Homeowners are left with no option - sue IAG before 30 June
Last year we requested that the ICNZ's members agree to defer any reliance on any limitation period defence, for any claims which EQC decides are over cap, for a period of no less than 12 months after the homeowner receives notice from EQC that the claim is over cap and has been transferred to their insurer. ICNZ rejected our request.
IAG NZ Limited is a member of ICNZ. It appears that IAG will not agree to further defer its reliance on the limitation period beyond 30 June 2018.
There are about 1700 claims with EQC for defective assessment / repair. (There should be hundreds, if not thousands, more as there were systemic failures by EQC, particularly in respect of damage to rubble foundations). In our experience the vast majority will go "over-cap" and be transferred to the insurer. Based on cover placed, IAG may get up to 50% of these claims. But most will not even get to IAG before 30 June.
Homeowners are left with no option - sue IAG before 30 June, to stop the limitation clock running. This includes homeowners who are still with EQC but think that their claim should be "over cap".
Contact a specialist insurance lawyer with urgency.
Peter Woods
Ligation Parnter
Anthony Harper