Delay in company insurance claim
Question from Lin updated on 18th February 2015:
We have a property that suffered damages during the earthquake in Christchurch. The property and the insurance policy is in the name of limited company. The company is owned by two shareholders and they are both directors. If there is a change of shareholders or directors then does this impact our entitlements under the claim? It feels like insurance companies in Christchurch try everything they can to delay or avoid paying the full entitlement of the claim.
Our expert Leanne MacKenzie responded:
Hi there, the insured is the business, not its shareholders and directors. If the directors change, they are subject to the underwriting questions of the policy, but that would not retrospectively impact a claim if the change occurred after the date of event. Kind regards.Leanne MacKenzie has over 25 years experience in the New Zealand personal property insurance industry. As personal lines manager for Crombie Lockwood she has been instrumental in introducing the important changes that have been made in the sector over the last 12 months. “Every property owner owes it to themselves, as a landlord and a homeowner, to understand the new regime.” Leanne is based in the company’s national office in Auckland.