expert advice.
Daniel Tolson & Nini Tolson: 15:36 Just out of curiosity, would you ask your general practitioner, your local doctor for marketing advice?
Lyndon Holland: 15:45 Well, that’s really interesting. I mean, if, if I saw him on LinkedIn every day and I, and I saw his business growing and, and all of a sudden there’s two or 300 people in the waiting room, I’d want to know what he’s doing, but I’m not sure that that’s what’s happening to my Jew. So no, I wouldn’t snow. It’s fascinating.
Daniel Tolson & Nini Tolson: 16:03 You’d asked that question. Uh, and you’d think no, why? I would never ask the doctor for marketing advice, but people are doing this all day, every day with their life when it comes to their insurances getting, getting poor Voss. Why do people do that
Lyndon Holland: 16:18 to the, to themselves? Why is that? Yeah, it’s a really interesting point. Yeah. Yeah.
Speaker 3: 16:25 In your, in your, um, you know, in your opinion, or have you seen anybody or, you know, because of the poor advice and in result they, you know, actually they lost their business. Like how bad can, can you be?
Daniel Tolson & Nini Tolson: 16:40 I think what she’s asking is, can you do a special insurance policy?
Lyndon Holland: 16:49 [inaudible] um, it’s a wonderful question. And we have seen, um, people make decisions with, um, insurance advisors that have destroyed their businesses. And I can give you a couple of examples. Uh, I won’t name too many names, but there’s an example with Microsoft at the moment in the Supreme court in Melbourne, Mark Chris after taking one of their preferred partners to court because that preferred partner used five or six simple moves in a row that were exactly the same as Microsoft written language for their computer systems. And so therefore it’s their intellectual property. So far, the case has done about $18 million has been spent on defending and there’s no way knowing this person’s going to win cause Microsoft have it all together. The courts, uh, tend to that, um, he’s done the wrong thing by not asking for their permission to use their intellectual property. So for that man, he will lose everything.
Lyndon Holland: 18:00 He’s lost his house already. He’s lost his wife, he’s lost his business and it’s destructive. We’ve currently got a company here in South Australia that was, um, a supplier or manufacturer of swimming pools and they had a fire that was catastrophic and burned everything down. Uh, two years later, they still haven’t been able to replace the molds because they were made overseas and they’re still in the repair and build stage. So by the time they get here, which will take another eight or 12 months to get here before or five years that he’s lost his $25 million a year for that period of time. And he broker had him insured for consequential loss or business interruption for six months. So for three and a half years or three years, he’s still going to have no income. He’s got insurance because it’s only for six months. And this is where a lot of people make a lot of mistakes in business interruption insurance.
Lyndon Holland: 19:04 They don’t look at the long term, what happens in my risk register when we build that, we look at what would happen in the longterm. What is the matrix? What does the matrix look like? And for small business people, um, and successful business people and entrepreneurs, um, we need to look at making sure every Avenue’s Cavin and people say to me, you know, Lyndon, why have they got everything insured? You’ve got their house in their car, their business, their business partner, their wife, their children, even, um, all have a portion of insurance. And that’s because you don’t know the unknown. And I don’t know what’s going to happen tomorrow. I can walk out and the unknown can hit me in the face and I still wouldn’t know what ticked me in the face until I wake up the next day in intensive care or in Columbia or wherever it is that I end up in that unknown. Obese. Yeah.
Daniel Tolson & Nini Tolson: 20:06 Oh, I’ve got a client in the UK, self made millionaire, very successful guy and he says, Danielle, it’s what you don’t know that hurts you. It’s that. It’s that. It’s the unknown unknown. And it was the other week, um, we had a great Christmas holiday, took time off to recharge, to rest the body, to rest the mind. And we were ready to stop business. And the first day back in business, I was sitting here, it was about two 30. My back was sore. Now that’s not unusual if you have a sedentary lifestyle. And I said, let’s go to dinner early. We walked down the street and my back was hurting. I thought, I’ll walk faster, that’ll, that’ll fix it. So we went and we had a hot pot and we sat down and I wasn’t feeling good. My back was hurting and I thought, I’ll just have some more rice and then I’ll put a bit more sauce on it.
Daniel Tolson & Nini Tolson: 20:54 And I just kept eating. So I thought that’ll take away the pain that I started, drink the tea. And then I said, Denise, I said, I’m going to go to the bathroom. I went to the bathroom, come back, and I said, let’s go. Let’s go to the bread shop and we’ll go home. And I said, don’t go to the bread shop. Let’s just go straight home. And so on the way home, I said, let’s not go home. Let’s go to the doctor. And then halfway hammer said, let’s not go to the doctor, take me to the hospital and rushed me straight to the hospital. There I imperfect health those day back at work refreshed. I’ve written my goals. I wrote my goals in the morning because that’s important. And I had a bloody kidney stone and there I am first day back at work for the year and I’m in hospital already.
Lyndon Holland: 21:33 Did not expect that. Did not see it coming at all. And, and that, that could have set us back. Yeah, it’s, it’s amazing isn’t it Daniel? I mean you think about the things we do on our, our social level and I’m not adverse. I am now, cause I’m getting a bit old, but I wasn’t adverse to having a little game of tennis or a little game of football. And especially when you get out there with your cousin or your brother or your children and it’s the, the big arm, the mantra remain, Oh I can do this, I can beat you. Competition type of thing. And you can easily get hurt. And as you get older you don’t realize how brittle your bones become or how susceptible you are to injury and injury as we get older takes a lot more time to recover. And it’s, it’s those sorts of things we don’t know.
Lyndon Holland: 22:22 And listen, we’ve, we’ve all heard the stories of the nine 10 year old that’s a paraplegic or quadriplegic got into their forties and 50s. Um, and they’ve, they’ve been did, they can’t return to work. And you know, money is probably the second biggest reason for divorce in the world because there’s a lack of money and you can’t pay for the food and you can’t pay for the electricity. So it surprises me that 89% of self employed people do not have income replacement insurance. Because if I pick up the Corona virus tomorrow, um, I could be quarantined for three months. I can’t go out and earn an income. Or if I pick it up, glandular fever, which can put me in bed for a year or two. Mm. You know, he can hit really, really hard and it just won’t happen to me. And we’ve all heard the stories of the, the physical, um, the, the PE teacher at school who was jogging around the block on a Sunday morning and died and was lying in the gutter. Um, some of the stories we can tell have been horrific. And if you truly love your family and you truly care about everything, you make sure that at least they’re covered and you’re not gonna leave them destitute if you leave them.
Daniel Tolson & Nini Tolson: 23:38 [inaudible] do you love me wife?
Lyndon Holland: 23:40 Well show me the insurance policy
Daniel Tolson & Nini Tolson: 23:47 cause I signed it. W we had an interesting situation a couple of years ago and I’m not, I’m not, I wasn’t a business matter at this stage. I was a serious professional and uh, I, I was working with Emirates airline and so was ninny and Minnie had flown to UK in, she was flying back into Dubai. This is 2010 doing her job, falls over on the aircraft, uh, fractures her nae in five places and for two and a half years, her basic company insurance policy covered her basic. So w it was like half salary, but we’re talking like half salary automated about $2,000. And then there was all the medical bills on top and we’re very lucky that the company paid for it. And there was probably about $250,000 worth of bills. But they got to a stage and they said, we can’t do this any longer. And for two and a half years we were looked after, but well, I had spent all my personal savings during that time, just keeping up with ninny and then she lost her job at six months pregnant.
Daniel Tolson & Nini Tolson: 24:50 So six months pregnant, there’s what you’ve been doing for 10 years of your life. You can’t do any more. So for ninny at that stage, she had to totally reinvent herself. So she lost a job. She had to leave Dubai and you know, God bless Emirates, they took care of her really well, but she still had to go. And then what happened to me was I had to make a choice. Do I stay and live there and work or do I go back home for the birth of my daughter? And I actually had to resign from my job and walk away. So that stage way, you know, 32, uh, one child on the way, we’ve spent all of our savings and I’ve got to give up my job and I have to read tool. And I would say the negative impact on our life probably impacted us fully from, I would say 2010 to let loose 2000. And, uh, what do we now, 2020? So 2010 to probably just in the last couple of years where we’ve bought our skillset back up to speed with the market. So can a serious professional cover themselves as well, you know, in, in this incident. Can they cover themselves?
Lyndon Holland: 25:58 Yeah, absolutely. Daniel. It’s a really, really important thing to, to assess. I mean, um, I’ve, I’ve had the privilege over the last 38, 39 years to, uh, work with people like Jerry Harvey, um, Jack Corbett, you know, who was involved in the young entrepreneur of the year awards and people like that. And they say to me, you know, within five or 10 years, I’m going to have a certain amount of assets and I’m going to do this and I’m going to do that, and, and whatever. And you say to them, [inaudible], okay, well what happens if, and like I tend to look at you when an, especially when they’re, uh, they’re young and they’re in their early twenties and thirties, and they say, well, it’s never gonna happen to me. And you hear it time and time and time again. And these, these people will have incomes, enormous income. Some of them have four or $5 million a year income as a single generating person.
Lyndon Holland: 26:52 And they live that lifestyle according to that. And to take that all away from them is like putting them in, you know, in the cock Hilton, they, they feel like they are in jail. They feel like they’re imprisoned. They can’t do what it is that they want to do. So we specialize in the self employed entrepreneurs and specialists in making sure that we don’t come across that scenario, that in the event that they can’t work for six months, 12 months or the, they lives, that their income is replaced for the rest of their lives. They can continue to, um, enjoy the, um, the custom that they used to and uh, continue to stay married and stay as a, as a family. When you don’t have any money and you can’t do things, everything changes. And it takes a strong partner, a strong wall by, for a strong husband to support their partner for 10, 20, or 30 years when there are other partners disabled and there’s no money coming in.
Lyndon Holland: 27:58 And I’ve got to stay home and bring up the children and everything else. So the pressure we put on our partner when we leave them aside, if we’ve had an accident or a trauma or a disability or we’re still a death, um, is terrible and people don’t understand what the risk is. And when you sit in front of somebody and you say, well, don’t you really love your wife because you know, your insurance should be $5 million, not $100,000. They look at you and go, well, why? Well, I’ve got children under the age of five. I want them to go to private school. I want them to go to university. I want them to do this. I want the mortgage to be paid off. And I really don’t want my wife to have to go to work. Um, and I want her to be able to do what she needs to do.
Lyndon Holland: 28:47 And to do that, you need to say, well, you need to produce an income of this amount of money, which replaces the income that you would be producing. So, and today you’d be lucky to get five or 6% interest return. Um, so you need three or four times, maybe five times. The sum insured you used to have to have 10 years ago. So to produce $1 million a year in income today, you’ve almost got to have $10 million invested earning 10% I can’t, I don’t have $10 million in the bank to you. No. And so, you know, it’s, it’s few and far between. And when it comes to business partners and you, if you’ve got business partners and something happens to a business partner, you can only support them for a certain amount of time. Yes, I’ll be here. I’ll support you. You’re sick. But let me tell you, after two or three years of you continue to pay them and they’re sick and they’re not coming into work and they’re not producing, you get to the stage where you’ve had enough and saying, I’m sorry, this is not working.
Lyndon Holland: 29:49 And it ends up in terrible litigation and that’s destructive and this is the sort of thing that a proper planning of risk management can actually, um, redo from, we can, can actually take away that stress overnight time. You can sleep and know that everybody around you safe, including your business. I come across companies. Daniel came across M a M freight company June last year. Then they were turning over several hundred million dollars a year. They didn’t have any insurance at all, not even liability insurance, which is, uh, amazes me that I didn’t even know contents insurance, no, nothing. Not a thing. Nothing nice cyber insurance, no, no protection insurance. They were taking payments on, you know, wherever they were going and whatever they were doing, they were breaking the law because in our country, um, the directors or the board are responsible to make sure the safety of of the clients in the company itself. So if I don’t have insurance and it all goes down the truth, I could be criminally charged in Australia.
Daniel Tolson & Nini Tolson: 31:03 [inaudible] incredible. So it’s not about the size of the ring on your finger anymore, how much you love your partner. It’s about the size of the insurance policy. Yeah. One question, you, you’ve been in industry for 39 years. You’ve got a hundred a hundred percent success rate in insurance claims paid out, and you’ve, and you’ve put $150 million back into your client’s pockets. I’ve got to ask the question, why are you more successful than other people in the insurance industry?
Lyndon Holland: 31:39 Yeah. Um, and Daniel, it’s an interesting question. I mean, I’m passionate about what I do and what I believe in. And I believe, as I said earlier, that insurance is there to put you in a position to replace the loss so that you’d be in the same position you were in before you, uh, experienced that loss. And whilst a lot of policies have definitions and they have exclusions and clauses and other bits and pieces, I’m one for integrity and honesty. And that goes both ways. When I fill in my, um, my proposal to the insurance company, I need to be brutally honest and if I expose everything to them and give them everything on a silver platter, lane know exactly everything they’re exposed to. So if I have a loss, they can’t say we weren’t aware of it. Um, and decline the claim. Listen, they know we’ve had claims that have some time.
Lyndon Holland: 32:41 Um, you know, there’s a specific claim in the back of my mind right now where the insured was paid $12 million. The insurance company said they would never ever get paid. They weren’t going to pay it. Um, you know, he would have to die before it was paid. It shows a life insurance, it’s policy and the life insurance policy has terminal illness attached to it. And he was suffering from five different illnesses. And because the company wanted to understand one specific illness, uh, which one would kill him, uh, and they wanted it to be defined and definitive until we proof that all we came up with some evidence of that they weren’t going to pay it. And as the specialists, the three specialists and the two GP said one of the five conditions is going to kill him. Which one? We don’t. No, but we do know this.
Lyndon Holland: 33:39 One of them will [inaudible] so eventually we got that paid. But sometimes it’s really, really difficult. And that took, you know, nearly three years. And, uh, the, the, the mental stress and the financial stress that puts the insured under is unbelievable. And we saw that come out again in the Royal commission where the likes of common shore were changing medical reports or, um, they were changing. Um, their chief medical officers reports according to the reports, you know, there’s no integrity in that. There’s not one Estee. And that if I’ve been paying my premiums for 25 years or 30 years and I suffer a loss as a consequence of that loss I’m on, I might die next week or whatever it is. Um, I then need to honor my contract. And my contract is, is if you suffer a loss, I’m going to put you in a position you were in before.
Lyndon Holland: 34:35 Um, you suffered that loss or help you manage for it. So life insurance is a little bit different to general insurance. The life insurance pays you a lump sum to get your affairs into place before we, you, you pass away. And for some people, that financial burden being lifted actually, uh, puts them in a position where they mentally stronger and they actually come back out of it. I’ve seen people recover from tumors and cancer and, um, heart conditions because they, financial trauma has been taken away from them. And so they’re able to concentrate on getting better. And I’ve got a uh, right now who’s lived 12 months past what the doctors, the specialists, cardiologists said he was going to live by simply because we got his insurance paid and he spending time with his family and there’s no more stress there anymore. Incredible. Incredible. So I’m a, I’m a business owner. I’ve got a, I’ve got a wife, I’ve got children and I’ve got this insurance policy
Daniel Tolson & Nini Tolson: 35:37 and I’m a little bit concerned, can you review this for me?
Lyndon Holland: 35:42 Can you, can you it? Yeah. And we will review it and that’s one of the things to do. So you can send that to me after today’s um, YouTube webinar and podcasts and we’ll sit down and discuss the differences in them. One of the things you need to be aware of is what the definitions are and there is so many definitions in so many different products that are available out there. I remember, uh, when I had a discussion with a senior person at amp and they said, well, we’ve decided we want to take away some of the bulls and whistles from the insurance product to make it more affordable. I said, well, when you start taking away those sorts of things, you’re taking away the unknown. I mean, the, the idea is that I give you some money and we’re gambling that I’m going to continue to pay that money and not claim or your gambling to say, well, I know your Longy activities 85, um, and I know that you’ll probably die before you’re 70 or 80. And I know so that’s going to be climbed. However, you know, uh, you can take it out till you’re 65 and you might die when you’re 66 and so therefore there’s no claim on that, that product. So it is a gamble, as you said, you know, it’s a big gamble to play with your family. It’s a big gamble to play with your assets and a big gamble to play with your business partner.
Daniel Tolson & Nini Tolson: 37:05 Huge. So I’m going to reach out to you and for the people joining us on the podcast. Uh, we will also put Linden’s details in the feed below. But would it be okay if our friends reached out to you for you to have a look at their policies and just to check in? Are they covered for now they come for the few gem ane will the policy protect their family? Would that be okay with you?
Lyndon Holland: 37:30 Yeah, that’d be, that’s a great idea, Daniel. And I mean, I’m happy to give it some time and some consideration and uh, um, most of them and we sometimes find people who are insured correctly and I mean, it does surprise me, but most of them will find some little surprises that they’re not aware of. Yesterday there was a gentleman in Perth, he’s a manufacturer of um, tanks and these, these tanks go into mines and those sorts of things. They, they collect a human waste. They, they turn them into, um, water that, that goes back into the environment. Now he had liability insurance. And when I read the policy, who is actually excluded from product failure? So we’ve got these tanks that are collecting human waste. And if one leaks, it could contaminate rivers or whatever. He’s excluded from a claim. That’s just ridiculous. And I can tell you hundreds of stories like that. Hundreds and people are just surprised. You only know how good your insurance policy is when you come to climb.
Daniel Tolson & Nini Tolson: 38:33 Well, I, I think I can measure how good your policies, Abacus, there’s 100% success rate and you’ve put $150 million back in your client’s pockets. And I think that’s incredible.
Lyndon Holland: 38:44 Well thanks for John. Yes. And just before you go, I mean, the team here with Kate and Sarah and, and the other staff, they just awesome at what they do and they really, really do care and they genuinely have an understanding of what your risks are and it’s really important to understand that. So, but, but yeah. Thank you.
Daniel Tolson & Nini Tolson: 39:04 My pleasure. Well, ladies and gentlemen, Lyndon Holland, uh, all Lyndon’s details are below and I really encourage you to reach out to him personally and review the policy. Either way, it will give you peace of mind and a you’ll sleep straight at night. So I lend. Thanks for joining us and we’ll talk to you soon. Have a great day.
Lyndon Holland: 39:27 Thanks, Daniel. It was my pleasure. Thank you so much for having me. What a great, great, great pleasure. It was.
Daniel Tolson & Nini Tolson: 39:32 Thank you. My pleasure.