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Underwriting changes

Question… I would appreciate some input and opinions on a point that has been causing me concern for a while. It relates to insurers applying new rates and terms to policies mid-term just because the client has altered so...

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'D' plate insurance

Question… We have a situation where we insured a car repair workshop. He only took MD cover with one insurer and added cover for 2 D plates and additional premium paid. Liability cover is with another insurer. Our ...

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Recovering mark-up

Question… In a situation where damage is done to third-party property and our at-fault insured client undertakes the repairs to remediate, to what extent can our client legitimately recover their normal mark-up (beyond th...

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What’s an employee?

Question… We have a claim where a client's vehicle was stolen. Also taken from the premises was an uninsured vehicle owned by a contractor that he used in connection with his work for my client The contractor in...

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Wrong fuel

Question… My client has an employee erroneously fuel his diesel motor vehicle with one litre of Go Clear and subsequently cause the engine to cease working. Fuel systems are affected only.  The policy can...

PIQ College

Have you ever thought about becoming a Professi...

There is a lot happening in the financial services sector in 2019 and the college is increasing its team of assessors to meet demand for the revised New Zealand Certificate in Financial Services Level 5 driven in part by the changes to...

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Spontaneous Ignition

The hidden danger when doing laundry

Vero recently received a claim for a fire that caused extensive damage to a small business. Upon investigation, it was  discovered that the cause of the fire was the spontaneous ignition of towels, rags and napkins in the tumble...

FSCL Case Study

When two brokers get it wrong

An insurance broker arranged insurance cover for a couple’s home, including a swimming pool. Insurance premiums were increasing and the client asked the broker if he could find a cheaper policy. He offered the couple an...

FSCL Case Study

The stock loss shock

A businessman bought a jewellery store located within a shopping mall. The previous store owner’s insurance broker emailed him a new schedule of insurance in the name of his business. The schedule showed a sum insured of $150,000...

Opinion

Brokers’ guide to new regulatory environment

If your insurance broking business provides a FAS to retail clients, it will ...

Welcome to the alphabet soup of the Financial Services Legislation Amendment Bill. This bill if enacted will: • Repeal the unloved Financial Advisers Act 2008, • Amend the existing Financial Markets Conduct Act 2013...

FSCL Case Study

The $84 billion problem:

Underinsurance and sum insured

Underinsurance is a big issue in New Zealand. A 2016 Treasury report stated up to 85% of homes could be underinsured by an average of 28%. Across New Zealand, underinsurance of homes is worth an estimated $84 billion. ...

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Fire Service Levy: Overhaul needed already

By Insurance Council of NZ

Last year, the Insurance Council of New Zealand (ICNZ) advised MPs that taxing insurance policies to pay for Fire and Emergency New Zealand (FENZ) was unfair, costly, complex and eventually unsustainable. The previous Government...

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Delta launches IP protection product

Traditionally, tangible assets such as plant and machinery have been value drivers for businesses and they determined competitiveness of a company in the market.  However, in the  last few decades intangible assets have...

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My Rothbury App hits the mark with clients

There’s never been more focus on efficient and personalised service than there is today. Breaking news, live updates and instant messaging means we’ve all come to expect instant access to information. Today’s customers...

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Residential property inspections you can rely on

It is normal practice for a residential property inspection, commonly called a builder’s report, to be requested before a prospective purchaser decides to settle the offer of purchase. The important question is, how can one be...

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