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

 

NZPI To Take Closer Look At Indemnity Insurance

MEDIA RELEASE Tuesday 3 December 2001

PROPERTY INSTITUTE TO TAKE CLOSER LOOK AT INDEMNITY INSURANCE

The New Zealand Property Institute CEO, Conor English, said today that the Institute would be taking a close look at the professional indemnity insurance available to valuers and other property professionals.

Mr English said today, "Indemnity Insurance is an important part of a professional property practice. As an input cost it is important that premiums are fair and reasonable. Feedback from our members has been that some premiums have risen by as much as 100%. Excess levels have also changed. This needs some explanation.

"Increasing costs of indemnity Insurance simply means more cost for valuers and therefore more cost for members of the public who use valuation and other property services," he said.

Mr English said he had recently met with one provider of this insurance seeking more information. "If valuers and other property professionals are going to have to pay substantially more for their insurance they need a clear explanation as to why. It is not clear to date they have received that," he said.

Mr English said that through the promotion of a code of ethics, continued professional development programmes and its discipline procedures, the Institute was providing professional support that reduces risks for valuers, their clients and insurers.

"Members of the public should seek out and use a Registered Valuer for valuations as they are members of the Institute and need to comply with industry standards and continuing professional development requirements," he said.

"The Institute will follow up on this important issue and get more information. We need to keep Members and the public informed.

"If at the end of the day these cost can not be managed or alternatives found, then the cost to those who use valuers and other property professional services affected by this will simply need to increase," Mr English concluded.

Contact: Conor English, NZPI CEO, 04 384 7094, 025 410 786


© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Commerce Commission: Latest Broadband Report Confirms Improved Performance Of Premium Fibre Plans

The latest report from the Commerce Commission’s Measuring Broadband New Zealand programme shows that the performance of Fibre Max plans has improved substantially. This follows a collaboration between the Commission, its independent testing partner, ... More>>

Air New Zealand: Capital Raise Deferred

Air New Zealand has decided to defer its planned capital raise to later in 2021 allowing more time to assess the impacts of recent developments on the airline’s path to recovery. 'We’ve seen some clearing of COVID-19 clouds recently, with ... More>>

Commerce Commission: Cartel Conduct Now Punishable By Up To 7 Years’ Jail Time

Cartel conduct can now be punished with a term of imprisonment of up to 7 years, after the Commerce (Criminalisation of Cartels) Amendment Act 2019 came into effect today. Cartel conduct includes price fixing, market allocation and bid rigging (see ... More>>

Stats NZ: Auckland Population May Hit 2 Million In Early 2030s

Auckland’s population may rise from about 1.7 million currently to 2 million by early next decade, Stats NZ said today. “Auckland will likely have the highest average annual growth of New Zealand’s 16 regions over the next 30 years, from ... More>>


Stats NZ: March Card Spending Rebounds Despite COVID

There was a lift in retail card spending in March following a fall in the lockdown-disrupted February month, Stats NZ said today. Seasonally adjusted retail card spending rose by $53 million (0.9 percent), compared with February 2021. Visit our website to read ... More>>

PwC: Outcome Of Review Into Air New Zealand Gas Turbines Business

Air New Zealand has received the report into its Gas Turbines business from independent external advisers PwC. Air New Zealand Chairman Dame Therese Walsh says the report identified a range of effective controls in the Gas Turbines revenue contracting ... More>>

LPG Association: Renewable LPG Achieves Emissions Budgets With No Need To Ban New LPG Connections

Renewable LPG can supply New Zealand’s LPG needs and achieve the emissions reductions proposed by the Climate Commission without the need to ban new connections, a new study shows. The investigation, by leading consultancy Worley, was prepared for the ... More>>