Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

Businesses Beware Of Our More Litigious Neighbours

New Zealand Businesses Beware Of Our More Litigious Neighbours Warns Royal & SunAlliance Liability Insurance Limited

As New Zealand businesses grow in the global market through e-commerce, they must consider the liability and litigation risks posed by trading with other countries, warns Adrian Tulloch, Managing Director of the new Royal & SunAlliance Liability Insurance Limited.

Adrian Tulloch says “New Zealand is one of the least litigious countries in the world. But when playing in the global market it is important to understand the global rules. Many countries, particularly America and increasingly Australia, are considerably more litigious in nature. As New Zealand’s export and off-shore industry grows it is important for businesses to be aware of the risks of trading internationally and consider the value of liability insurance.

Royal & SunAlliance have launched a new company to provide New Zealanders with quality liability and litigation insurance products. Adrian Tulloch who will lead the new company believes that many new businesses are unaware of the risks to which they are exposing themselves when doing business off-shore and need to ensure they are fully protected against costly litigation. “Many New Zealanders are naïve to the more litigious nature of our international counter parts. Even when trading in a virtual market place it is important to remember the background of your customers and the trading in which they operate. New Zealand businesses must ensure they are fully covered for all eventualities.” Adrian believes that the tied asset structure of Royal & SunAlliance New Zealand, which gives the company a ‘global-yet-local’ focus, offers customers a real advantage.

“With Royal & SunAlliance you get the best of both worlds. Customers have the security of knowing that Royal & SunAlliance New Zealand is a local based company in charge of its own chequebook, which understands their market and can respond quickly in a crisis. However, being part of a global operation means Royal & SunAlliance fully understands the issues and potential risks faced in every market.” Roger Bell, Managing Director of Royal & SunAlliance Insurance New Zealand Ltd and Chairman of the new subsidiary said the launch of the new company showed Royal & SunAlliance’s commitment to the New Zealand market and a continued focus on innovation.

“As many of our competitors move their operations across the Tasman, Royal & SunAlliance are striving to develop innovative new products which respond to the needs of the New Zealand market.”

“Being part of a global company means we can invest in the very best local talent and support them with world-class products and operational experts whose primary role it is to accelerate the sharing of best practices on a global basis.”

Royal & SunAlliance Liability Insurance Limited officially opened for operation on 1 August 2001. The launch of this new division follows in the wake of other customised products such as AXIOM offering commercial motor fleet insurance and Fusion offering work place accident insurance.

ENDS


© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Ground Rules: Government Moves To Protect Best Growing Land

“Continuing to grow food in the volumes and quality we have come to expect depends on the availability of land and the quality of the soil. Once productive land is built on, we can’t use it for food production, which is why we need to act now.” More>>

ALSO:

Royal Society: Calls For Overhaul Of Gene-Technology Regulations

An expert panel considering the implications of new technologies that allow much more controlled and precise ‘editing’ of genes, has concluded it’s time for an overhaul of the regulations and that there’s an urgent need for wide discussion and debate about gene editing... More>>

ALSO:

Retail: Card Spending Dips In July

Seasonally-adjusted electronic card spending dipped in July by 0.1 percent after being flat in June, according to Stats NZ. Economists had expected a 0.5 percent lift, according to the median in a Bloomberg poll. More>>

ALSO:

Product Stewardship: Govt Takes More Action To Reduce Waste

The Government is proposing a new way to deal with environmentally harmful products before they become waste, including plastic packing and bottles, as part of a wider plan to reduce the amount of rubbish ending up in landfills. More>>

ALSO:

Earnings Update: Fonterra Sees Up To $675m Loss On Writedowns

“While the Co-op’s FY19 underlying earnings range is within the current guidance of 10-15 cents per share, when you take into consideration these likely write-downs, we expect to make a reported loss of $590-675 million this year, which is a 37 to 42 cent loss per share." More>>

ALSO: