www.hurfordparker.co.nz
Earlier this year we launched the new Hurford Parker website. If you haven’t been there yet you probably don’t know what you’re missing!
On the site you can find out more about the business insurances Hurford Parker offer, the wide range of personal insurances we handle and the life cover options we provide. People are also able to sign up to our enewsletter from the site and keep up to date with posted news. [Read more...]
In December 2010 Hurford Parker welcomed Dean Sewell to the team. Since then Dean has been rapidly making his presence felt in the region’s insurance market – for all the right reasons. Dean is very active in the market place and, in addition to assisting many existing clients with policies and claims, he has brought a significant number of new clients to Hurford Parker. If you haven’t met Dean yet it may be time that you do? You now have the opportunity to utilise one of the most skilled, knowledgeable and experienced insurance professionals living and working in Hawke’s Bay.
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Since the two devastating earthquakes in Canterbury, nothing has been the same. The market has changed dramatically, particularly for those directly affected by the quakes.
The focus on insurance has been on the often misunderstood and complex topic of Business Interruption insurance. The earthquake events have had a profound impact on our industry. Issues such as the stability of market players, rising costs of reinsurance treaties, and what this will mean for future premiums have meant that businesses now look at their insurance cover in a whole new light, with far greater scrutiny and reliance on their broker for the best advice.
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“The Canterbury earthquake will be the largest insured loss in New Zealand’s history. Damages are expected to exceed four billion dollars! The surprising thing is, that when a major event occurs it often all too quickly loses significance because of the next big news item… but not for those still counting the cost of the damage” - Jeff Parker, Hurford Parker
Inadequate Cover for 50% of Claims
For those in the earthquake zone the significance of September the 4th has not diminished. For many it continues to grow in significance. Many people and businesses had underestimated the value of their properties or simply forgotten to update their policies, and therefore did not have adequate insurance cover. Estimates are that 50% of all earthquake-related claims are under-insured. One business owner insured his commercial building for $300,000 Replacement Value. In reality, the cost will be more than $500,000 to completely rebuild.
Material Damage/Farm Assets Insurance
In June 2007, the Government announced the On-farm Adverse Events Recovery Framework, which outlines how they will respond to the rural community whenever there is a Large Scale Event. Large Scale Events: are when rare climatic or natural disasters occur on a scale that will seriously impact on the regional and/or national economy – central government may provide additional support to local community and regional organisations. The framework came about after a decision was made by the Government to offer fewer cash handouts after weather disasters in rural areas.