Newsletter

October 2015

Your chance to win one of five model 'drones'

Has 2015 been a good year for you so far? We sincerely hope so.

No doubt you’ve seen the recent media buzz around Unmanned Aerial Vehicles (UAVs), commonly known as drones. We are in the midst of launching our new UAV insurance product with insurance partner AIG, so we thought it timely to give some away! Don’t worry, you wont need insurance for these ones as they are model sized - but definitely still a lot of fun!

BE IN TO WIN
To go in the draw to win one of five model UAVs, simply let us know:

What is the maximum height you can fly under the CAA rules without getting certified?

Email us at info@glennstone.co.nzwith your answer.

Click to enter now.

This competition is free to customers of Glenn Stone Insurance. Prize is one of five model UAVs. No cash alternative can be provided. Prize draw closes Thursday 5 November 2015. Glenn Stone Insurance will contact the winners and may feature their names in the next issue of Glenn Stone Insurance News.

Case Study:
Quick action can reduce costs


The issue

Recently, a client of ours experienced an issue where the wrong sized pipe had been installed into a subdivision. The issue occurred as a result of a copying error from one plan, to another.

This simple mistake could have incurred a cost of around $120,000 - to replace the pipes with the correct size, plus the cost of having a road closure to carry out the work. This amount could have been driven up even higher, if there was any delay in getting the work done.

The client however, acted quickly. Glenn Stone Insurance were notified as soon as the issue was identified. We worked with the insurers to obtain immediate authorisation to work with the client, to remedy the situation, in order to prevent the cost increasing.

Fortunately our client's proactive approach, meant that they were able to satisfy the Council that there was no need to replace the incorrect pipes, because they could demonstrate that the pipes still met requirements.

Lessons Learned

Small errors can lead to large claims.
A potential $120,000 claim was resolved because of the client’s prompt action. If you have a claim, notify us early, and we can work with you to try and resolve the claim promptly and reduce costs.

Health and Safety Reform Bill – passed

The Health and Safety Reform Bill has just been passed by Parliament, and will come into effect on the 4th April 2016. There are going to be some changes which could impact on your Health and Safety Procedures, and possibly also a few small changes to the insurance you might want to have in place. One change to be mindful of, is that people in a governance position are going to have to show that they are actively engaged in Health and Safety. Senior Management and Directors will have to exercise due diligence to ensure that there is compliance with the law.

From an insurance perspective, we'll let you know whether there’s anything that will need to be changed in your Statutory Liability or Directors and Officers Policies. But in the meantime, if you have any specific questions around these changes, please do not hesitate to contact us. We’re here to help!

UAV (Unmanned Aerial Vehicle) Insurance


UAVs, or drones as they are commonly referred to, are becoming more and more popular. In addition to this, many are also increasing in size. The government has recognised this, and has brought in new regulations regarding UAV use, effective from August 2015. For example, you are not allowed to fly a UAV over 120 metres (400 feet) without certification.

Glenn Stone Insurance has worked with AIG to develop a tailored UAV insurance product to cover risks including: damage if it falls out of the sky, damage to a third party’s property (e.g. if it crashes into their car or building), or recovery of the UAV following a forced landing.

New Staff Profile
Daniel Leddy, Professional Risks Manager


How did you come to be in the insurance business?
After completing a Bachelor of Commerce and Bachelor of Law (with Honours) from the University of Auckland, I started out at Pricewaterhouse Coopers (PWC) as an accountant, where a number of my larger audit clients were insurance companies. Whilst I didn’t want to become a lawyer, the degree has provided me with valuable skills that are particularly relevant to policy wordings and with reviewing insurance coverage.

From there I moved to London, where I worked for Arch Insurance Europe and their Lloyd’s of London Syndicate (Syndicate 2012). Arch is a US listed international insurer, and whilst there I moved from an accounting role into an underwriting role, responsible for overseeing an international portfolio of business across Europe, Asia and Australasia that was larger than the entire NZ liability market.

What is your role at Glenn Stone Insurance?
Upon my return to New Zealand, I decided that I would like to work for a smaller, growing company. At that point I met Glenn, and have now joined Glenn Stone Insurance as a part owner. My role within the team is as a Professional Risks Manager which means that I’m involved in the placement of accounts, technical reviews and business development.

What do you find most satifying about your job?
I like to talk with clients – to understand their needs, and the risks that they face in their business.

There is often a trade-off between premium and coverage, so I like to make clients aware of the differences and of the options they have. As a broker, I strive to give good advice, develop solutions and make insurance easy for my clients.

Any hobbies or interests outside work?
In my spare time I enjoy keeping active – whether it be hockey or kayaking, running or squash.



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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
Email: info@glennstone.co.nz
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