Protecting people and companies is Sharps’ motto, none more so than insurance companies. As detailed below, the regulatory framework associated with recovered stolen vehicle hazard management places an onus on insurers, its officers and directors to provide and maintain a safe working environment
“We didn’t know is not an answer”
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REGULATORY FRAMEWORK
The regulatory framework insurance companies must navigate and comply with is complex and evolving. It places a significant onus on insurers, their officers and directors to fulfil certain legal obligations.
Primarily, these obligations stem from the:
- Occupational Health and Safety Act, 2004
- Negligence laws
- Contract laws
- Laws governing Directors’ Duties
- Obligations associated with Corporate Social Responsibility
LEGAL OBLIGATIONS
Among other things, this regulatory framework creates an onus on insurers, officers and directors to:
- Eliminate all hazards associated with recovered stolen vehicles, or where this is not possible, to minimise these risks as far as practicable
- Maintain a safe working environment
- Provide employees with the information, instruction, training and supervision necessary to enable them to perform their duties safely, without risk to their health
- Provide appropriate compensation in the event of an injury
- Exercise an appropriate level of duty of care to employees and customers
- Honour explicit and implied vehicle safety warranties in the contractual arrangements associated with the return of recovered stolen vehicles to customers or their disposal to third parties
- Act in good faith in the interests of the company, for proper purpose with due diligence and care and not to fetter discretion
- Protect the interests of shareholders, employees and customers
These obligations place insurers and their officers and directors at serious risk if they fail to appropriately discharge their obligations.
REPORTING
SHARPS Australia can provide regular reporting for insurance providers.
By analysing both industry and business specific recovered stolen vehicle data, risk management decision making can be improved.
As the leading industry provider of recovered stolen vehicle hazard management services, SHARPS Australia has the most comprehensive data set available.
