Tag Archives: Insurers

EQC reforms, proposed changes to Earthquake Commission Act

Government was now seeking submissions on the proposals, before introducing a bill to Parliament in early 2016.

### NZ Herald Online 11:31 AM Monday Jul 6, 2015
Reforms to Earthquake Commission Act outlined
By Isaac Davison
Government has outlined the changes it wants to make to insurance cover after natural disasters, including a doubling of the cap on building cover to $200,000.

The Earthquake Commission Act is being reformed, and a discussion paper on the proposed changes has been released today.

Earthquake Commission Minister Gerry Brownlee said the reforms would ensure the EQC remained focused on rebuilding homes and would resolve the difficulties experienced in Christchurch with regard to land and building cover. The changes would also better integrate EQC and private insurers’ claim handling processes and ensure the natural disaster insurance scheme remained sustainable. Among the key proposals was increasing the cap on EQC building cover from $100,000 to $200,000.
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Posted by Elizabeth Kerr

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‘Owners of older buildings warned’ – ODT

### ODT Online Thu, 10 Mar 2011
Insurance may become harder to get
By John Lewis
Hundreds of commercial buildings in the South could be left without insurance as insurers toughen their stance on who they will cover in the wake of the Christchurch earthquake, a nationwide commercial building insurance broker says. FMR Risk director Howard Fraser, of Dunedin, said commercial buildings built before 1935 would come under close scrutiny from insurance companies, and most might not be able to be insured.

Landlords need to brace themselves for some major changes.

Uninsured buildings could be deemed a safety hazard in the event of an earthquake, which could cause considerable financial implications for Dunedin businesses.

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Posted by Elizabeth Kerr

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