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

 

Bell Gully Advises On Natural Disaster Insurance Response Model Agreement

Bell Gully advised a group of general insurers on a natural disaster response model agreement designed to streamline settlement of claims for EQC insurance cover in the wake of a natural disaster.

Bell Gully worked closely with the Insurance Council of New Zealand, facilitating this process on behalf of a group of its members. The group of insurers comprised AA Insurance, Chubb, FMG, Ando (Hollard), IAG, MAS, Vero and Tower.

Our team was led by partners Glenn Joblin and David Friar, and special counsel Susannah Shaw.

The unique model agreement with the Earthquake Commission (EQC) sees EQC delegate its claims settlement function under the EQC Act to the insurers. As a result, anyone with home insurance whose home or land is damaged in a natural disaster will only need to lodge one claim through their private insurer. This process will commence in Q2 2021.

Partner Glenn Joblin said working directly with many of New Zealand's general insurers to build a consensus across all participating insurers and reach agreement with EQC on complex legal documentation was a highly collaborative exercise.

"It was great to work with multiple parties on such an important agreement for the people of New Zealand," he said.

"The country has experienced a number of natural disasters over recent years, so we hope that this response agreement can ensure effective and efficient resolution of claims during stressful times."

Bell Gully's insurance practice continues to lead the New Zealand market, driven by strong transactional, litigation and claims work. The firm has recently advised on several major insurance transactions, including Resolution Life's acquisition of AMP Life, and major claim events, including the NZ International Convention Centre fire.

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Grey Power: Is Disappointed To Learn Of More Bank Closures

Many older people are being left without essential services because of cost cutting and the march of modern technology. It is now expected that most banking transactions can occur via the internet or telephone. Jan Pentecost, President of the Grey Power ... More>>

ALSO:

Economy: Supply Chain On Brink Of Overload Says National Road Carriers

The New Zealand supply chain is on the brink of overload and it looks like the upcoming peak imports season may push it over the edge says National Road Carriers Association (NRC) CEO David Aitken. “Worldwide supply chains are in disarray,” says Mr Aitken. ... More>>

Retail: Supermarkets Announced As Government’s Second Market Study

The Government has today launched a market study to ensure New Zealanders are paying a fair price for groceries. More>>

ALSO:

Statistics New Zealand: Retail Sales Recover In The September 2020 Quarter

Retail sales values recorded the largest September quarter rise since the series began in 1995, Stats NZ said today. Spending on major household items, vehicles, and groceries contributed to the strong 7.4 percent ($1.8 billion) rise in total ... More>>

Kea Aerospace: New Zealand Flies Into The Stratosphere

Development has started on a solar-powered, unmanned aircraft that can fly in the stratosphere continuously for months at a time. The zero-emission aircraft will carry a suite of imagery equipment that will be game-changing for many industries, vastly ... More>>

Stats NZ: Births And Deaths: Year Ended September 2020

Births and deaths releases provide statistics on the number of births and deaths registered in New Zealand, and selected fertility and mortality rates. Key facts For the year ended September 2020: 57,753 live births and 32,670 deaths ... More>>

ALSO:


Forest & Bird: Kākāpō Wins Bird Of The Year 2020

The nation has voted and Aotearoa New Zealand has a new Bird of the Year. New Zealand’s moss-colored flightless parrot has climbed to the top-spot for the second time in Forest & Bird’s annual Te Manu Rongonui o Te Tau/Bird of the Year competition. ... More>>