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At Vero we continue to be proactive and flexible in our response to the impact Covid-19 is having. Our commitment doesn’t change as we enter alert Level 3 on Monday April 27 at 11.59pm.
Updates in this email:
Vero extends assistance package
Suncorp New Zealand recently announced the creation of a $2m hardship fund to support vulnerable customers, including Vero customers, who are experiencing financial hardship as a result of Covid-19.
In addition to the options Vero has already committed to, we are extending the options available for your clients experiencing financial hardship by offering premium waivers for eligible clients on Personal Insurance products. These are available to eligible clients until 5pm 30 June 2020.
If a client is experiencing significant financial hardship and is eligible for a premium waiver, their premiums may be waived for up to a maximum of three months. Their cover remains unaffected during this time. To help assess whether your client fits the criteria to access this extended option, please get in touch by emailing: customersolutions@vero.co.nz to assess eligibility and process the waiver.
The hardship fund is designed for personal and SME customers in financial hardship such as through loss of employment. We will be applying eligibility criteria such as involuntary unemployment, reduced income, illness or if government/financial support is on hold or pending.
Commercial update - construction
Moving to alert Level 3 will allow for Construction to recommence – subject to health and safety guidelines.
During Covid-19 alert Level 4, we were pleased to assist our customers by temporarily removing the exclusion for losses directly caused by construction work ceasing at project sites due to the government ordered lockdown. In Level 3, building sites can once again start operating, so our policies will revert back to the same cover that existed before the Level 4 lockdown.
If the situation changes we will reassess at that point.
Marine update - pleasurecraft
As we enter alert Level 3, the most important principle remains for your clients to stay safe (so that they do not need rescuing or medical care), and to stay physically distant from people outside their bubble.
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Not allowed in Level 3: Boating, sailing and jet skis.
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Allowed in Level 3: swimming, surfing, kayaking, canoeing, rowing, windsurfing and paddle boarding, but stay close to shore.
Vero Marine Pleasurecraft cover continues during alert Level 3. However, if owners put their own and other people’s lives or health at risk by their actions, that will be taken into account when assessing any claim.
Claims update
Vero is processing claims, but we’re working differently in Level 3.
Like we did at Level 4, we will ensure insurance claims affecting the health and safety of our customers are prioritised. Current Level 3 restrictions mean site visits and repairs can happen but only with appropriate safeguards in place. This means we may need to take more time to complete work on your client’s property or vehicle and there could be some delays before we can get to your clients.
We’re expecting builders and repairers to open under Level 3 restrictions, along with many of our other suppliers. However, they may have different processes, or purchase options to meet the Level 3 guidelines. Where possible, we will continue to assess claims remotely – this has proven fast and effective. As soon as we can, we will work to complete repairs that were partially completed when Level 4 restrictions came in.
Reduced motor vehicle cover clarification
We recently communicated our reduced motor cover option for personal customers, see Inside Word 8 April. The reduced cover is only available to clients who will not be driving their vehicle at all during Level 4 or Level 3 restrictions. The vehicle must remain parked up in a locked garage. This option only provides fire and theft cover, with no other benefits. This is different to third party, fire and theft cover as this reduced option will not respond to any damage related to driving of the vehicle, nor will there be any liability cover involving the vehicle or for reparations. This cover is not suitable for vehicles which are simply driven less during the lockdown periods.
Get in touch
To discuss these, or to make contact on behalf of a client seeking assistance, please email: customersolutions@vero.co.nz or call 0800 808 138.
Suncorp New Zealand has summarised the range of options here.
Finally, take a look at our recent NZ Herald news articles.
If you have any questions about any of the above, please don’t hesitate to get in touch with your BDM on their mobile.
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