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Hi Guys
Here is an interesting news item from one of this mornings newspapers. I hope no PT member is involved.
But we investors do need to be up to speed with our insurances no matter where they may be.
Regards
Here is an interesting news item from one of this mornings newspapers. I hope no PT member is involved.
But we investors do need to be up to speed with our insurances no matter where they may be.
Many affected by Far North floods under-insured
NZPA | Saturday, 14 July 2007
Hundreds of people who suffered massive damage to their homes and property following this week's storms in the Far North are either under-insured or not insured at all.
The Insurance Council said in some flood-stricken towns almost half the community was not insured.
"Insurance staff are finding people absolutely devastated by the flood, who have no insurance and are overwrought at the prospect facing them after a second flooding of their homes in just a few months," council chief executive Chris Ryan said yesterday.
Mr Ryan said people renting frequently had no insurance for their effects, while many private homes and businesses appeared to be under-insured.
"The high level of under- and non-insurance means that while the insured losses for this week's storm will rise significantly, certainly into the tens of millions, the cost to the wider communities and the wider economy will be far greater."
The high levels of non-insurance meant there would be a huge demand for access to mayoral relief funds and government support.
"However, these funds should not discriminate against those New Zealanders who are insured and they must have access to the relief funds as well," he said.
The council also called for a massive increase in funding for volunteer fire and rescue and civil defence and emergency services who were under-resourced and over-stretched in numerous clean-up jobs.
"Our view is they need a dramatic increase in funding and very quickly."
An estimate for the insurance cost of this week's storm was expected to be available by late Monday.
The cost of the severe flooding in the Far North at the moment was at $10 million , and construction crews moving into the North Shore of Auckland, parts of central Auckland, and regions stretching east to the Coromandel Peninsula and Thames was costing $5 million.
The Government yesterday said it had given $100,000 to the Far North mayoral relief fund to help with the flooding recovery.
But acknowledged the total cost to it from the damage could end up in the millions once repairs to roads get under way.
On Thursday the announcement it was giving $500,000 was criticised as too small to make any difference.
The $500,000 was to be used to hire more people for Taskforce Green who will help repair houses and clear debris.
The Government has also set up an Emergency Response helpline 0800 779 997 to tell people what government assistance is available to those affected by the recent extreme weather conditions.
http://www.stuff.co.nz/4127946a11.html
NZPA | Saturday, 14 July 2007
Hundreds of people who suffered massive damage to their homes and property following this week's storms in the Far North are either under-insured or not insured at all.
The Insurance Council said in some flood-stricken towns almost half the community was not insured.
"Insurance staff are finding people absolutely devastated by the flood, who have no insurance and are overwrought at the prospect facing them after a second flooding of their homes in just a few months," council chief executive Chris Ryan said yesterday.
Mr Ryan said people renting frequently had no insurance for their effects, while many private homes and businesses appeared to be under-insured.
"The high level of under- and non-insurance means that while the insured losses for this week's storm will rise significantly, certainly into the tens of millions, the cost to the wider communities and the wider economy will be far greater."
The high levels of non-insurance meant there would be a huge demand for access to mayoral relief funds and government support.
"However, these funds should not discriminate against those New Zealanders who are insured and they must have access to the relief funds as well," he said.
The council also called for a massive increase in funding for volunteer fire and rescue and civil defence and emergency services who were under-resourced and over-stretched in numerous clean-up jobs.
"Our view is they need a dramatic increase in funding and very quickly."
An estimate for the insurance cost of this week's storm was expected to be available by late Monday.
The cost of the severe flooding in the Far North at the moment was at $10 million , and construction crews moving into the North Shore of Auckland, parts of central Auckland, and regions stretching east to the Coromandel Peninsula and Thames was costing $5 million.
The Government yesterday said it had given $100,000 to the Far North mayoral relief fund to help with the flooding recovery.
But acknowledged the total cost to it from the damage could end up in the millions once repairs to roads get under way.
On Thursday the announcement it was giving $500,000 was criticised as too small to make any difference.
The $500,000 was to be used to hire more people for Taskforce Green who will help repair houses and clear debris.
The Government has also set up an Emergency Response helpline 0800 779 997 to tell people what government assistance is available to those affected by the recent extreme weather conditions.
http://www.stuff.co.nz/4127946a11.html
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