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Insurance Brokers Disputes Limited (IBD) is a free consumer service designed to handle complaints and help resolve problems between insurance brokers and other financial services providers (other than insurance companies) and their clients.
IBD provides support to help you resolve problems quickly and efficiently, without having to resort to costly litigation.
Anyone who has a problem with their insurance broker or financial service provider concerning a general or life insurance policy can contact IBD.
IBD covers a range of policies including motor vehicle, home buildings and contents, sickness and accident, life, consumer credit, travel, personal and domestic. IBD also handles complaints regarding small business pak policies.
From 1 May 2007, IBD's jurisdictional limit increases to $100,000. This new limit is the maximum award for compensation that IBD can make in relation to a dispute and will apply to both disputes lodged by individuals and disputes lodged by small businesses. The new limit will apply to all disputes received after 1 May 2007. For disputes received prior to 1 May 2007, the previous limits, $50,000 for individual disputes and $5,000 for small business disputes, will apply.
Some cases, such as those already involved in legal proceedings, are not handled by IBD, nor does IBD handle disputes involving claims of more than the respective claim limit , except where the insurance broker or financial service provider and its professional indemnity insurer have agreed to waive this limit. For clarification regarding IBD scope, please refer to our Terms of Reference.
If you have any query about whether your complaint can be handled by IBD, call 1300 780 808 or email info@ibdltd.com.au.
Insurance Brokers Disputes Limited (IBD), Level 5, 31 Queen Street, Melbourne, Vic 3000
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