Provincial
Newsletter
NEWS YOU CAN USE
When I set up Provincial Insurance Brokers 25 years ago, I could
never have imagined that it would become the company it is today.
Starting off on my own, I was fortunate enough that a number of
business owners and members of the community entrusted me to
manage their insurance requirements and the business has grown
from there.
Since the beginning of the new digital age, the way in which people
transact business has been changing at a rapid pace. Whilst many
industries have seen more demand from consumers to be able to
conduct their affairs online, it is becoming increasingly obvious that
when it comes to managing their insurances, people want and need
personal service. This is not surprising when you look at the
proportion of budget that insurance is now costing the average
consumer.
With the steady rise in insurance premiums it is more important
than ever to be smart about how your insurance is being managed.
At Provincial, we have built a strong team that has a huge range of
skills, knowledge and industry experience so we can confidently
provide our clients the right cover at competitive prices. Insurance
policies can be tailored to specifically meet your requirements so
you are only paying for the cover you actually need.
Event
Insurance
Employment
Practices
Liability
E-Bike
Insurance
Weather Related
Claims
Celebrating 25 Years
At Provincial, we recognise that the claims process is the most important part of our business - after- all, this is why you have
insurance! Whilst many insurance companies have moved their claims departments’ off-shore, Provincial is proud to have a
dedicated in-house claims service making the claims process easy. No hold music, no waiting lines, no voice mail, no call
centre! From filling out a claim form to claim settlement, Provincial is with you all the way.
In 25 years my focus and commitment to build a business that can make a difference to this community has not changed.
I am proud of the relationships that have been built and the sponsorship that has been put back into local community events.
To all my clients, from the ones that have been with me since the beginning to the people we have forged new relationships
with – Thank you! The journey thus far has been amazing.
Dealing with
Provincial
Locally
Focussed
Globally
Connected
- What you get when you deal with us
“Locally Focussed, Globally Connected” is a slogan that we refer to often. We thought we would
highlight some of the points that makes this statement so relevant to who we are.
Provincial & the Steadfast Group
In July 2014, Provincial Insurance joined the largest insurance broker network in Australasia, the Steadfast Group.
Compromising of over 340 brokerages with over 1100 offices, this scale gives Steadfast enormous buying power, flexibility and
influence when negotiating with major insurers on behalf of Steadfast brokers and results in being able to access multiple
insurance companies, a broad range of products, competitive pricing and quality of service.
How does this benefit you?
* Customised policies not publicly available
Anyone can sell you off-the-shelf insurance but as a Steadfast Broker we have access to customised policies developed
by Steadfast directly with the insurers, written exclusively for the network. Steadfast brokers are able to offer policies
with greater coverage than a standard product, at market competitive pricing.
* Real time market comparisons
Steadfast has developed innovative technology which allows our brokers to quickly and thoroughly assess insurance
products on offer. Virtual Underwriter for example, allows comprehensive comparisons on coverage, benefits,
limitations and price of policies available from a range of insurers.
* Championing your claims
At Provincial, we pride ourselves on our claims service. Our dedicated in-house Claims Specialist has direct access to
loss adjusters and underwriters. However, if you make a claim and there happens to be an issue, as a Steadfast broker
we can call on the power of the Steadfast to escalate the matter. Through solid relationships with its insurers, Steadfast
has a depth of contact with the right decision-makers to get your voice heard and will champion well-evidenced claims
on your behalf in an effort to achieve positive claims outcomes.
* Professional, qualified brokers
As a Steadfast broker, we have access to a range of tools and services developed by Steadfast for the broker network.
Broking tools, education resources and technical assistance help keep our professional credentials current. It also
ensures that we’re perfectly placed to give clients relevant and informed advice.
Insurers that we have access to:
You can be assured that Provincial is acting in your best interest when policies are put into place. We understand that “one
size fits all” does not apply to insurance, and having access to a large number of underwriters, means that our Brokers can
place cover to suit your situation. Following is a list of some of the underwriters that we deal with.
Locally Focussed:
Provincial is a locally owned and operated business. We pride ourselves on being invested in the local community, knowing
and understanding our clients and their needs and supporting through sponsorship a huge range of local businesses and
sporting teams. We are committed to making a difference to the Wairarapa and its people.
When we say Locally Focussed, Globally Connected, We mean it!
Wotten & Kearney, a premier insurance and dispute resolution law firm, recently spoke at a seminar attended by
several of our staff members. The focus of their presentation was “Employment Practices Liability”. A number of
points were made that we felt would be of interest:
Employment Practices Liability can either be placed as a stand-alone policy or forms part of a Liability Package. It is
designed to indemnify both the organisation and the directors and officers against personal grievance claims bought
by current, prospective and future employees.
The policy covers awards made against the insured, and associated defence costs – even when the employees claim is
unwarranted and has been successfully defended.
The most vital piece of information to come out of this seminar, was the importance of notifying the insurer early. If
there is even a slight outside chance that a dispute could arise, then access to the free legal advice at the earliest stage
could be invaluable.
If in doubt, the “4 D’s” should apply:- If you are:
D DISMISSING D DEMOTING
D DISCIPLINING D DEALING WITH ISSUES
We should be notified and you should use the free legal helpline.
The Key risk areas for Employment Practices Claims are:
- 90 day trial periods - Suspension
- Restructuring or redundancy - Disciplinary investigation
- Performance management - Bullying / harassment
In 2016 the median payment was $6,000. In 2018, this increased to $8,000 with a number of payments in the vicinity
of $25K - $30K. Awards are now being given for loss of career improvement.
The “Me Too” campaign has seen a high rise in bullying and harassment claims. Businesses should have the following
in place to deal with bullying and harassment:-
- Have a culture where complaining is ok
- Have a complaint process in place
- Be proactive to avoid it happening (written policies, training on what is acceptable and what is not)
An employer must show a duty of good faith. They must:-
- Be active and constructive in maintaining employment relationships
- Not mislead or deceive
- Be responsive and communicative
- Allow the employee an opportunity to comment
- Inform the employee before making any decisions
- Investigate complaints straight away and keep proper records
If you think this cover may be beneficial to your business, or if you would like further clarification on what the policy
covers, give us a call and our brokers will be happy to assist.
Statistics NZ estimates that 40,000 Kiwis now own e-bikes,
and with their popularity on the rise and topping many
Christmas wish lists, e-bike owners need to be aware that
some contents policies may not cover their bike or may
require the bike to be noted as a specified item.
E-bikes may be thought of as resembling pushbikes, but
many insurance companies see them differently. Because
any machine more powerful than 300W is a ‘motorcycle’
by NZTA regulations, variation in policy wording may limit
or exclude cover for loss, damage or third- party liability.
From the insurer’s perspective, it appears e-bikes are an
unknown risk and until they have an accurate picture of
that risk, insurers tend to act conservatively.
Whilst there are no e-bike specific policies on the market
now, it is a good time to consult with us if you own an e-
bike so you can be fully aware of what coverage your policy
does offer.
Over the past three years, the number of storm and flood
insurance claims has increased by 56% in New Zealand and
scientists predict the intensity of major weather events to
continue to increase as the climate continues to warm.
After 10 big storms between 2004 and 2017, weather related
insurance claims have seen a staggering $397,200,000 paid out
in private insurance (domestic and commercial property
owners). In addition to that, a further $187,117,701 has been
paid out in weather related public insurance claims (roading,
infrastructure, council owned property etc).
How does this affect your insurance premiums?
Due to emerging and changing risks, it is essential for insurers
to make sure rates reflect the current environment to remain
sustainable. In order for insurers to be able to support
property owners if they suffer any damage from these
extreme events, prices need to be adjusted accordingly. The
more claims paid out, the higher the premiums are raised.
To help make these increases in insurance easier to pay, there
are options such as:
* Monthly Payment options at competitive interest rates
* Choosing a higher excess on your House and Home
Contents which reduces the premium
* Discounts for your House being alarmed
* Discounts for limiting or excluding drivers on your
motor policy.
As your broker, we are able to explore all your options. Give
us a call or send us an email if you would like to discuss this
with your broker.
As a Steadfast Broker, Provincial is excited to be working
with EventCover Insurance - New Zealand’s only
underwriting agency exclusively focussed on the events
industry. The amount of work that goes into organising an
event can be huge and the financial loss to an organisation
should things not go to plan, can be devastating. Whether
you are organising your one big annual charity appeal, or
your school’s yearly fundraising Gala, a golf tournament or
concert, this is the insurance policy for you! With multiple
options available, our Brokers can help you find the cover
most suited to the event you are hosting.
Event Cancellation
Protection can be included to cover you for Adverse
Weather if the conditions become too dangerous to
complete the necessary set up or pose a serious threat
to those attending the event.
Prize Promotion
If your event is promoting a major prize or jackpot, this
cover allows you to relax knowing that you will receive
a timely pay-out if the jackpot is won.
Event Liability
Short Term Statutory Liability can be an invaluable
investment to defend you in the face of a Work Safe
investigation.