Stamford Insurance

Disputed insurance claim reviewed and resolved by Stamford

When an Auckland-based Finance Company were obliged to repossess a 15 metre pleasure cruiser, they wisely took out a comprehensive marine insurance policy with the advice of one of New Zealand’s leading insurance brokers.

However when the vessel suffered damage whilst in transit, the insurers employed various legal arguments to refuse pay the claim. The original broker was unable to persuade the Insurers to make any offer to settle the claim.

Over two years later, after much legal wrangling, Stamford were asked to carry out a comprehensive review of the claim – it soon became clear that the legal arguments used by the insurers to turn down the claim were flawed and within a couple of months, the insurers and the original broker reached a comprehensive settlement with the client. The claim was paid in full with interest and costs.

Once again Stamford’s expertise and commitment to service had brought about a successful result for their client.

Solar panels Cover Stamford Insurance

Comprehensive insurance programme for Kiwi business working in Haiti

The Power of the Sun

When a South Island company was pitching for a $10M contract to supply and erect a solar power station on the tiny Caribbean island of Haiti, New Zealand’s local insurers were unable to assist – they simply did not have the experience, capacity or appetite to take on such risks.

Working with the Company’s regular broker, within 14 days, Stamford had put in place the structure of a comprehensive insurance and risk management programme incorporating insurers from London, New York, Haiti and New Zealand, including:

  • Marine Cargo and transit Insurance for all components from points of origin in Europe and USA to Haiti
  • All Risks Cover for the Contract Works and Erection Risk
  • Travel, Kidnap, Ransom and Political Risks insurance for the key personnel who would be sent from New Zealand to carry out the project
  • Local regulatory covers such as motor and workers’ compensation
  • A Performance Bond equal to 100% of the Contract Value as required by the Principal

The right insurance programme was vital to enable the client to secure the contract and our fast response, immediate understanding of the risks involved and complete mastery of the situation ensured that the contract will come back to New Zealand.

Stamford Insurance Earthquake Prone Buildings

Stamford offers full reinstatement cover on an Auckland Earthquake Prone Building

An Auckland property company owns a nine storey pre-1935 office/mixed use commercial building in Auckland’s CBD.

This building had been the subject of a seismic engineering report and had a performance rating of less than 33% of the National Building Standard – it was therefore defined as “Earthquake Prone”.

The building had been professionally valued and has a reinstatement value of $11M but the local insurers would only offer to renew the policy on an indemnity basis with a sum insured of $4M.

This was putting the company exposed to financial risks which it did not have the capacity to retain in house.

Within 48 hours Stamford had negotiated to provide cover against All Risks of loss or damage, including earthquake and Tsunami:

  • Full reinstatement cover at $11M
  • Plus 24 months’ loss of rent $2M
  • Automatic extension to cover Contract Works at the property

Neither Owners, Occupiers or the financial institutions involved need be in any doubt that full reinstatement cover can usually be obtained on these buildings in the Auckland area.