Case Study

IFSO Case Study

Vehicle insurance: how you can help your clients

Last year, the IFSO Scheme received over 1000 complaint enquiries about vehicle insurance. By comparison, we receive very few complaints about financial advisers.  However, your guidance can significantly improve your clients&...

FSCL Case Study

How much support should a broker offer?

A client engaged a tiler, to assist with a bathroom renovation. The tiler engaged a subcontractor to complete one aspect of the renovation. Unfortunately, the clients were not happy with the standard of the subcontractor’s wo...

FSCL Case Study

Communication breakdown

The clients were a couple who lived in a remote part of New Zealand, running a building business as well as a bed-and-breakfast. They arranged liability insurance for their business, as well as material damage insurance for their buildi...

IFSO Case Study

Meth damage standoff

A trust held house insurance for a rental property . In March 2017, the trust made a claim to the insurer, because methamphetamine testing had shown a composite test result of 66µg, well over the threshold requiring...

IFSO Case Study

Failing crank shaft

In December 2015, a trust arranged insurance on its boat with an insurer. In January 2016, a trustee of the trust was driving the boat when swells developed. He said he went over a wave and the boat landed awkwardly, there was a...

IFSO Case Study

Advisers should educate clients about gradual d...

The best time for clients to understand how insurance works is before they might need to make a claim, says Karen Stevens, Insurance and Financial Services Ombudsman.  “Advisers have a really important role in educating...

IFSO Case Study

Family fallout

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

Trust trouble

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

What does it take to prove a prima facie claim?

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...

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...

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. ...

FSCL Case Study

Clients must honour obligations

Parvati owned a fish and chip shop and arranged insurance cover for material damage through her broker. The fat in the shop’s deep fat fryer overheated and caught fire, destroying the shop. Parvati made an insurance claim. ...

FSCL Case Study

Breaking the rules doesn’t always ruin cover

Under New Zealand law (Insurance Law Reform Act 1977, s 11), insurers cannot rely on a policy exclusion unless the excluded event or circumstances caused or contributed to the insured’s loss. The wording of s 11 can be summarised...

IFSO Case Study

Motor Vehicle Insurance

What we can learn from IFSO Scheme complaints

About 44% of complaint enquiries about fire and general insurance to the Insurance & Financial Services Ombudsman (IFSO) Scheme relate to motor vehicle insurance. Now is a good time to remind your clients of their motor vehicle...

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