Live News
IAG customers in areas that are high-risk for natural disasters or weather events will face higher premiums under changes recently announced by the insurer. IAG, which operates the State, AMI, NZI and Lumley brands as well as offer...
Live News
IAG is being awarded the DVFREE Tick by Shine, New Zealand’s specialist anti-domestic violence non-profit organisation, demonstrating its commitment to creating a domestic violence-free workplace where staff can feel safe and supp...
Live News
Insurance Advisernet New Zealand Ltd (“IANZ”) has today announced its resignation as a corporate member of NZbrokers Management Limited (NZbrokers) Shaun Standfield Managing Director for Insurance Advisernet Australia a...
PIQ College
We have been approached by a number of members recently to clarify what will be acceptable to meet the forthcoming code of conduct for financial advisers. The difficulty is that the new code is yet to be published, although we...
FSCL Case Study
Bryan, an experienced mariner, noticed damage to his yacht when it was moored at a marina. Fortunately, Bryan had insurance. There was some dispute with the insurer around the cause of the damage. However, in the end, the...
FSCL Case Study
Chris owned a small furniture business. He purchased a range of business insurance policies through a broker. One of the policies Chris purchased gave him cover for natural disasters. But when the broker sent Chris the insurance...
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Question... My client has a motor vehicle accident whilst towing a trailer where he lost control and spun off the road. The insurer accepted the claim but disputes some of the damage advising it is general wear and tear (this...
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Question... I am having discussions with an insurer at the moment regarding run-off cover for public liability (PL) insurance. Not for the first time, I have been advised that run-off cover is not required for PL insurance as it...
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Question... I'm dealing with a material damage policy, taken out by the insured, a property owner. The insured©s tenant runs a backpacking business from the building. The tenant allowed one of their staff members to...
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Question... Our client purchased a contract works insurance policy for a 12-month period to cover some major alterations they were doing in their home. Included in the contract works policy was cover for the existing structure....
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Question... In a situation where an insurer makes an ex-gratia payment to their client under a material damage policy, does the insurer still obtain the right to subrogated recoveries against a liable third party?...
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Question... Our client has had one rim damaged after a stone was lodged between the brake calipers and the rim. The client has not been able to buy the same rim as they have been discontinued so has had to purchase a brand new...
Opinion
Can an insurance broker renege on a proposed underwriting agency relationship...
Entering into a business relationship with another party can be complicated; many issues need to be discussed and agreed to. The parties need to be free to negotiate without commitment until they reach substantial agreement. Once they...IFSO Case Study
A family trust owned a house. The trustee of the trust was a trustee company. The directors were a couple and the woman’s mother. The trustee company arranged insurance for the house through its financial...
IFSO Case Study
In June 2017, the insured, trustee of a trust, telephoned the insurer to arrange cover for a planned renovation of a house, including removing and replacing the roof. He was told there would be no cover for damage...
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