Important Client Information
Duty Of Disclosure
When applying for or renewing insurance you have a legal duty of disclosure, meaning you must tell your insurers all information you know (or could be reasonably expected to know) that would influence the judgement of a prudent underwriter. This information determines whether the underwriter will insure
you and if so on what terms.
Examples of such information (including but not limited to):
- Changes to description and location of business activities,
- Construction of buildings and or security arrangements,
- Asset Values,
- Product lines being introduced or altered,
- Any criminal or traffic offence,
- Any insurance claim you have had in the past, or
- Any cancellation, refusal to renew or special terms imposed by any other insurance company.
These examples are a guide only, if you are unsure whether to disclose a piece of information or not please contact us. If you do not provide us with full information you may breach your duty of disclosure. All information will be
treated confidentially
Check Your Sum Insured
The cost and value of things can change often, making it important to check what you have covered on a regular basis. Your current amount of cover will be shown on your invoice or policy summary. This can be under any of the following headings: Sum Insured, Market Value or Amount of Cover.
If you think that this needs to be changed, please contact us.
Payment Terms
We accept cheques, eftpos (at our office), cash and direct credit payments into our ANZ account 01-0475-0079429-00 with your account number as the reference. We are able to offer monthly payments to ease the burden of paying for your premium upfront.
Should you wish to pay monthly please contact our office so we can arrange this for you.
Privacy
We are committed to protecting your privacy. We use the information you provide to advise about and assist with your insurance needs. We only provide your information to the companies with whom you choose to deal (and their representatives). We do not trade, rent or sell your information. If you don’t provide us with full information, we can’t properly advise you and you could breach your duty of disclosure. You can check the information we hold about you at any time.
For more information about our Privacy Policy, please ask us for a copy.
Complaints Procedure
If you are not satisfied with the service you have received from us you should contact us. We have an internal complaints process and undertake to investigate your concerns promptly and fairly. You may contact us to make a complaint by telephone, by email or in writing. We are a member of an independent dispute resolution scheme operated by Financial Services Complaints Limited (“FSCL”) and approved by the Ministry of Consumer Affairs. We have 40 days to respond to your complaint.
If you are not satisfied by our response, you may refer the matter to FSCL by emailing complaints@fscl.org.nz or calling FSCL on 0800347257. Full details of how to access the FSCL scheme can be obtained on their website www.fscl.org.nz. There is no cost to you to use the services of FSCL.
Insurer Financial Strength Ratings
You understand that we will exercise all reasonable precautions in selecting insurers and will advise you of their financial strength rating as required under the Insurance (Prudential Supervision) Act 2010. You under stand that we cannot guarantee the financial strength of any company and we do not accept any liability due to the failure of any insurance company.
Please refer to your policy document for your insurer/s rating as well the relevant rating scale on this page which outlines where the company falls within that scale.
NZbrokers
Bay Insurance Brokers is a member of NZbrokers which is a recognized nationwide group of insurance brokers. Membership provides us with access to an abundance of technical expertise, improved policy wordings and insurer support, whilst still allowing us to remain locally owned and focused, as we have
been for over 30 years.
Should you wish to find out more about NZbrokers you can follow the link from our website or go directly to www.nzbrokers.co.nz.
Policy Wordings
Bay Insurance Brokers strongly recommends that you read your policy wording in conjunction with your policy schedule. The policy wording is an important document as it outlines what events you are insured against, what is not covered and what conditions you must comply with. Should you have any queries or require a copy of your policy wording please contact our office.
The Standard and Poor’s (Australia) Pty rating scale is:
AAA Extremely Strong
AA Very Strong
A Strong
BBB Good
BB Marginal
B Weak
CCC Very Weak
CC Extremely Weak
SD Selective Default
D Default
R Regulatory Supervision
NR Not Rated
Note: Plus(+) or minus(-) signs following ratings from AA to CCC show relative standing within the major rating categories.
The A.M. Best Asia-Pacific Limited rating scale is:
Secure
A++, A+ (Superior)
A, A- (Excellent
B++, B+ (Good)
Vulnerable
B, B- (Fair
C++, C+ (Marginal)
C, C- (Weak)
D (Poor)
E (Under Regulatory Supervision)
F (In Liquidation)
S (Suspended)