Delay in company insurance claim

Lin asks:
(updated on Wednesday, February 18th 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 Experts Answer:

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.

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