Future Insurance

Material Damage Insurance covers for physical damage to the property insured such as buildings, plant, equipment, contents, office and retail fit outs, tools of trade and stock, etc.  Material Damage Insurance Cover is for losses caused by accidental physical loss or damage including fire, flood, burglary, theft or natural disaster.

The most common claims under Material Damage Insurance:

1. Damage to premises caused by violent entry of burglar
2. Property damage and loss of stock and equipment caused by fire
3. Damage to the insured property caused by natural disaster such as earthquake.

The damage of business assets and simple accidents may impact the way the business is run and may interrupt the normal earning capacity. Business interruption insurance covers for the loss of revenue and profits etc resulting from insured damage for the period insured.

The most common claims we see are:

1. Loss of profits after having to close temporarily by fire
2. Increased costs of working such as leasing alternative premises and hiring equipment
3. Landlords loss of rent when tenants can’t occupy a building caused by the insured damage.

Commercial Motor Vehicle Insurance covers for accidental damage to the insured vehicles used for commercial or business use.  Cover options are Full/Comprehensive cover, Third Party Fire & Theft cover, or Third Party Only cover.

 

 

Contract Works:

Contract Works covers for Commercial, Civil or Domestic construction projects.  Insurance can also be arranged for existing structures where the construction relates to alterations and/or extension to the existing building.

Insurance can extend to cover for materials and plant (both on and off site), temporary buildings, debris removal and all contract associated professional fees.

Advanced Loss of Profits cover can also be arranged for loss of profit due to delays in completion of the project following damage to the property during the course of construction.

Rural Assets:

Rural Material Damage Cover is provided for all assets such as buildings, contents, plant, equipment, fences, underpasses, culverts, bridges, hay, wool, seed & grain and the like.

Protection is usually for losses caused through fire, flood, burglary, theft or natural disaster.

Extensions are available to cover Milk benefits, bridges and underpasses or contamination or spoilage or non-collection.

Rural Material Damage Cover also covers in the following areas:

 

• Equine/Bloodstock • Horticulture and crops • Livestock •Poultry • Wineries

Rural Machinery Breakdown:

Machinery Breakdown covers for the accidental loss to the machinery insured at the premise insured. Cover is provided for all forms of machinery, from small electric motors to refrigeration plant.

 

Rural Loss of Profits:

Machinery Breakdown Loss of Profits covers for the business interruption caused by the damage to the insured property under the Machinery Breakdown Cover.

 

Rural Liabilities:

Various Liability policies are available that are tailored to your rural business activities.  Please see the Liability cover sections for further information on the types of cover available.

Rural Vehicles:

Commercial Motor Vehicle Insurance covers for accidental damage to the insured vehicles used for rural business.  Cover options are Full/Comprehensive cover, Third Party Fire & Theft cover, or Third Party Only cover.

It also covers for the legal liability for damage or injury caused by the insured vehicle.

 

Rural Livestock:

Rural Livestock Insurance covers for high-value individual animals and herds with additional options for working animals , for example dogs and horses. This can include accidental death; death due to disease or illness; theft and escape.

Commercial Hull:

Commercial Hull Insurance covers for accidental loss to the craft during the insured period as well as Third Party liability protection in New Zealand

 

Marine Cargo:

Marine Cargo Insurance covers for accidental loss, physical damage or destruction of the insured property whilst in transit, either within New Zealand or to/from Overseas locations.  Extensions are available to cover items such as container liability, branded goods, general average etc.

Carriers Liability:

Carriers Liability coves for the liability by the Carriage of Goods Act 1979 for the property damage occurring during the insured period to the goods carried in connection with the business.  Cover is available for liability for loss or damage to goods imposed under the Carriage of Goods Act for goods carried on a Limited Carriers Risk basis; specified cover for goods carried at Owners Risk; Declared Value or Declared Terms sendings; and costs following a valid claim from debris removal and clean up following an accident, expediting expenses and consequential loss for which you are legally liable.

Pleasure Craft:

Pleasure Craft Insurance covers for the sudden accidental loss to the insured craft during the insured period occurring in New Zeland. It also has cover for social yacht racing.

Machinery Breakdown covers for the accidental loss to the machinery insured at the premise insured. Cover is provided for all forms of machinery, from small electric motors to refrigeration plant.

• Machinery Breakdown Loss of Profits covers for the business interruption caused by the damage to the insured property under the Machinery Breakdown Cover.

Trade Credit insurance protects you against the risk of bad debts that arise when selling your goods and services on credit terms to other businesses.

Corporate Travel Insurance covers for those travelling outside New Zealand against risks such as loss of baggage, business equipment; medical expenses; disrupted travel; cancelled travel; and third party liability.  Cover can be arranged on an annual basis or for a one off trip.

If your business lost an owner through death or major illness or you lost a key person that was critical to your business, wouldn’t it be reassuring to know you were protected financially?

Key Person Insurance

The loss of a key person can affect your business through:

 

• Loss of revenue
• Failure to meet financial obligations
• Increased costs (such as recruitment)

All businesses should plan to reduce their key person dependency over time, but many businesses don’t have this luxury. Key person protection can help you meet short-term business obligations.

Business owners also need a plan to ensure a co-owner’s departure is as smooth as possible. A business owner could die, get sick, resign or retire – so it pays to be prepared.

Some plans to put in place may include:

1. Buy/Sell agreements – these allow the remaining owners to purchase the departed owners shares at a pre-agreed value. Remember to review these each year.
2. Buy/Sell funding – wherever possible the Buy/Sell agreements should be fully funded to avoid delays and avoid remaining owners being out of pocket.

Public liability insurance covers for the amount that the insured become legally liable to pay for the injury or damage caused to the third parties connected with the business during the insurance cover.  In addition the policy provides for the costs of defending these claims.

The most common claims we see relate to workers accidentally damaging property such as:

1. A plumber forgot to crimp a connection for the shower unit when renovating the bathroom
2. A panel beater forgot to take cloth out after servicing a vehicle.

Statutory Liablity Insurance covers for breaches of most legislation, such as the Fair Trading Act, Consumer Guarantees Act, Privacy Act, but excluding criminal acts & taxation legislation.  Cover includes defence costs and, in most cases, fines & penalties imposed following a conviction.  Fines under the Health & Safety in Employment Act are excluded.

Employers Liability Insurance covers for the amount that the insured become legally liable to pay for the injury or damage arising from an employee sustaining injury connected with the business during the insurance cover.  In addition the policy provides for the costs of defending these claims.

Professional Indemnity Insurance provides cover for businesses and professional persons for civil liability arising from a breach of professional duty or negligence in the performance of those professional services including legal costs and expenses relating to defending these claims.

The more common claims we see are:

1. Financial planners failing to explain investment policies properly
2. Accountants failing to lodge documents for clients on time resulting in financial loss
3. Law firms giving incorrect advice that leads to financial loss
4. Architectural designs failing to work and resulting in increased costs to clients

Directors & Officers Liability Covers for the amount that the insured become legally liable arising from the wrongful act that occurs in connection with the company. This cover provides protection to Directors, Senior Management and Officers of your business for wrongful acts committed whilst carrying out their duties associated with the management of the company.  Cover includes the costs of legal representation in the defence of civil or criminal proceedings and settlements or judgements awarded against directors and officers where no indemnity is given by the company.

Fidelity Insured covers for the loss caused by the theft of the property from a dishonest act or omission by an employee during the insurance cover. The cover is to protect the business against loss of money and/or property or services belonging to the company, through any dishonest or fraudulent act by staff employed by the company.

Association Liability provides cover for the liability arising from a wrongful act occurring in connection with the insured company in relation to the community or industry associations who may be held personally liable for wrongful acts such as errors, omissions or mistakes whilst undertaking their duties for the association.

Trustees Liability provides covers cover for the liability arising from a wrongful act occurring in connection with the trust for the individual trustees and officer bearers and provides protection against claims for actual or alleged breach of trust, breach of duty, negligent acts, errors or omissions whilst undertaking their duties for the trust.

Carriers Liability coves for the liability by the Carriage of Goods Act 1979 for the property damage occurring during the insured period to the goods carried in connection with the business.  Cover is available for liability for loss or damage to goods imposed under the Carriage of Goods Act for goods carried on a Limited Carriers Risk basis; specified cover for goods carried at Owners Risk; Declared Value or Declared Terms sendings; and costs following a valid claim from debris removal and clean up following an accident, expediting expenses and consequential loss for which you are legally liable