EQC announcement on On-solds property
The Earthquake Commission announced this week that it had put aside reserves for onsold claims. These properties were sold after the 2010/2011 seismic events damage had been repaired, then suspect additonal damage was discovered which pushed the claim over the EQC cap. Private insurance claims were accessible to these buyers.
Timing of this announcement may be deemed highly contentious given the Southern Response court case that slammed Southern Response for “deceptive and misleading behaviour”.
It is important to note that the senior management of both organisations contained numerous insurance industry experts, employed directly from the private insurance sector, therefore, the decisions made were indeed made by insurance industry leaders who should have known better.
Rate-payers nationwide will be justified in wondering how EQC and Southern Response made many poor decisions.
Ensure you team with advocates with your best interests at the core of what they do. Ensure that you receive a settlement that will cover the cost of repair.
Credit to Insurance business magazine https://www.insurancebusinessmag.com