Showing posts from July 1, 2012

Earthquake Royal Commission–Transcripts of CTV Building hearing

The Royal Commission has published a transcript of the CTV Building hearing held on 4 July 2012 (here).The speakers were: Marcus Elliott, Counsel Assisting the Commission Mark Zarifeh, Counsel Assisting the Commission David Coatsworth, Structural Engineer, CPG New Zealand Limited Brian Kehoe, Structural Engineer, Wiss, Janney, Elstner Associates Inc.

Transferring insurance policies – more on the issues

In the previous post the unnoticed hazards arising from the transfer of insurance entitlements was raised. The situation seems to be widening and getting worse. The following is from a CanCERN media release:
IAG and VERO have confirmed that The Deed of Assignment of EQC and Insurance Claims will not now be interpreted to mean that ALL the rights of a previous homeowner and their insurance claim. This means the new owner will not get full entitlements as declared in policies when purchasing an earthquake damaged property even though this is stipulated in the present Deed of Assignment wording. VERO told us that they have not been interpreting this part of the policy correctly and actually do not have to pay out full costs of a house that is deemed to be a rebuild if a property is sold and that only indemnity value would apply.  One justification we have been given for this is to mitigate against people seeing this as a business opportunity.  There was also a suggestion that the SouthSh…

Buying a house needing repairs - problems with aspects of transferring the insurance policy

The latest CanCERN newsletter (29 June 2012) includes an important item headed Assignment of the Deed of Rights. The CanCERN website ishere and the newsletters are here. DISCLAIMER: Although I work part-time as a researcher for CanCERN the views expressed here, and everywhere else on this blog, are entirely my own and should not be construed as reflecting the view or thinking of CanCERN or its members.

Problems arising from the Assignment document.

Anyone who has purchased, or may be purchasing, a property still needing repairs and where the insurance policy is signed over should read the item in the CanCERN newsletter (reproduced below).

The problems raised are possibly a cause for concern if you bought, or are thinking of buying, a house needing significant repairs and/or you will need to move out while repairs are carried out. There may as yet be undisclosed problems.

Depending on the circumstances of the property purchased, you may encounter two expensive situations that…