Free template ยท Australia
Free Statement of Advice and insurance recommendation template for Australian brokers
A new business recommendation that works as a Statement of Advice for retail clients and a clear recommendation for wholesale ones. Scope, objectives, the quotes you compared and why you recommend one, with the disclosures RG 175 expects. The quotes and the premium are drawn as charts from your figures.
- No login needed
- Your logo, free
- Charts from your figures
- Written for AU rules
- Written for the Insurance Brokers Code of Practice 2022
- No login. Nothing stored until you download.
- Charts Word can't draw
- Every section cites its rule
What you'll download
A finished insurance recommendation and statement of advice, not a blank form.
Pages from the sample report. Tap a page to look closer.
Charts from your own figures
Word can't draw this. Your insurance recommendation and statement of advice can.
Enter the figures once in the wizard and the report draws its own charts from them. It opens with an at-a-glance page so the client sees the answer before the detail. No spreadsheet to build and no images to paste in.
In the insurance recommendation and statement of advice:
- At a glance tiles
- Quotes received
- Where your premium goes
- What makes up your premium
- Key dates timeline
- Your own logo on the cover and every page, free
At a glance
Total payable
$22,610
Quotes received
3 of 5
Cover starts
1 Dec
Quotes received
- Quoted
- Recommended
Where your premium goes
- Property
- Liability
- Motor
- Cyber
What's inside
17 sections, each one there for a reason.
Every section of the insurance recommendation and statement of advice, why it matters to your client and the rule or practice behind it. Edit or remove any you don't need.
- 1
Type of advice
Personal advice with a Statement of Advice, general advice with a warning or advice to a wholesale client, stated up front.
Corporations Act s761G, s949A
- 2
Scope of advice
What you were asked to advise on and what you weren't, so the limits are clear.
RG 175
- 3
Objectives, needs and circumstances
The client's business, assets and risks as you understood them, which your advice is based on.
Corporations Act s961B
- 4
Basis of recommendation
Why the recommended cover suits the client's needs, in plain words.
Corporations Act s947B, s961G
- 5
At a glance
Total payable, insurers approached, quotes received and the day cover starts, in tiles on the first page.
Best practice
- 6
Quotes compared
Insurers approached, their responses and the premium, excess and key terms side by side, with a chart of the quotes received.
RG 175
- 7
Consequences of replacing cover
If the client is moving from an existing policy, what they could lose or gain by switching.
Corporations Act s947D
- 8
Schedule of recommended covers
Each class with insurer, sum insured or limit, excess and premium.
Best practice
- 9
Premium summary
Base premium, emergency or fire services levy where it applies, GST, stamp duty and broker fee, with charts of where the premium goes and what makes it up.
GST Act, state duties Acts
- 10
Remuneration and conflicts
Commission, fees and other benefits in dollars, plus any associations that could influence the advice.
Corporations Act s947B(2)(d), s912A(1)(aa), Code cl 6.1
- 11
Duty of disclosure
The s21 duty for non-consumer contracts or the s20B duty of reasonable care for consumer contracts.
Insurance Contracts Act s20B and s21
- 12
Unauthorised foreign insurer warning
If an insurer isn't authorised by APRA, the warning the client must see before they accept.
Insurance Act 1973
- 13
Uninsured risks
Covers you recommended that the client declined and risks no policy here would cover.
Code cl 7
- 14
PDS, TMD and cooling-off
For retail products, the PDS and Target Market Determination and the cooling-off period.
Corporations Act s1012A, s994B, s1019B
- 15
FSG, privacy and complaints
Your Financial Services Guide, privacy notice and how to complain to you or AFCA.
Corporations Act s941A, RG 271
- 16
Key dates
A timeline to the date you need instructions and the day cover starts.
Best practice
- 17
Client acceptance
A signed instruction to place the recommended cover.
Best practice
How it works
- 1
About 5 minutes
Answer three short steps
Enter the client, their needs and the quotes you received, then the cover you recommend and why. Add your own logo if you like. No login and nothing to install.
- 2
Real document editor
Polish it in the editor
Your recommendation opens in Coverbound's document editor. Change any wording, add your own notes and remove sections you don't need.
- 3
Free
Download the PDF
A professional PDF with the charts drawn from your figures and your logo on every page. Email it to yourself and ask for a reminder before the next renewal. Written for Australian rules, with a small Prepared with Coverbound footer.
Free tool or a free trial
The report is free. A trial saves you next year.
Free, no login
Everything you need for this report.
- Fill it in with the 3 step wizard
- Edit in the full document editor
- Charts and an at-a-glance page from your figures
- Your logo on the cover and every page
- Download a professional PDFWith a small Prepared with Coverbound footer
- Email the PDF to yourself
- A reminder before the next renewal
- Your colours, fonts and AFSL details
- Save it and reuse it next year
- Export to Word
- Send it for e-signature
- AI fill from last year's policy schedule PDF
With a 14-day free trial
Make it yours and do less next year. No card needed.
- Fill it in with the 3 step wizard
- Edit in the full document editor
- Charts and an at-a-glance page from your figures
- Your logo on the cover and every page
- Download a professional PDFNo footer
- Email the PDF to yourself
- A reminder before the next renewal
- Your colours, fonts and AFSL details
- Save it and reuse it next year
- Export to Word
- Send it for e-signature
- AI fill from last year's policy schedule PDF
Before you ask
Questions about the insurance recommendation and statement of advice.
- Do I need a Statement of Advice for commercial clients?
- Only when you give personal advice to a retail client. For general insurance a client is retail when they are an individual or small business buying one of the products listed in s761G(5) of the Corporations Act, such as motor vehicle, home building or contents, sickness and accident, travel or personal property cover. Most commercial covers bought by businesses are wholesale, so a clear written recommendation is enough. This template works for both.
- What must a Statement of Advice include?
- The advice and the basis for it, your name and contact details, your remuneration and other benefits, any associations or interests that could influence the advice and, when replacing a product, the consequences of switching. RG 175 sets out ASIC's expectations in detail.
- Is this compliant with the NIBA Code?
- It follows the Insurance Brokers Code of Practice 2022 on remuneration disclosure, uninsured risks and complaints. Compliance depends on what you write in it and how you give the advice, so check it against your licensee's procedures.
- When do I need an unauthorised foreign insurer warning?
- When you recommend a policy with an insurer that isn't authorised by APRA to carry on insurance business in Australia. Lloyd's underwriters are authorised under their own regime. The template includes the warning for you to keep or remove.
- Can I use it for a renewal?
- Use the renewal report for renewals. It shows expiring against renewal premium and asks the client to update you on changes. This template is for new business and for moving a client to a different insurer.
- Does it draw the charts for me?
- Yes. The report draws its own charts from the figures you enter in the wizard, so there's nothing to build in a spreadsheet and nothing to paste in. They print in the PDF next to the tables they come from. Word can't do that on its own.
- Can I add my own logo?
- Yes, for free. Upload a PNG, JPG or WebP and it goes on the cover and every page of the PDF. Your colours, fonts and licence details come with the 14-day free trial.
- Is it really free?
- Yes. Fill it in, add your own logo, edit it and download the PDF without an account. The charts are drawn for you and you can email the PDF to yourself. The free PDF carries a small Prepared with Coverbound footer. A 14-day free trial removes the footer, adds your colours, fonts and AFSL details and lets you save the document for next year. No card needed.
- Who is responsible for the advice in the document?
- These templates are a starting point, not legal or compliance advice. You remain responsible for the advice and documents you give under your AFSL or as an authorised representative. Check each document against your licensee's requirements before you send it.
More free templates
Other templates for Australian brokers
These templates are a starting point, not legal or compliance advice. You remain responsible for the advice and documents you give under your AFSL or as an authorised representative. Check each document against your licensee's requirements before you send it.
Your next report, done before lunch.
Answer three short steps, add your logo and download the PDF with its charts drawn for you. No login needed.
Start your report, free