• F.B.I

P&C Insurance - 10 Minutes

Jason Smith

Background/timeline:

- Worked in Banking for three years BNZ

- Started in insurance in 1989

- FMG until 2000

- Joined Hugh McConnon at PB Insurance

- Formed P & C Insurance

- Specialising in Fire & General

- 2003 – Hugh Passed away

- Joined by Sara Carter ten years ago

- From 2003 to 2019 built the business from two staff to 8 F/T staff


Earthquake Commission:

How does it work?

- Like having a $100,000 excess on every house

- The EQC follows the insurer

- Whatever your insurance policy says the EQC follows

- Assists Insurance Companies in being able to offer E/Q cover

- Premium paid to the GOVT to provide cover

- Covers the building and land as defined in the Act


Botched repair jobs:

- Has passed 300 million

- This will cost estimated 1 billion

- Changes coming into effect 1/07/2019

- An immediate extension of the timeframe for lodging a claim from three months to two years.

- Provide EQC scope to share information as necessary to settle insurance claims;

- Removal of the $20,000 EQCover for contents from July 2019; and

- An increase in the cap on EQC residential building cover to $150,000 from July 2019.


The EQC is necessary to keep Domestic Insurance affordable and whilst the claim process from Christchurch was dysfunctional and unworkable the EQC needs to work with the insurance industry to get this right.


Have your say – current Public Inquiry into the Earthquake Commission

www.eqcinquiry.govt.nz



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