Financial Advice

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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.  H...

FSCL Case Study

How many excesses?

The insured ran an automotive glass repair company. In 2017 his company had to replace 144 windscreens that had sensors in them. The workmen who did the replacements did not recalibrate the sensors after replacing the windscreens. This ...

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Cover for missed flight

Question: We have a client insured under a corporate travel policy. One of their staff missed flights and had to get new flights due to a spelling mistake in their name on the tickets. This error cost $4500 to fix. The in...

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What counts as ‘internal’?

Question: We have a situation with a leak under the driveway within a residential property. Under the home definition the driveway is included as long as it is within residential boundaries. The client has a leak...

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Who’s out of pocket?

Question: The client is a franchise motor vehicle dealer which includes own workshop. They were contracted to carry out a factory recall repair on a tractor which required removal of the motor by the insured and the...

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How many times is levy due?

Question A number of classic cars are held in a museum. The broker and insurer agree to insure the vehicles under a material damage policy whilst on display. The broker supplies the list of vehicles to the insurer each year and...

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Pre-settlement insurance

Question A client has agreed to purchase a house over which the seller holds home insurance. When the property goes unconditional the purchaser wishes to undertake some building/renovation work prior to settlement. Both...

IFSO Update

Financial advisers are key to managing client e...

Karen Stevens, Insurance and Financial Services Ombudsman, says the best time for consumers to undersand insurance is before they need it.  “It’s both our message to consumers, and to financial advisers who belong...

Feature

Demystifying mould claims

Is the insurance industry paying more than it needs to when dealing with clai...

Cargo surveyors see a lot of damage from mould and its companion, corrosion. Both involve wetting, the source of which is crucial to policy response. Both can cause dismay as consignees face the unwelcome need to seek recovery from...

SPOTLIGHT ON

Feature

Customer and conduct: Lessons, questions and fu...

By James Brownell, director, insurance conduct lead, KPMG New Zealand

Following on from the Australian Royal Commission and subsequent New Zealand banking reviews, 2019 was a year of intensive focus from the Financial Markets Authority (FMA) and the Reserve Bank of New Zealand (RBNZ) on culture and...

FSCL Case Study

Insurance does not cover daughter’s laptop

The insured travelled to Australia to spend time with her daughter. One day, she accidentally dropped her daughter’s laptop while she was sitting on the couch. The screen became discoloured and eventually stopped working. The...

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Boss’s travel goes wrong

Question.. Hope you can assist on a little travel claim as the insurers are declining based on semantics. Our client has a corporate travel policy in place. Our client makes up part of the executive management team and is...

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Insuring against yourself

Question... I have a company who is constructing a building in their own name. They have arranged contract works insurance, but have also asked about defective workmanship. As the building is owned by them, I advised they could...

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Marital property

Question... Our client had a car that was insured in his name stolen. The claim was recently settled by payment to his nominated account.  His wife has now asked for details of the settlement as she says she is...

IFSO Case Study

Foreign object causes problem

A client held vehicle insurance with the insurer for his tractor. He made a claim, because a clutch circlip dislodged inside the tractor and became caught in the tractor’s transmission, requiring nearly $18,000 of repairs....

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