Financial Law

Opinion

Natural Hazards Insurance Bill looms

Keegan Alexander partners Crossley Gates and Frank Rose explain changes arisi...

The Natural Hazards Insurance Bill repeals the Earthquake Commission Act 1993 (EQC Act) and replaces it with the Natural Hazards Insurance Act 2022. The intended commencement date of the new Act is the later of: • &n...

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CoFi Bill draws closer: the good and bad news

The Financial Markets (Conduct of Institutions) Amendment Bill passed its sec...

Second reading passed The Financial Markets (Conduct of Institutions) Amendment Bill passed its second reading in parliament on May 12 and will proceed to the Committee of the Whole House. The Bill, criticised by many partic...

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Insurance Contracts Bill: what you should know

Changes to insurance contract law likely to mean more work for brokers, write...

It represents the most wide-ranging changes ever proposed for New Zealand’s insurance contract law. Now, the much-anticipated reform is another step closer with the release of the draft Insurance Contracts Bill. In Febru...

Opinion

Liability Insurance: Key differences between PL...

Crossley Gates and Frank Rose, Keegan Alexander

Underwriters have historically broken-down liability insurance into several well-known products. Each product addresses a specific basket of ways that the insured can become legally liable to a third party.  In this article,...

Feature

What you might not know about Accredited Employ...

Gallagher Bassett chief client officer, Steven Walsh

The Accredited Employer Programme (AEP) can be appealing and cost-effective for large employers seeking to lower costs and self-manage injury claims within their workforce. Facilitated by the Accident Compensation Corporate (ACC), this...

Feature

Long-awaited Insurance Contracts Bill released

Lloyd Cavanagh, partner, MinterEllisonRuddWatts and Sarah Jones, solicitor, M...

The Ministry of Business, Innovation and Employment (MBIE) released a consultation draft of the Insurance Contracts Bill (Bill) for public feedback on February 24. The Bill reforms and updates New Zealand’s insurance contract law...

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Reserve Bank invites views on its proposed new ...

By Andrew Horne - partner, Minter Ellison Rudd Watts

The Reserve Bank of New Zealand – Te Pūtea Matua is seeking views on its proposed enforcement principles and criteria.  The proposed enforcement principles will guide the activities of the Reserve Bank’s new...

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Driver-only quandary

QUESTION: Our client had taken out PMV policy and it was named driver only comprehensive policy. Named driver is under 25. Driver's uncle was driving the car who caused the accident. He is over 25 and has no previous...

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What is ‘gradual change’?

QUESTION: A client had a bird nest under some roof tiles which caused water to get into a lounge ceiling. The property is the insured's weekend home and the water damage to the ceiling was not found until the following...

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Damage on location

QUESTION: We have a client who rented a home for a commercial shoot. The shoot was over two days, after the shoot the owner noticed several areas of damage after the shoot. The Insurer wants to apply a separate excess to...

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Supply of goods inclusion in PL

QUESTION: We have a client who was engaged to renovate a home. This involved replacing some flooring with secondhand tawa flooring to match existing. The flooring was purchased from a dealer but once laid and sanded back was...

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Tree trouble

QUESTION: A tree in a car park owned by a commercial landlord breaks in a weather event and damages a trailer parked in the car park and owned by the tenant to the building. The landlord wishes to make a claim for the...

FSCL Case Study

Pregnancy and childbirth costs not covered by i...

Person B was an overseas student studying in New Zealand. She arranged travel insurance to cover her medical costs while in NZ. When she became pregnant, while in New Zealand, her medical expenses were covered by government...

FSCL Case Study

ACC cover but no insurance

As a single mother, Person A decided she needed to get income protection insurance in case she had an incident leaving her unable to work and pay her expenses. She went to an adviser who recommended she also get mortgage repayment,...

Opinion

When does an exclusion for a ‘deliberate act’ a...

It is fundamental to all insurance that it only covers a fortuity – that is, a loss that is accidental from the insured’s point of view.  So, how are the courts to interpret a liability policy that excludes:...

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