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Directors in New Zealand and Australia are facing the most volatile and restrictive liability insurance market in living memory, according to a report released by the Institute of Directors (IoD) with Marsh and MinterEllisonRuddWatts. A...
IBANZ Forum
Question. .. A motor vehicle dealership holds a BI policy and insures their full gross profit. The operative clause reads: ".....the insurer agrees to indemnify the insured for loss resulting from interruption to or in...
IBANZ Forum
Question... Our insured was contracted to perform some plumbing work on a property. An employee of the insured elected to take their dog to work. The dog escaped and ran over a neighbour's property that was under constructi...
IBANZ Forum
Question... We have had several instances recently where insurers have advised that a claim has been accepted, and we have notified our client, and then a little way down the track, they have reversed that decision, having...
IBANZ Forum
Question... We have a claim ongoing at the moment where an insurer has backtracked on their settlement offer and refusing to honour what they originally offered. A client's TV was damaged and a claim was lodged and...
IFSO Case Study
A couple arranged for contents insurance through their bank. Two years later, a bank employee telephoned the insurer on behalf of the woman, inquiring about specifying a lady’s watch. During this telephone discussion,...
IFSO Case Study
The insured held insurance on her house. In April 2019, she made a claim to the insurer, because her dog had vomited and had diarrhoea, damaging the carpet at the house over the course of a day. The insurer...
FSCL Case Study
In March 2020, a couple were overseas in the United Kingdom when they heard the call from the New Zealand government to return home due to the Covid-19 pandemic. Although they were intending to travel home on April 6, 2020, they...
FSCL Case Study
The insured bought his first car from a motor vehicle dealer for $8500. The dealer, acting as a agent for the lender, arranged the loan and included both mechanical breakdown insurance and guaranteed asset protection insurance without...
FSCL Case Study
A woman bought a new house in 2018. She asked her insurance broker to arrange home and contents insurance for the property. When she filled out the application form, she omitted a few details about locks and the alarm system...
