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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. T...
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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? Reply:...
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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 fu...
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...
IFSO Case Study
Twenty-four years of insurance complaints reveal the prima facie claim is still a mystery to many clients, and the Latin probably doesn’t help. A prima facie claim is what the insured must prove in the first instance - that...
Feature
By Minter Ellison Rudd Watts
In 2018, there were more than 2000 data breaches reported to CERT NZ – just the tip of a now mammoth iceberg affecting the personal and confidential information of millions of people and businesses globally. The...Feature
By Tim Grafton, chief executive of the Insurance Council of New Zealand
In the last few years, there have been several fires involving multi-level building overseas where combustible aluminium composite panel cladding (APC cladding) has been a significant contributing factor to the damage caused by the...Feature
By Lou Draper
People said social media marketing for business would be an enormous fad. A waste of time and energy, and if it did take off, it would be something to entertain the kids, but not much else. Twenty years on however, social media for...Feature
By Nick Frith, senior associate, and Andrew Horne, partner, Minter Ellison Ru...
The Law Commission paper A little over 20 years ago, the Law Commission published a paper with a title that hinted only vaguely at its contents: “Some Insurance Law Problems”. It examined five...Feature
By Jemimah Giblett, solicitor, Maria Collett-Bevan, senior associate, and Kar...
Financial Services Legislation Amendment Bill (FSLAB) The FSLAB remains before the Committee of the Whole House for consideration and is expected to be progressed during the first quarter of 2019. However, it is possible that the...Feature
2018 was a shocking year for road fatalities, with almost 400 deaths. It’s the highest road toll in eight years. As a result, the Government is looking into taking up the "Vision Zero" approach to road safety. ...
Feature
Nicholas Moss, director, financial services audit, KPMG
The 2018 KPMG Global Chief Executive Outlook, which surveyed 1300 chief executives, including 50 New Zealand chief executives, found that eight-in-ten insurance chief executives believe they are now meeting (or even...Feature
New products available to insurance brokers in 2019 are a sign of the times, ...
Cyber cover is here; crypto still to come Great technology comes with great responsibility, and the insurance industry calls this “emerging risks”. While self-driving cars aren’t quite in New Zealand...
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