Insurance

Feature

Do brokers and insurers owe continuing duties ...

by Andrew Horne and Nick Frith, of Minter Ellison Rudd Watts

A recent case indicates that insurance brokers and insurers may owe a continuing duty to inform customers if circumstances change during the policy term. This will be of interest to brokers and insurers who may have assumed th...

SPOTLIGHT ON

Feature

Rogue employees - The insider threat

Cyber threats aren’t just from hackers outside your business.

The greatest threat to your company and network is not the hackers and crackers on the outside trying to get in but your own employees who want to cause mischief or who inadvertently cause damage from within.   A determined ...

Live News

Tower axes disclosure requirement

Kiwi insurer Tower has committed to remove the duty of disclosure from its sales and claims processes before the end of the year. Chief executive Richard Harding says that there had been a bit of talk in the news lately about how l...

Live News

Suncorp profit bounces

A relatively benign year for weather has helped to boost Suncorp New Zealand’s bottom line. The insurer announced net profit after tax of $261 million for the full year ended June 30, up 76% on the prior corresponding period....

Live News

Tribunal to hear earthquake claims

Canterbury homeowners are being offered a new way to resolve their outstanding earthquake claims. The Canterbury Earthquakes Insurance Tribunal opened on June 10. Justice Minister Andrew Little said it would be a fair,...

Live News

Supreme Court confirms insurers have to agree t...

A Supreme Court decision in the IAG v Xu case has affirmed long-held legal principles regarding assignment law, the Insurance Council says. It involved a house sold on an “as is” basis with an assignment of the original...

Live News

PSC Connect New Zealand – Continues their Expan...

PSC Connect continues to show impressive growth since its inception in 2012 with 43 Member Brokers and $50m GWP throughout New Zealand. The PSC Group also continues its expansion globally with two recent purchases in the UK and...

Ask an Expert

Risk transfer

Question... We have a client who ships goods overseas on CIF terms, and therefore has to arrange insurance to cover the goods including when risk transfers to the purchaser. They have suffered a loss which appears to have...

Ask an Expert

Exclusion limits

Question... A client was commissioned to build a steel frame on which to place a silo. Several months after it was built, the silo was filled up and the frame collapsed. It has since been found that the failure was due to...

Feature

Safety tips for Lithium Ion batteries

By Stephen Henkin, risk management services, Vero

Lithium ion – or Li-ion – batteries are becoming ubiquitous in New Zealand homes and businesses. They’re widely used to power everything from mobiles and laptops to power tools, e-bikes, scooters and motor...

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...

Opinion

Should the existence of double insurance be lik...

by Crossley Gates

Insuring the same risk twice with different insurers is not as silly as it sounds. In the early days of marine insurance, insureds commonly purchased more than one insurance policy to cover the same risk in order to protect...

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...

Feature

Who are you, anyway?

Here’s how to build up your personal brand as an independent insurance broker...

Your personal brand is about your reputation and being known for what you do. Have you heard of it? Let me fill you in. Regardless of where you are on the experience scale of insurance brokerage, or how thick your book is, you...

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