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Deposit bond provider Deposit Power is back in the market after it stopped trading as a result of the interim liquidation of its former insurer CBL Insurance last February. Deposit Power is now supported by international bonding and commercial insurance provider Lombard Insurance Company.
In a statement, Deposit Power general manager Grant Bailey said, “CBL’s liquidation has been highly disruptive for all concerned.” He expressed the firm’s sincere apologies to those impacted, and its commitment to help support affected customers.
“We’re now focused on re-engaging with our long-standing partners and the general broking community to reinstate our position as Australia’s leading supplier of deposit bonds,” Bailey said. “We’ve also implemented some key initiatives to mitigate future risk and strengthen the product offering.”
Deposit Power established an independent custodial fund with Perpetual Corporate Trust Limited to guarantee a reliable and suitable claim payment process. The firm also created 80% of its reinsurance facility with S&P ‘A’/ ‘AA’-rated global reinsurance companies. Bailey considers the two measures as a powerful combination that “significantly reduces customer exposure.”
Deposit Power will continue the same online application and approval system. Its fee structure and qualification criteria will remain the same, as well its multi-level broker training programs, complete back-end support, and direct access to assessors.
“We’ve been very fortunate to retain many of our long-standing team members, including assessors, operations and broker support BDMs – so brokers can expect to continue ‘business as usual’ with familiar systems, faces and processes,” Bailey said.
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