Financial Advice

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Threshold for an interruption claim

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...

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Dog on driveway

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...

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Insurers changing position

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 rece...

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Backtracking on settlement

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...

FSCL Case Study

Value for money?

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...

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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...

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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...

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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...

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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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