Insurance Business forum is the place for positive industry interaction and welcomes your professional and informed opinion.

Notify me of new replies via email
Insurance Business | 31 Aug 2016, 12:28 p.m. Agree 0
NZ insurance brokers are upset they are copping the blame for Hawke’s Bay business owners’ lack of insurance cover.
  • Lindsay Kerr | 31 Aug 2016, 02:14 p.m. Agree 0
    The extensions in any BI policy are quite clear. I would suggest that all recognised broker's would have such extension clearly noted on their placing and coverage sheets. What else would they reasonably be expected to do? spend a couple weeks going through every clause and extension of the policy with the client ? Ideally yes, practically no !
  • Kirsty Young | 31 Aug 2016, 03:46 p.m. Agree 0
    What is the industry coming to when all else fails blame the insurance broker. It is remiss and naïve for anyone to expect an insurance policy to cover everything - it's also naïve to remove the consumers obligations to read a policy at purchase or within the 'looking period' I'm not a fool but I do know that when I buy a toaster, I may not read the manual cover to cover but I know it's not going to make me coffee! Stop pushing the blame onto insurance brokers who do a pretty good job of securing the best cover "available". Next thing you know we'll be suing manufacturers of concrete bricks for not putting a sticker on them warning consumers that they shouldn't be used as a flotation device.
  • Chris | 02 Sep 2016, 09:34 a.m. Agree 0
    Having worked as a claims handler, broker, and lawyer advising on BI policies (amongst others) my experience is that most brokers will bend over backwards to explain the coverage offered, and to try and match the cover to the client. However, most clients don't/won't listen, or, having been told why the cheapest option is probably not suitable, vote with their wallet. Part of this come from some insurers treating BI (and PI, D&O, etc) as a commoditised product, part from a poor understanding of risk, but at the end of the day you cannot educate someone who won't listen.
Post a reply