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20 May 2020

Coronavirus (Covid-19) and your insurance

This page contains advice and updates for clients relating to the impact of Covid-19 on insurance policies and risk management. It is regularly updated and the most recent advisories will appear at the top of the page. 

Crombie Lockwood continues to provide comprehensive insurance advice and support to clients during this challenging time. If you have questions about how this affects you and your business please contact your broker. At alert level 2 our offices are closed to visitors, however all staff are available on email and phone.  

 

ADVISORIES AND INFORMATION ON COVID-19 AND YOUR INSURANCE
Aligning your insurance in the Covid-19 environment - 19 May 2020

As businesses look to control expenses, we look at some approaches for managing risk while reducing cost and maintaining essential insurance cover. 

Car insurance - 19 May 2020

Level 2 and car insurance when used for business - 18 May 2020

Motor vehicle owners should be aware that at level 2 (as with level 3) under your private motor vehicle policies you are not covered for business use, such as the delivery of goods or food.

 

Landlord insurance - 18 May 2020

Our client advisory for landlord insurance policyholders, answers questions on property inspections and rent protection during covid-19 alert levels.

Early childcare business insurance - 15 May 2020

Early childhood business insurance 

We update clients on what alert level 2 means for early childhood business insurance cover in our latest advisory:

Cybersecurity during Covid-19 alert levels - 13 May 2020

Cybersecurity during Covid-19 alert levels

As we move down the scale of alert levels, people will begin to return to their places of work. However in order to comply with social distancing requirements many businesses will still need to operate with some staff working remotely. 

We've seen that the increase in New Zealanders logging on from home can create additional vulnerabilities in otherwise secure internal computer systems. And the disruption caused by Covid-19 is continuing to present opportunities for cyberattacks and data breaches.  Our recent client advisories provide guidance on managing risk at this time: 

Schools insurance - removal of electronic devices - 6 May 2020

Schools insurance 

Advice on insurance cover and financial relief for schools where students take electronic devices home on loan during Covid-19 school closures. 

Construction insurance - 30 April 2020

Guidance and advice from our construction insurance specialists on risk mitigation and cover for construction projects during Covid-19 and alert level stages: 

  • Managing supply chain risk in construction - 30 April -   When materials, components or equipment fail to arrive on site, it can stop work completely. Managing this scenario is a critical part of project risk management and important for contractors to consider under alert level 3.
Boat and pleasurecraft insurance - 30 April 2020

If a boat is used against Government advice when alert levels prevent or restrict use, insurers may not provide cover for damage to your boat (including if it is confiscated), or for liability to any third parties. 

If you have questions about your boat and pleasurecraft insurance please contact your broker. 

 

Home and contents insurance - 12 April 2020

Our client advisory answers common questions about how home and contents insurance policy conditions under lockdown due to Covid-19.

This includes the role of home valuations, property settlements under high alert levels, equipment cover when working from home, contents in storage and more.

Read the full advisory: Covid-19 and your home and contents insurance.     

Employment Practice Liability and Employment Disputes insurance - 7 April 2020

Employment Practice Liability and Employment Disputes insurance

With the economic impact of Covid-19 rippling at pace through the business community and forcing many into unchartered waters, business owners are having to take swift measures to respond to the challenging circumstances. For many, this has meant restructuring workforces and with this comes a heightened risk of personal grievance claims from employees which may trigger an Employment Practice Liability (EPL) policy, also known as Employment Disputes (ED) insurance.

Trade credit insurance - 7 April 2020 

Trade credit insurance

As businesses move to manage cash flow and organise government aid, in response to Covid-19, there may be a number of potential implications for Trade Credit insurance policies. 

It’s worth revisiting the conditions and obligations of these policies to help mitigate business risk, as businesses work through the challenging situation with buyers and suppliers. First and foremost, businesses must keep insurers informed of any material circumstances that may be deemed a ‘notifiable event’. 

Business interruption and material damage insurance - 26 March 2020

Business interruption and material damage insurance and Covid-19

Generally, this is not the type of event that business insurance policies can respond to. In addition, all insurers include a standard exclusion in their policy wordings regarding infectious diseases, specifically ‘Notifiable Infectious Diseases under the Health Act 1956’. According to the New Zealand Ministry of Health, coronavirus became publicly notifiable on 30 January 2020 so any loss arising as a result of coronavirus would not be covered.

Building resilience through business continuity planning - 20 March 2020

Business continuity strategies are critical to ensuring that your organisation is positioned to remain operational amid disruption, and that you can do the best you can to continue to support your customers. 

Travel insurance - 6 March 2020

Travel insurance policyholders

Many insurers have removed some or all cover for coronavirus-related issues for travel to regions affected by the outbreak. It is important to check policy wordings to understand how the restrictions affect your cover. Links to information from insurer partners summarising their position on cover for existing and new policy holders are listed below:

For Uni-Care support phone 09 362 4039.

If you have any questions not covered by the insurer's website please contact your broker.

Other personal and business insurance policies

Other personal and business insurance policies

Policy exclusions for events relating to infectious or contagious disease may apply to some policies not already mentioned on this page. This means that cover may not be available. Your broker can review and advise based on your individual situation.

Resources to help you and your business

We understand this is a difficult time for clients in managing the impact and certainty caused by the coronavirus pandemic.

Resources you may find helpful in managing your business through the evolving situation are listed below.

 

Business information

 

General Covid-19 information and advisories 

If you have any further questions please contact your broker.

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