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8 April 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. 

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.

 

ADVISORIES AND INFORMATION ON COVID-19 AND YOUR 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 - Updated 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.

Cybersecurity during lockdown - 26 March 2020

Cybersecurity and lockdown 

This unprecedented increase in remote access traffic due to New Zealanders logging on from home, can create additional vulnerabilities in otherwise secure internal computer systems. During this time in particular, it is important to have some best practice policies in place to minimise the chances of a cyber event or data breach.

Our advisory Maintaining cybersecurity during lockdown outlines steps your business can take to reduce your exposure: 

Landlords insurance - 24 March 2020

Landlords insurance

Implications of Covid-19 and the Alert Level 4 lockdown period on landlords insurance policyholders should be aware of: 

  • Property inspections - Policies include specific conditions that inspections must be carried out within specified time frames (or claims may be declined) so it is very important to check your policy wording or contact your broker. Insurers don't want to enforce inspection requirements that go against Government advice and will be taking a pragmatic approach to claims where a scheduled inspection was unable to be completed.

  • Loss of rent - Landlord policies will not cover rent lost due to tenants having their income reduced or losing their job, or because properties are unable to be shown to prospective tenants. Compensation may be available via the Government’s wage subsidy and leave payment schemes.
Schools insurance - removal of electronic devices and our contents insurance - 24 March 2020

Schools insurance 

With the Covid-19 situation bringing school closures, we update clients on what this means for schools insurance.

Where students take portable electronic devices, such as laptops and Chromebooks, home for any closure period, there are implications under your contents cover. Items owned by the school, or for which the school is legally responsible, will be covered under your contents policy however there are a number of terms and conditions to be aware of.

  • Read the full client advisory: Schools - removal of electronic devices as a result of COVID-19   
Construction insurance and coronavirus - 23 March 2020

Construction insurance

Guidance for construction businesses and contractors on securing sites for lockdown and considerations for insurance due to Covid-19 Alert Level 4.

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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