There are many reoccuring themes within the insurance industry and what follows are a selection of the most common we get asked.....
The recent earthquake and natural disaster events have increased reinsurance costs for all insurance companies providing policy coverage in New Zealand.
These increases are driven predominantly by the reinsurers, however without these companies providing capacity within the New Zealand market the number of insurers operating would decrease leading to less competition and even higher premiums.
Valuations are required across both domestic and commercial properties so that the insurer can determine their true exposure and for the client to avoid any underinsurance.
No - but you will need to provide the glass replacement company the details of your insurer including your policy number.
In situations where you have caused damage to a third party there is no excess applicable. The excess only becomes applicable if you also claim on your own vehicle.
Previously natural disaster losses were based around a percentage of the actual loss occured following an event. Since the events in Christchurch insurers have moved to a 'site excess'. Essentially this means that, regardless of the amount of loss sustained, your excess is a percentage of the total sum insured at that site.
Natural Disaster excesses have changed dramatically recently and for full details and an explanation please contact us.
No. There is a big difference between the two. An agent acts on behalf of an insurance company and can only access products from that particular insurer. We are not tied to any insurer and is obliged to act in your best interests meaning we can approach a number of insurers to arrange the best protection at a competitive price.
The advantage is that we have specialists in all aspects of insurance and can identify areas which may cause a problem if there was to be a claim at a later date. We can assist you with the claims process and ensure a speedy outcome – your broker works for you.
Burglary is a result of forcible or violent means whereas Theft has no physical signs.
Reinstatement cover means that the insurers will pay to replace the item with a new one which is equal to but not better than the item lost or damaged.
Indemnity basis means that the insurance will only pay for the second hand value of the item i.e. what you might get if you sold it.
Fire Service Levies are calculated on Indemnity Value, whereas a specific insurance contracts might be on a replacement/reinstatement value basis.
Therefore by completing a declaration your levies will be charged in accordance with the Fire Service and not in accordance to the policy sum insured (if on a replacement/reinstatement basis)
In most cases yes. By accepting more of the risk yourself, a percentage discount can sometimes be aplied to the policy.
Sometimes however, higher excesses are applied by insurers with no premium saving. This is usually in situations of high risk; e.g. older buildings, flammable construction materials or a poor claims history.