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With the recent news that Level Four will be extended, we wanted to provide an update on how we are supporting customers throughout this time.
Vero will continue to cover project sites
We know that project sites across New Zealand are going to be quiet at the moment as a result of the nation-wide Level Four lockdown.
The current ProjectPlan/SiteCover wording contains an exclusion in relation to cessation of works:
The Company will not indemnify the Insured against:
4. loss or damage to property directly caused by cessation of work whether total or partial;
Vero is committed to assisting customers during this uncertain period. Vero will not apply this exclusion for losses that are directly caused by construction work ceasing at project sites solely because of Level Four or Level Three restrictions.
Customers are still required to take all reasonable care to protect their works and should take all reasonable precautions to protect and lock up their sites. This includes removing valuable items or equipment where they can. Vero’s decision to suspend the operation of this exclusion only applies during the period of time the site is dormant because of Level Four or Level Three restrictions. Secondary impacts, such as supply chain issues which may be related to Covid alert levels do not fall within the ambit of the suspension. This means that any secondary impacts will be treated as they usually would be under the policy.
All policies which suffer a delay to the completion date as a result of Level Four or Level Three restrictions will be automatically extended for the period of the lockdown at 50% of the original pro-rata premium (excluding FENZ levies which will be charged at the usual rate).
Financial hardship support
We recognise that the extension of Level Four can have a big impact on customers.
Vero remains committed to being there for brokers, advisers and customers and has number of financial hardship support options which are available. If you know of a customer who may be experiencing financial hardship at the moment, or may not be sure if they can afford to continue their insurance cover, please get in touch and we can discuss the options available - including premium waivers.
Please get in touch
We will continue to keep you updated as alert levels change. In the meantime, if there’s anything we can help you with, or if you have any questions about what the alert level change may mean for you or your customers, please get in touch with your usual Vero contact.
A reminder that as all of our teams are now working from home, you may experience a delay of up to 10 seconds as your call is connecting through to us. Please hold to enable the team to answer your enquiry.
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