• Login:
Welcome, Register Here
follow PropertyTalk on facebook follow PropertyTalk on twitter Newsletter follow PropertyTalk on LinkedIn follow PropertyTalk on facebook
Results 1 to 3 of 3
  1. #1

    Default Do I need to disclose body corporate insurance claims on my own insurance?

    Hi all - good to see this forum exists!

    I'm applying for personal insurance for my own house and contents, but I'm unsure about how to answer a question in the application form. I'd like to be completely honest in my application, but I also don't want insert unnecessary information that would potentially prevent me getting insurance.

    The application form asks if I have experienced any loss in the last five years, and also *any* (their emphasis) loss of $5000 or more to *any* property?

    As it turns out, about four years ago, a body corporate which I owned a flat in was damaged in a weather-related event, and a claim was made by the body corporate which resulted in about $5900 of repairs.

    My question is, do I have to declare this on the application form - given it was the body corporate who experienced the loss, and the body corporate who was the insured party? And if I did have to declare it, what would be the "loss" to me? (Would it be be $5900 divided by the number of flats, which of course would now be much less than the $5000 limit).

    My apologies if this is a legal question - I'm quite happy to ask a lawyer. But maybe this is a straightforward question with a simple answer that people with personal experience can share.

    Thanks, Linda W
    Auckland

  2. #2
    Join Date
    Dec 2013
    Posts
    102

    Default

    My feeling is that you are not personally connected to the body corporate's insurance policy (even if you pay a portion of the premium and may receive some benefit) so therefore you do not need to divulge it.

    A case in point is an earthquake claim lodged by my body corporate that I called the insurance company to discuss. Although I paid fees to the body corporate, I was not entitled to receive any information from the insurance company about the policy or claim. As far as the insurance company was concerned, I was not their client. I would have thought that logic goes both ways.

    While you may have the end benefit of any insurance, that is only by the grace of the body corporate - you yourself are not the insured party. That's just my take on it. I would also be interested to hear other opinions on this.

  3. #3
    Join Date
    May 2008
    Posts
    3,504

    Default

    I agree with your opinion, Simon.


 

Thread Information

Users Browsing this Thread

There are currently 1 users browsing this thread. (0 members and 1 guests)

Similar Threads

  1. Life insurance vs Income protection insurance
    By nano in forum Finance, legal and tax (NZ)
    Replies: 14
    Last Post: 04-10-2017, 07:01 PM
  2. Body Corporate Insurance
    By Akaroa Villas in forum Finance, legal and tax (NZ)
    Replies: 0
    Last Post: 01-11-2016, 09:42 PM
  3. Body Corporate
    By saleemn in forum Property Investment (NZ)
    Replies: 10
    Last Post: 24-03-2016, 08:29 AM
  4. AA Insurance no longer offering rental home insurance - alternatives?
    By lissie in forum Property Investment (NZ)
    Replies: 29
    Last Post: 09-10-2012, 08:02 PM
  5. Body Corp Insurance for Unit Title Dwellings
    By Dugster in forum Finance, legal and tax (NZ)
    Replies: 5
    Last Post: 15-05-2012, 07:09 PM
  6. Body Coporate - Property & Statutory Liability Insurance
    By colonelklink1 in forum Finance, legal and tax (NZ)
    Replies: 18
    Last Post: 26-01-2011, 04:29 PM
  7. Body Corporate Tax
    By ninercharlie in forum Finance, legal and tax (NZ)
    Replies: 13
    Last Post: 14-03-2009, 11:11 AM
  8. Replies: 3
    Last Post: 03-09-2007, 07:24 PM
  9. Body Corporate - Insurance Excess
    By Sillick in forum General (NZ)
    Replies: 5
    Last Post: 19-12-2004, 05:20 PM

Tags for this Thread

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •