‘Use your broker’, insurers urge

by Mina Martin 20 Jan 2017

‘Use your broker’, insurers urge

Frustrated owners and tenants of several quake-damaged Kaikoura commercial properties are being urged to contact their brokers as insurers struggle to process thousands of Kaikoura earthquake claims.
 
Tim Grafton, Insurance Council of New Zealand (ICNZ) CEO, said that the best thing claimants can do is contact their insurance brokers and ensure they get as much quality information as possible.
 
“Using your broker is a really important step,” he told Fairfax Media.


Want the latest insurance industry news first? Sign up for our completely free newsletter service now.
 
While he could sympathise with those wanting to rebuild and restart their business, insurers were doing their “level best” to deal with the challenges presented by the 7.8-magnitude earthquake.
 
“We’ve every sympathy with that situation, but the insurer has got to determine the amount of loss that has occurred in order to reach settlement,” he explained to the publication. “You can’t abandon having expert advice on what the loss is.”
 
The ICNZ boss said the insurers’ ability to process claims had been affected by the lack of access to Kaikoura during the initial stage, the holiday period that reduced access to required expertise, and the tens of thousands of claims made across the country.
 

Related stories:
There’s still time to file a Kaikoura quake claim - EQC
Insurance bills from Kaikoura quake expected to reach billions
1 Comments
  • Steve 20/01/2017 11:24:29 a.m.
    All EQC claims must be lodged by February 14, but Commercial claims can be lodged at a later date, especially is damage or loss is not identified until a later stage.
    Post a reply