Canterbury Earthquake - Insurance Claims

Some important information for clients who may have suffered property damage in the Canterbury Earthquake.

Insurance Claims – Domestic

For anyone who has damage to property or contents then they should firstly register a claim with the Earthquake Commission on 0800 652 333 or online at www.eqc.govt.nz.

A residence is covered for the first $100,000 (plus GST) by the EQ portion of a domestic insurance policy. If the damage is assessed to be greater than $100,000 (plus GST) the balance will be covered by the insurer. The EQC will also cover the first $20,000 (plus GST) of contents and the insurer the balance thereafter.

Commercial Claims

Almost all businesses will have Material Damage policies that will cover the cost of repairs to property, plant and equipment, and loss of inventory etc. However, with many businesses not being able to open for various reasons, you may be able to receive some form of financial compensation in the form of Business Interruption insurance, if you have it.

Business interruption can cover gross profit, wages, additional costs of working, record re-instatement; and if the client is a landlord, loss of rents.

Potential commercial claims should firstly be registered directly with your insurer. Ideally you should also inform your broker/adviser that a claim is being made.

Where there is loss to inventory, plant and equipment, you should schedule all damaged items and photograph if possible. Do not dispose of those items until an insurance assessor has viewed them.

We will keep our website updated with further information as it comes to hand. If you are having any difficulties with knowing what to do in respect of insurances then feel free to contact our Senior Risk Adviser, Lachie Gunn at Polson Higgs Insurances on 027 2468 127 or email lachie.gunn@ph.co.nz.
 

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Last updated: 7th September 2010 | 4:23 pm