Showing posts from April 26, 2015
Wednesday’s Press has an article Southern Response class action ‘no win, no fee’here. The proposal, offered by law firm GCA lawyers, is for “disgruntled customers of a major earthquake claims-holder to join "no win, no fee"class action lawsuit.”Sounds too good to be true (and potentially is). Click on the link to continue.
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The Insurance Business New Zealand website is reporting that the Insurance and Savings Ombudsman Karen Stevens supports legislation to better protect customers relating to information they disclose to an insurer. The following are extracts from the article (the full article is here).Karen Stevens says legislation would mean an insurer could only avoid a policy where it could show the non-disclosure was deliberate.Some cases are clear, where people deliberately leave out information they were asked to provide, knowing that it will go against them. However, in other cases, people accidentally leave out information because they have forgotten, or do not realise it is important.”The current law requires a consumer to disclose to an insurer all information a ‘prudent underwriter’ would consider important. But, said Stevens: “This is extremely difficult for consumers to understand.“My concern is that consumers don’t understand the consequences of not providing the information.However, she s…