There is a perfect storm gathering with escalating levels of uncertainty and fear amongst BC Chairs and Committees, and premiums rapidly rising.
- Some global underwriters are walking away from NZ
- the insurance industry has implemented zoning
- some zones now struggle to get insurance coverage
- insurers are declining to consider new clients
- EQC has adopted a weird calculation of the 50% residential minimum for BC coverage
- Some BC may be under-insured from a combination of the above.
What can BCCG do about this ?
BCCG Auckland is submitting to the EQC Inquiry specifically challenging the 50% residential calculation with the following timeline:
- Draft submission to Auckland members 7th May
- Endorsement of the submission by members 16th May
- Submission to EQC 17th May
- Provide members with expert comment on what members should be looking out for when renewing insurance ?
- Give consideration to establishing an insurance collective based on BCCG Constitution objective 2.1.6
- Consider the insurance implications from the Government's latest National Disaster Resilience Strategy effective from 10th April 2019
- Provide some insights into "How to manage the personal price of your BC Chairs role"
We are presently gathering together our panel for the above topics, and will provide further details in our final meeting notice on 7th May.
Cost: Free to financial members; $40 door charge for non-financial members.
Body Corporate financial members can bring along two people for free, with a third member of their BC able to attend for a $20 door fee.