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Thread ID: 120119	2011-08-25 12:05:00	Commercial Insurance Help	Iantech (16386)	PC World Chat

Post ID	Timestamp	Content	User
1226130	2011-08-25 23:42:00	Some companies deal through agents "Vero sells its products through independent brokers. You can find a broker near you with the help of Vero’s Broker Locator..." I have a Vero policy that started with another company that they swallowed and the agent seems to have disappeared. I don't know if Vero need the agent to stay involved after the policy is set up.	PaulD (232)
1226131	2011-08-26 00:47:00	Lumley were on Fairgo the other night, refusing to payout on a couples rental property which got burnt down because it was unoccupied at the time. They had new tennants ready to move in. You can view the program on TV1s website. :)	Trev (427)
1226132	2011-08-26 00:54:00	Brokers can be helpfull when having "issues" with claims.	1101 (13337)
1226133	2011-08-26 01:44:00	Have you talked to your broker about the extra costs, and explained that you are not happy? If they still insist on charging you, then go directly to the insurance companies with a clear conscience. You will have a history with them, which may well count in your favour. Use every advantage you have. A Broker will generally get a better rate on a Policy than a member of the public dealing direct with the Insurer, so don't expect to get it for the same price or better than the broker quoted. Brokers commission structure was normally upwards of 15%, with over- ride commissions on top of that, I have been away from NZ too long to know how the Broker Commissions and Fees are now structured, but the Broker's fee payable by the insured will probably be related to "valuable advice" component of the service, plus a charge for lodging the policy with the insurer - it will probably be in lieu of part or all of what was formerly the Brokerage commission paid by the insurer. A lip service to the concept of a broker giving independent professional advice. Just be sure when you are comparing policies from different insurers that you are comparing apples with apples, what is covered, what is the excess, is it a policy covering specific defined risks, or an "all" risks policy with specified exclusions. And most importantly, how does the Insurance Company rank with meeting claims. One point is that you can bring the premium cost down quite markedly by increasing the excess, a home contents policy for say $150K of cover with $100 excess may cost $1200- push the excess up to $1000 and it could halve the premium - better to do this than under insure, as you may then deemed to be part self-insuring when there is a claim for less than the sum insured. Keep in mind that insurance companies are hard nosed businesses not charities, and they look after their shareholders interests first whenever possible, give them an excuse to reduce or throw out a claim and they will do it, irrespective of what a salesman mayl tell you.	KenESmith (6287)
1226134	2011-08-26 02:02:00	I used State for years. No problems but then I never made a claim. Actually that's a point. Husband had his ute insured commercially with State for ages. And he did have a claim, it was fine, they paid out. After that though they put his excess up. The only hassle we had with them is whenever we rang about anything, we'd get sent round in circles - non-commercial, commercial and back again until they got the right dept. But no problems with claims and stuff.	pctek (84)
1226135	2011-08-26 02:38:00	Actually that's a point. Husband had his ute insured commercially with State for ages. And he did have a claim, it was fine, they paid out. After that though they put his excess up. But no problems with claims and stuff. They are entitled to increase the excess, if the insured's history changes, but not during the current period of the contract. Your contract of insurance is a fixed period contract, that terminates on a specific date, and the terms under which the insurance contract was issued prevail for the period of the fixed term. The exception to this in motor insurance is where there is a write off of the vehicle, in which circumstances the insurance has been paid out in full and thus the contract has terminated. Similarly change of no-claim bonus can only take effect on renewal. My son had a bad experience with RACQ, his car was written off by no fault of his when he was shunted, while stationery at a red traffic light, by a laden 4WD ute into the rear of another Ute, the car was in excellent condition and had a market value between 6500 and 7000 at least for it's kms and condition. The RACQ assessors put $4500 on it, no correspondence will be gone into, take it or leave it, sue us if you don't like it, best of luck. This same company failed to pay out on flood damaged homes during the recent Queensland Floods - because of their policy's definition of what constitutes a flood.(water released upstream to save the Wivenhoe Dam from failing is not a flood)	KenESmith (6287)
1226136	2011-08-26 04:30:00	SIS and AA are offshoots of Vero. Until I retired, I worked with QBE and they are very good but only deal with Brokers. Vero is very good and probably will deal with Joe Public. I see that you have been with them via your Broker and I would now go directly too them, they should be quite accomodating. Its a very tight market and Insurance Companies do not like to lose out to competition so try them first. NZI and State are part of the same group, not related to the Vero setup. Tower I would personally not deal with. As far as Brokers go, check with a couple of larger concerns like AON and Marsh. Check whether they are now charging you fees as your present Broker. You could also try one or two of the smaller oneman broker setups in your area too.	Bryan (147)
1226137	2011-08-26 05:08:00	Some really good quality info coming out, thanks all, it really helps me with direction. I hate dealing with insurances as much as I hate dealing with Inland Revenue, luckily I have a damn good accountant in place to keep those hounds off my ankles, all I need to do is get my insurances back on track and taken care of (which is why I use a broker) and that leaves me to get on with work. Thanks to all input so far, I really appreicate it.	Iantech (16386)
1226138	2011-08-26 05:30:00	They are entitled to increase the excess, if the insured's history changes, but not during the current period of the contract. The exception to this in motor insurance is where there is a write off of the vehicle, He did write it off. Not to mention the trees, the fence etc.	pctek (84)
1226139	2011-08-26 05:51:00	Way back, Accountants used to act as agents for Insurance Companies, I don't know if they still do.	Bryan (147)
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