Frequently Asked Questions
What is an insurance broker?
Insurance brokers liaise between clients and insurance companies, finding the client the best deal for insurance coverage for their various clients. Insurance brokers act and advocate on behalf of clients during claims.
How do insurance brokers get paid?
Insure Taranaki will be remunerated in one of two ways depending on the particular client’s needs and size.
Option 1 by traditional commission based remuneration included within the cost of the premium and paid to Insure Taranaki by the insurance company.
Option 2, typically suits our larger commercial clients. This zero commission remuneration model rebates the commission back to the client and shows the insurer premiums at their NET or wholesale cost. Insure Taranaki is then remunerated by a separately charged broker service fee payable by the client.
Who do I call if I have to make a claim?
You call Insure Taranaki directly. We advise you on the best course of action and then work with the insurance company on your behalf to obtain the best result.
While of course, you can contact the insurance company directly if you do suffer a claim, we do encourage and most of our clients do make contact with us in the first instance.
Why do I need public liability insurance & what is public liability insurance
Public Liability or Broadform Liability insurance policies are fairly common insurance products that are offered by numerous different insurance companies throughout NZ. In their most purest form these policies are designed to cover clients costs for legal liability (negligence) for damages to other people’s property. While particular industries need to pay special attention to certain parts of the policy (e.g Service and Repair & Defective Workmanship extensions.). Public Liability policies typically require a property damage loss in order to trigger the policy.
What do I need to tell my insurance company?
Insure Taranaki will discuss with clients the various things they may be obligated to disclose to their insurer. Generally clients ongoing duty of disclose requires them to disclose anything that may alter or materially change the risk to the insurer. A common example is if a client decides to undertake structural alterations or renovations to a building.
What is a retroactive date
A retroactive date is a common term found in claims made policies (professional indemnity or statutory liability policies for example). The retro date represents the date that the circumstance that gives rise to a claim must have occurred after in order for the policy to respond. Claims made policies must be current and in force in order for the policy to respond to a valid claim. Notification of potential claims circumstances are also very important with claims made policies to ensure adequate response from the policy.
Do you insure yourself?
Yes, Insure Taranaki is backed by a professional indemnity policy of $100,000,000 (one of the highest limits carried by NZ insurance brokers) for our clients added protection.
How are premiums passed to the relevant insurance company?
Insure Taranaki clients pay their premiums to our externally audited trust account. It is then passed to the relevant insurance companies.
Our current insurance broker is a large international broker, can you compete?
Insure Taranaki founder Heydon Young started his insurance career working for one of the largest insurance brokers in the world. Upon founding Insure Taranaki, his core base of clients followed. Through our association with Insurance Advisernet we’re able to offer our clients marketing leading products at the most competitive prices.