July 2014

Win two bottles of Central Otago
pinot noir

We have two bottles of the stunning Surveyor Thomson pinot to send to one lucky customer. This is a premium single vineyard wine from the heart of Central Otago. To go in the draw simply answer this question:

In the case study below, how much was the potential loss for the landlord who discovered a P lab?

Click to enter now.

This competition is free to customers of Glenn Stone Insurance. Prize is two bottles of Surveyor Thomson pinot noir wine. No cash alternative can be provided. Prize draw closes on 31 July 2014. Glenn Stone Insurance will contact the winner and may feature the winner’s name in the next issue of Glenn Stone News.

It's been a busy six months

2014 started with a bang and hasn’t really slowed down. As well as looking after our clients, Glenn Stone Insurance has been busy bedding in some big new initiatives.

The first one has exciting implications for all our customers.

We're now a Coverholder with Lloyd’s of London.

Lloyd's is the world’s specialist insurance and re-insurance market, operating since 1688 when merchants and insurers used to meet in Edward Lloyd’s coffee house in London. Its business has come a long way in 300 years.

To give an idea of Lloyd's financial scale, its gross written premiums in 2013 amounted to 26.1 billion pounds, which is approximately seven times the size of the New Zealand general insurance market.

Becoming a Coverholder means Glenn Stone Insurance can now write business on behalf of Lloyd's underwriters. There aren’t many Coverholders in New Zealand because the process of becoming one is very rigorous.

It's taken us over 12 months to clear all the hurdles but the process has been well worthwhile. As a result of our partnership with Lloyd's, we can now provide some new types of cover that were not previously available in New Zealand.

Are you looking for specialist cover, perhaps involving Professional Indemnity issues? With our new connections to Lloyd's, we may be able to
help. Get in touch.

An innovative new PI cover for Licensed Cadastral Surveyors.

Through our relationship with Lloyd’s, we have been able to arrange a new type of Professional Indemnity cover for Licensed Cadastral Surveyors. Many people in the surveying profession thought this type of cover would be impossible to arrange. We're pleased to prove them wrong.

Our new Cadastral PI policy provides Licensed Cadastral Surveyors with cover that can travel with them throughout their careers. Previously, surveyors were exposed to risk if they changed jobs, as their cover was tied to the firm, not the individual surveyor. Our new Cadastral PI cover also offers variable levels of indemnity and excess.

Find out more about our new Cadastral PI cover, and get a quote by visiting our website and clicking on the Cadastral PI button.

A new sponsorship.

Extending our strong relationship with the surveying profession, Glenn Stone Insurance has become a Diamond sponsor of the New Zealand Institute of Surveyors.

A substantial proportion of our fee income from cover written for surveyors will now be channelled back to support the profession. As well as providing funding for scholarships and awards, we'll be helping the profession fund its R&D. And of course, Glenn Stone Insurance is able to offer specialist PI cover and competitive quotes for a wide range of insurances required by surveyors.

We're proud to support the NZIS and look forward to working with the Institute and its members over the coming years.

Could we sponsor your group?

Do you belong to a professional body or business association that could benefit from innovative ideas on insurance? If so, let's talk.

Case Study:
Protecting a landlord from an expensive
drug problem

The issue

One of our customers had the unpleasant experience of discovering a clandestine methamphetamine lab operating in a rental property. The police were called, the tenants were swiftly evicted, and the problem was reported to our claims team.

Tests organised by the insurance company’s loss adjuster found toxic contamination in a number of rooms. The owner was facing a complete write-off of the stove and rangehood as well as carpets and curtains.

The bottom line for the landlord was a potential bill of $30,000 for making good the damage. Would the insurance cover it?

The response

Our claims team checked the landlord’s policy and was able to confirm that the damage met the criteria outlined in the contract. Glenn Stone Insurance had previously compared policy wordings from various insurance companies to ensure this sort of damage was covered.

Not every policy for landlords includes damage caused by criminal activity on the premises. We were happy to confirm there wouldn’t be an issue in this case, and a payment was soon on its way to the relieved landlord.

Staff Profile:
Nicola Nicholson, Servicing Broker

What's your role at Glenn Stone Insurance?

I'm a servicing broker, providing support to Chris and Glenn on a daily basis for our commercial clients.

How did you get started in the insurance business?

I took work experience at PGG Insurance while still in high school and they offered me a permanent role. From there I worked my way into the insurance industry and although I've tried a few different roles over the years, I always end up back in insurance. They say I'm an insurance lifer!

What part of the job do you enjoy most?

The insurance industry is always changing and for me that’s a good thing as I enjoy learning new things. I like seeing the process through from start to finish, from finding out what a client needs, to sending out their new policy.

What advice would you give customers?

Check, check and check again. I have seen too many people get caught out when making a claim because they didn't take the time to read their policy wording or check the sums insured were correct. These days, there's much less fine print, and policy wordings are much easier to understand. We're here to answer your questions, so ask away!

What are the biggest changes you’ve seen in the industry over the years?

The Canterbury earthquakes changed how much we pay for insurance in New Zealand, and they also changed the way we approach insuring assets against natural disasters. It also showed how these events are so unpredictable.

Everyone thought that Wellington would have a massive earthquake and Christchurch never featured. It's a powerful reminder that living in small country doesn't protect us from disasters out of the blue.

Raise a glass to our Christmas
champagne winners

We were thrilled to help Joy Outram, Desrae Powell, Chris Blair, Derek Booth, John Hessling and Lynette Gumm enjoy an extra festive Christmas with some lovely bottles of Moet & Chandon.

Make sure you're in to win the prize in this issue – simply answer the question in our prize draw.

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Contact Details

Level 1, 41 Totara Ave
PO Box 15854, New Lynn
Waitakere 0640, New Zealand
Tel: +64 9 826 0053
Fax: +64 9 826 0683
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