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Summer weather damage bill more than $9 billion...

The Auckland floods and Cyclone Gabrielle caused between $9 billion and $14.5 billion of asset damage, according to Treasury estimates. According to official forecasts, residential property damage will range between $2 billion and ...

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Floods, landslips, cyclones and locusts!

The summer’s extreme weather will have significant ramifications for the insu...

When asked about the magnitude 6.3 earthquake that rocked the central North Island on 15 February this year, the Prime Minister, Chris Hipkins, said that he was looking out the window for a plague of locusts. Hipkins’ reactio...

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Taking broking to the next level

IBANZ has revamped its professional status accreditations to raise standards ...

As the insurance industry continues to evolve, it’s vital that New Zealand brokers keep up with the latest developments and standards and demonstrate their professionalism. IBANZ has long recognised the need to support its me...

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AIG names new regional boss

American International Group announced the appointment of Chris Colahan as regional president for AIG Asia Pacific. Colahan reports to Jon Hancock, Chief Executive Officer of AIG’s International General Insurance business....

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Timeframe for "gradual" damage

QUESTION: An internal water valve starting leaking sometime between 5th December (when the Insured went on holiday) and the 14th December, when they returned and found the resultant damage to ceilings, carpets etc, some of which...

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Freezer damage

QUESTION: Hello, I have had a client lodge a claim for frozen food that has defrosted in their freezer at home. The insured advises that the freezer had power on, the light shows up so there hasn't been a power failure....

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Liability for third party vehicle

QUESTION: Our client's vehicle hit a third party (no dispute —it was our client at fault). Our client's policy excluded U25's and an U25 was driving, so our client is liable for the third party damage....

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Garage door claim

QUESTION:   A garage door was damaged when a third party accidentally drove into it. The owner of the damaged property is a limited liability company. The third party was driving the company director's...

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Depreciation on settlement

QUESTION: We have a claim where a settlement offer is to be based on indemnity value. The item damaged is an artificial bowling green and the costs to reinstate include a number of different elements that make up the quote,...

FSCL Case Study

Asbestos cover complaint

Mandy* arranged insurance for her property maintenance business. In March 2021, Mandy’s property maintenance company secured a new contract to replace a roof. When it was identified that the roof consisted of asbestos, Mandy...

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