june 2018 limitation position - iag Brands
FOR CLAIMANTS UNDER-CAP / WITH EQC and FOR CLAIMANTS WITH THE RELEVANT IAG BRAND'S
IAG has voluntarily decided to use the 1st July 2018 as the date it will use 'Limitation' as a defence if you have not already filed a (legal) claim against it, or have a Limitation extension, related to the Canterbury Earthquake Sequence.
At the date of writing (the 23rd June 2018) you have one week left when you can still do something, presuming IAG refuse to budge. Remember this is a voluntary position IAG is electing to take. We think it's poor form on behalf IAG, and not reflective the branding it uses to sell itself. Unless a delay is obviously caused by a claimant, in our view, this is a nasty, unprofessional poor taste tactic.
We know that IAG are refusing some EQC under-cap claimants extensions of anything more than a few weeks right now! So bear in mind, the rest of New Zealand, when you buy insurance, its not how they sell it, it is how they behave after they sold it....
THIS IS VOLUNTARY AND NEEDLESS POSITION BEING TAKEN BY IAG - EVIDENT BY TOWER INSURANCES LIMITATION POSITION
This is a good read if you have the time: Limitations defence to affect hundreds caught in earthquake insurance disputes
IAG, State, NZI, etc...
Make sure you know if your claim is with one of the IAG brands (note AMI claims related to the CES are Southern Response claims)
What is limitation?
The Limitation Act is a Statue that pretty much says, if you have a dispute with someone (or an entity) you have six years to bring a claim (in this context this is not an insurance claim, it the dispute over the insurance claim / the contractual disagreement) against them. That is a pretty reasonable duration, otherwise we could find ourselves having claims against us. The link below might help with learning about Limitation.
When it comes to an earthquake claim dispute, we understand, that no one is in fact too sure when the Limitation Count starts. For example, was it the date of the earthquake, the date of the last cash payment (EQC use this), the date the claim goes over-cap, like the Tower Insurances' position on Limitation.
Plus, like so many homeowners know, the EQC, the IAG Brands, Tower and Southern Response have ALL had SEVEN years to sort this out. We suspect there are very few home-owners who could be classified as being at fault for the delay. We know the use of Limitation in this way by IAG is going to feel pretty rough! It does not fit their slogan of 'making our worlds a safer place'. Maybe they only say that to get us to work for them, or insurer with them.
So, IAG stating, on behalf of all of its brands, it is using the date of the 30th June 2018, is a date that IAG have elected to use. By choosing a date IAG seem to be saying "if you sue, you will have to prove you are in time first".
Talk to your lawyer or RAS about Limitation and the IAG Brands.
EQC Claimants with an iag brand insurance policy
If this is you, then this might feel really challenging. It is possible you suspect (or know) that the EQC has under-assessed damage at your home, and worry there is a chance our claim might go over cap. We have provided you some content so you can send a letter to IAG asking them for an extension. However, we cannot stress enough, if you are in this situation you MUST contact your lawyer, or contact the Residential Advisory Service - we understand they have some good systems in place to help you with this (and it's a free service). We have to add the usual disclaimer, we are not offering legal advice and if you use the letter content we provide, you must seek legal advice. Note: we have some updated information coming on homes built before 1965, but a wee taste is below, and slabs to come.
They promise to make our world a safer place - will they prove it?
IAG brand CLAIMant Already over the EQC Cap - but unsettled with
If you have a claim with overcap you need to know IAG's position in regards to your claim. If you have not already done so then it is vital you take immediate action to preserve right to take a legal claim against them. The first step is requesting an extension. So, we have provided you with some content to help you out. However, we cannot stress enough, if you are in this situation you MUST contact your lawyer, or contact the Residential Advisory Service - we understand they have some good systems in place to help you with this (and it's a free service). We have to add the usual disclaimer, we are not offering legal advice and if you use the letter content we provide, you must seek legal advice.