Industry Updates

May 25, 2017

Double whammy for insured home-owners

People may ditch or reduce their house and contents insurance cover in the wake of a levy increase, the Insurance Council of New Zealand is warning.
The government announced in today's Budget that it would be increasing the rate insured homeowners pay from 15c per $100 of cover capped at $207 a year to 20c per $100 to a maximum of $276 per year...Read More

May 16, 2017

A good link to better understand the effect of meth on your home and contents, the booklet has all you need to know when you suspect your home is used as a meth lab. http://www.nzi.co.nz/Documents/Factsheets/IAG%20Meth%20eBook.pdf

May 7, 2017

Rising building costs leave homeowners underinsured

Rapidly rising building costs are leaving 85 per cent of New Zealand homeowners underinsured, an industry expert says.

Jo Mason, chief executive of insurance firm NZ Brokers, says rising costs and changes to policy wording mean homeowners are uninsured by an average of 28 per cent.

"In the past six months we have had several devastating flood, fire, seismic and adverse weather incidents around the country," Mason said.

"It is crucial that homeowners are aware of what it would cost to rebuild their house from scratch and review this regularly," she said.

Mason said that with building prices rising across the country by up to 17 per cent, it's urgent for homeowners to check they are fully insured for their property, not just a portion of it.

"My advice to homeowners is don't take unnecessary risks, consult with an insurance broker in your area who can assess your needs and is able to advise what type of cover is best suited."

Mason also said changes to sum insured insurance properties could affect homeowners.

"Sum insured policies limit the maximum amount your insurer will pay in the event your home is totally destroyed," Mason said.

"In an environment where building costs are rising at around 7-17 per cent each year, there is no guarantee that the amount you are insured for will be enough to cover the cost of a total rebuild."

"What this means is that a house which cost $500,000 to construct just two years ago could be up to $185,000 more to rebuild today. Effectively the risk of the rebuild cost being greater than the insured value is borne entirely by the policyholder," she said.

NZ Herald

February 23, 2015

Personal and Business Data online – An introduction to Cyber Insurance.

With the increase in the frequency and severity of hacking, it’s time to consider how important your data is to your business. This can include personal information such as names, birth dates and credit card details right through to company accounts, supplier details and client lists. Businesses can be seriously damaged by the effects of hacking, both from a PR perspective as well as from the loss of vital business information. In response to this emerging risk, a number of insurers have launched specialist insurance policies to cover such situations and provide some form of financial protection should the worst happen.

Cyber Risk Protection can provide cover for the costs of data restoration, loss of income, network interruption, as well as legal costs that will undoubtedly follow a breach of Third Party Data Protection laws. Cyber Extortion is another beneficial inclusion, which provides financial assistance towards meeting ransom demands from hackers in exchange for the safe return of your un-corrupted data. If your business works with or relies upon a comprehensive database then YOU ARE AT RISK. We strongly recommend you review your data security measures with your support provider as well as speaking with us about the Cyber Insurance products available to your business. We’re here to provide information and services to reduce your risk so please give us a call!

April 27, 2014

Students at Risk

A Massey Study highlighted that a whopping 80% of students don’t have CONTENTS INSURANCE! A general response is that they are living in rented accommodation and have little of real value therefore insurance isn’t required.
THIS IDEA WAS COMPLETELY DEBUNKED after 3 flatmates in Auckland were faced with the prospect of splitting a $36,700 repair bill after hanging a coat-hanger on a fire sprinkler caused a flood that damaged eight floors of an apartment building.

Thankfully one of them had contents insurance which carried $1 million of legal liability cover. So a quick word of advice – if you are a student or your kids have flown the coup and are flatting, investing a few extra dollars a month in contents
insurance can save a lot of headaches!!! Talk to us today and we can organize the most appropriate cover for your student situation.

 

April 27, 2014

Software + Hardware + People

In 2013 Bridges began an internal computer system change over. To date it has been a reasonably smooth transition with little to no impact on the most important people in our business – YOU! As we roll out the next phase we are aware that you will see changes in the information you receive from us.

There are two changes – the layout of the information and the amount of information itself. If you receive any  information from us that you don’t understand, simply get in touch with your broker or the team by email or phone.
Like most technology changes, we will be able to access more detailed information, more quickly and with more relevance. The entire team is currently learning just how much more insurance information is available and how we can get better access to this so we can help you even more. When technology works it is fantastic and this is a case of things going  according to plan..phew!!!

April 15, 2014

Heads Up Farmers

Milk Claims are costing farmers considerable amounts of money! As milk is a key asset on your dairy farm, it’s important to reduce the chance of loss and ensure you have cover in place for the unexpected. Research showed the majority of losses related to:

  • Antibiotics
  • Plant Failure
  • Power Failure
  • Human Error

With penalties for contaminants costing upwards of 300-400% of the value of the milk, farmers need to have insurance cover in place now. It will be harder to get insurance with repeated infringements. We all know that regardless of the industry, accidents happen. Accidents cost money. Milk Benefits cover is available and an option that should be considered by all dairy farmers. Get in touch with your Bridges Broker to find out more.

contact

Bridges Insurance Services Ltd
11 Clifton Road, Hamilton
PO Box 467, Hamilton 3240

Phone: 07 839 7880
Email: info@bridges.co.nz

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