IBANZ Forum

IBANZ Forum

Small claims

QUESTION: My client has a dispute with a customer so raised a small claims tribunal action within the $30,000 limit. The customer has counter-claimed for $50,000 which, being outside small claims, I presume now becomes a civil ma...

IBANZ Forum

FENZ Levy on buildings - adjustment rate on inf...

QUESTION: When we get a new valuation for a building, it usually has the sum insured amount broken down: Reinstatement Cost Estimate and Inflationary Provision Demolition Cost. As a brokering practice, we use 50% adjustment on th...

IBANZ Forum

Purposively underinsuring

QUESTION: I'm dealing with a complex situation involving a commercial property owner. The owner recently obtained a valuation on their property, which has come back effectively doubling the previously insured value. Despite t...

IBANZ Forum

Do brokers have an obligation to notify banks f...

QUESTION: Whose responsibility is it now to notify banks if there is a mortgage or finance on a policy that is cancelled due to non-payment?   Crossley Gates, Keegan Alexander Decades ago there used to be an...

IBANZ Forum

When does actual change of ownership occur?

QUESTION We have a client who imports and sells motorhomes. As part of their final sales process they arrange notification of transfer of ownership on Waka Kotahi website, and get motorhomes registered and complete final checks...

IBANZ Forum

FENZ levy

QUESTION If we are endorsing a policy after 1 July but removing/reducing cover, are we using the old FENZ levy or the new one? Example - building placed 1 August 2024 but 30 July 2024 we are reducing the sum insured, are we...

IBANZ Forum

Refusing to clarify wording on an insurance con...

QUESTION I contacted an underwriting agency to query whether a certain activity would be excluded under their motor policy wording. The reply I have been getting is: "Please note we are not able to provide...

IBANZ Forum

Pool claim denied

QUESTION: Insurer has declined a claim on the pool due to the hydrostatic pressure. Details of events:     1.     Dec 21: Pool is emptied and checked by pool specialist for painting. Hydro...

IBANZ Forum

Benchtop confusion

QUESTION: The claim involves a customer's benchtop. The customer wishes to claim against the Insured for a new benchtop. The Insured installed the benchtop two years ago at their customer's house. The Insured advised...

IBANZ Forum

Property damage problem

QUESTION Hi team, In the past, we have had claims declined because the allegation against our client didn't include actual property damage (even though there may have been some). This time, a claim has been declined...

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