Financial Advice

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What’s the impact of a road closure?

Question: We have a client with the following clause on their B.I. policy CLOSURE OF TRANSPORT ROUTES, PORTS OR AIRPORTS: You are insured for business interruption resulting directly from: 1. property damage...

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When should policy wordings be issued?

Question: Once policy wordings have been issued to a client at (or before) the inception of the policies, is there a generally accepted frequency of how often they need to be re-issued? Is there a requirement at every rene...

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Service and repair obligations

Question: We recently had a claim declined under service and repair due to our clients' terms and conditions. The insurer has paid previous service and repair claims for this client and they have said the policy would respo...

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Should the client have googled?

Question: We have a client (a builder) who lifted up a granite benchtop by a few inches from one end to allow for some adjustments to be made to the cabinetry it was sitting on. It then cracked right through the centre and has...

Feature

­­­Vero survey finds up to one in three SMEs co...

About a third of New Zealand small businesses are thinking about changing their business insurance, research from insurer Vero shows. Vero has surveyed more than 600 New Zealand small-to-medium enterprises (SMEs) across the...

Opinion

Financial advice disclosure - issues for insura...

By Crossley Gates

On June 22, the Governor-General made by Order in Council the Financial Markets Conduct (Regulated Financial Advice Disclosure) Amendment Regulations 2020. They require financial advisers (including insurance brokers/advisers) to...

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Tenants and carpet

Question... A tap was left on in a commercial building. Flooding caused saturated carpets and damage to walls and skirting boards. The LA is suggesting split the cost 50/50 as the tenant is responsible for the carpet per...

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Loss of warranty

Question... We have a claim with significant damage, but not yet looking like a total loss, on a six-month-old digger. While the repairs are being undertaken by the official manufacturer, they are saying that the repairs will...

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Who to take directions from?

Question... My clients have recently separated, and their house and contents policies are in joint names. One party has moved out into another jointly-owned home. The separation, after many years of marriage, is far from...

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Credit card definition

Question... Is a "fuel card" deemed to be the same as a "credit card" ? Client has had a fuel card stolen and used. We are trying to put a claim under a crime policy but there is not definition under the...

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Coronavirus and travel

Question... We appear to have an unusual situation with travel policies and their response to the coronavirus. In general terms, the current advice is as follows. For any travellers proceeding with travel plans, there is...

FSCL Case Study

Covid-19 complaints and the importance of clear...

FSCL expects more complaints about insurance brokers as the pandemic effects ...

We are starting to see a few complaints about insurance brokers arising out of Covid-19 disruption and expect we may see more as time goes on. We anticipate that as clients, in particular small businesses, discover that their...

Opinion

Insurance has a critical role in the crisis ahead

Insurers have opportunity to show support for New Zealand in Covid-19 recover...

Navigating the turbulence of a global economic crisis requires insurers to maintain an even ballast between the cargo of customer interests and buoyant solvency.  In New Zealand, rated one of the riskiest for its size, the...

Feature

Regulatory changes on the horizon

By Jeremy Muir, Maria Collett-Bevan, Minter Ellison Rudd Watts

Conduct of Financial Institutions Bill The Government has made it clear that ensuring that financial institutions’ “conduct and culture” result in good outcomes for all customers is a priority, following...

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Not sick enough

Two people had planned a safari tour to Africa. Both obtained travel insurance policies from the same insurer. A month before their trip, one man got ill and his GP declared that he was unfit to travel for the next three months. ...

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