Hi Gareth

I want to thank you for your ongoing support in helping maintain business as usual, as much as possible, during this ever-evolving situation. We are definitely all in this together, as we prioritise keeping our people and community safe.

I want to highlight a few key decisions and approaches we have made this week. This includes details on:

• Broker credit terms and customer hardship
• Holding cover for renewals
• Parked-up cover for log trucks, trailers and forestry harvesting plant
• Claims
• Landlord inspections
• Coverage of business property/unoccupancy of premises

Broker credit terms extension

We understand that many of our mutual customers are under financial pressure due to COVID-19. To assist with this, effective from today, NZI will be extending existing broker credit terms by 30 days, for commercial and personal lines customers. 

The extension of credit term will be for customers whose policies renew in an initial three month period, between 27 March and 30 June 2020.  We will be reviewing this position on a regular basis.

We appreciate that some SME customers will be experiencing financial hardship, so should they require an extension in payment terms, please contact your local NZI representatives so we can work together on a case-by-case basis.

Please note, in the event that a claim occurs where premium has not yet been paid, NZI would require the premium owed to be paid in full prior to settling the claim (or the premium owed would be offset against the settlement amount).

Holding cover for renewals

While our teams are still available to work with you on each account, we will provide you with automatic hold cover for 30 days, on expiring terms and conditions.

Parked-up cover for log trucks, trailers and forestry harvesting plant

We are prepared to review and reconsider terms and conditions, on a case-by-case basis, according to the customer's needs. This approach applies to customers in the forestry industry who have vehicles and equipment that are no longer operating, and these considerations will also be available for customers with both Commercial Motor or Contractors Plant and Machinery policies.

If you have customers in this situation, please make contact with your NZI representative.

Claims

Helping our customers to get back on their feet is still a top priority for us, and we appreciate your patience and understanding as we settle in to our Business Continuity Plan for our offshore partner in Pune. Please see the section below my message for a claims update.

Rental property landlord inspections

For all home and landlords’ policies, as well as residential properties under a commercial property policy (let on a short- or long-term basis), landlords need to hold off on inspections, and wait until guidance from the Government that the Level 4 alert has been lifted.

If a landlord makes a claim but has not done an inspection in the timeframe required by the policy due to COVID-19, the claim will be processed, taking into account the customer’s individual circumstances.

Coverage of business property/unoccupancy of premises

With immediate effect, policies will cover business contents, stock, plant, and business assets which are already insured, while they are temporarily removed to another location (including transit to and then from the temporary location).

The sum insured limit of cover for insured property will be the same as if the property had been at the original insured location it was removed from. Please note, the total amount of cover under the policy will not be increased by this special provision. In addition, this coverage does not replace, nor is paid in addition to any other insurance coverage in force.

NZI has amended its current Unoccupied Building Guidelines. We will maintain current commercial property terms and conditions for customers until they are allowed to reoccupy after the current alert level is reduced.

Thank you for your support and patience as we all navigate this unique situation. Our team are set up and working well from home, and we will continue to focus on looking for underwriting and claims solutions to support you and our mutual customers.

Stay safe and be kind.

Garry Taylor
Executive General Manager, NZI