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Along with the rest of New Zealand, we are pleased to be in level 1. As the country enters its new normal, it’s timely to update you on the assistance we continue to offer to your clients who may still be experiencing financial hardship in level 1, and to some changes to the exceptions made to some policies in levels 2, 3 and 4.
Hardship assistance options remain available
The Inside Word sent to you on 26 May outlines a range of assistance options Vero is providing.
These are still available as we know that financial hardship does not necessarily end as a result of reaching level 1. They are designed to help your clients with affordability, to keep their cover in place and to make things easier for them. As a reminder, we have detailed some of these assistance options.
Premium deferral for personal insurances - if a client is experiencing financial hardship and is eligible for a premium deferral, their insurance premiums are deferred for up to two months and they only need to start making these payments at the end of the premium deferral period. The total premium that would have been due over the premium deferral period can be paid at the end of the period or can be spread across the remainder of the payments due during the period of insurance. Their cover remains unaffected during the premium deferral period and they can still claim during this time.
Premium waiver for personal insurances - if a client is experiencing financial hardship and is eligible for a premium waiver, their premiums may be waived for up to three months. The premium for this period does not have to be paid later, their cover remains unaffected and they can still claim during this time. If a client has already taken this option but not used the full three-months, let us know if they are still experiencing financial hardship and the remaining premiums for that period can be waived.
Renewal premium assistance for SME clients - financial support is available to Business and Rural SME customers via renewal premium assistance. If your client is experiencing financial hardship and unable to afford their premium, please get in touch with your BDM to discuss options that may help them maintain their insurance cover.
Standard policy conditions resume
We relaxed a number of policy conditions during levels 4, 3 and 2 to make things easier for your clients with commercial, rural or personal insurances. In level 1 we will return to standard policy conditions.
WOF and licences – your clients should now be actively renewing expired WOF and Drivers Licences to ensure cover is fully in place. A WOF or Drivers’ Licence that expired and was unable to be renewed due to Covid-19 alert level restrictions won't necessarily mean a claim is declined, provided the vehicle is safe to drive.
Tenanted properties – we want property owners to continue to stay safe and well. Therefore, if landlord inspections aren’t possible due to Covid-19 related issues (the tenant may be in 14-day quarantine or be otherwise unwell) we will take a reasonable approach based on your clients’ personal circumstances.
Unoccupied premises – during levels 4, 3 and 2 many businesses could not operate. At the time, Vero confirmed temporarily unoccupied premises would not impact insurance cover. As we are now in Level 1 and all businesses are able to re-open, the policy conditions return to standard cover. Importantly, if premises are unoccupied for more than 30 days it is necessary for your clients to advise us of this.
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