Understanding Insurance Policy Updates at FMG

Understanding your policy changes

During the year FMG reviews client feedback and market changes and, where necessary, make changes to our policies.

Below is a summary of the main changes we've made. FMG Changes to Insurance gives a high level of summary of the main changes across our policies, including definitions. The FMG Policy Change Guides below highlight the details of changes made to FMG policy wordings.

To understand which of our policy wordings apply to you, please check your Certificate of Cover, or head online to FMG Connect to view all your policy details, including the dates of your policy period. If you're unsure, give us a call.

This summary highlights changes to your FMG policy wording. Importantly, this document is only a summary of the enhancements and changes, so ensure you read it in conjunction with your renewal certificate(s) and the full policy wordings available under "What we cover".

You can also request a copy of your policy wording to be emailed to you, or a printed copy, by calling our National Advice and Service Centre team on 0800 366 466.

We encourage all FMG clients to review these changes to see which ones may be relevant to you.

Page and clause references shown below are taken from the current policy wording. Where a clause has been removed and this is not possible, references relate to the previous version of the policy wording

Applicable to policies that renew on or after 1 November 2023:

FMG Policy Change Guide 2023 FMG-2023-Policy-Change-Guide.pdf [PDF File 476.2 KB]

Applicable to policies that renew on or after 1 November 2022:

FMG Policy Change Guide 2022 FMG-2022-Policy-Change-Guide.pdf [PDF File 262.4 KB]

FMG Changes to Insurance 2022 Changes-To-Insurance-Leaflet-2022.pdf [PDF File 2.5 MB]

Select your policies

Forestry Policy

What?

We have updated references to ‘EQC’ to match the new name under the Natural Hazards Insurance Act 2023 – The Natural Hazards Commission Toka Tū Ake.

Additionally, we have clarified that there is no cover for loss of sequestered carbon.

Why?

Your policy has been updated to comply with the new Natural Hazards Insurance Act 2023.

When?

This change affects all policies renewing on or after 1 August 2024.

Page and Clause	What has changed?	Why has it changed?
Page 5 - We comply with the Privacy Act 2020	We have updated reference to EQC to align with the new name – The Natural Hazards Commission Toka Tū Ake.	Your policy has been updated to comply with the new Natural Hazards Insurance Act 2023.
Page 10, Clause 6.3, You are not covered for consequential loss. Page 19 – Definition of sequestered carbon	We have updated the general exclusion for consequential loss to clarify that there is no cover for sequestered carbon and added a definition of sequestered carbon.	To clarify that the policy does not cover sequestered carbon.

What?

We have separated the automatic benefit for replanting and rebuilding certain infrastructure into two individual automatic benefits.

Additionally, we have clarified that cover under the automatic benefits is paid in addition to the Sum Insured for the trees and harvested trees.

Why?

Your policy has been updated to allow for the automatic policy limit for replanting and rebuilding certain infrastructure to be increased independently of each other and to enhance clarity on the applicable cover.

When?

This change affects all policies renewing on or after 1 July 2026.

Page and Clause	What has changed?	Why has it changed?
Page 6, Section 2 – The cover includes automatic benefits.	We’ve clarified that cover under the automatic benefits is paid in addition to the Sum Insured for the trees and harvested trees.	To improve clarity on the applicable scope of cover.
Page 6, Clause 2.1 – We cover the costs of replanting. Page 7, Clause 2.2 – We cover the costs of rebuilding certain infrastructure.	The automatic benefit for replanting and rebuilding certain infrastructure has been split into two separate automatic benefits: Replanting Costs Rebuilding Certain Infrastructure.	To support the ability to extend the automatic cover limits under each automatic benefit independently of each other.
Throughout the policy.	We’ve updated policy clause numbering.	To align with the updated policy wording.

Page and Clause

What has changed?

Why has it changed?

Page 6, Section 2 – The cover includes automatic benefits.

We’ve clarified that cover under the automatic benefits is paid in addition to the Sum Insured for the trees and harvested trees.

To improve clarity on the applicable scope of cover.

Page 6, Clause 2.1 – We cover the costs of replanting.

Page 7, Clause 2.2 – We cover the costs of rebuilding certain infrastructure.

The automatic benefit for replanting and rebuilding certain infrastructure has been split into two separate automatic benefits:

Replanting Costs
Rebuilding Certain Infrastructure.

To support the ability to extend the automatic cover limits under each automatic benefit independently of each other.

Throughout the policy.

We’ve updated policy clause numbering.

To align with the updated policy wording.

Kiwifruit Top Up Policy

What?

We have updated references to ‘EQC’ to match the new name under the Natural Hazards Insurance Act 2023 – The Natural Hazards Commission Toka Tū Ake.

Why?

Your policy has been updated to comply with the new Natural Hazards Insurance Act 2023.

When?

This change affects all policies renewing on or after 1 August 2024.

Page and Clause	What has changed?	Why has it changed?
Page 5 - We comply with the Privacy Act 2020	We have updated reference to EQC to align with the new name – The Natural Hazards Commission Toka Tū Ake.	Your policy has been updated to comply with the new Natural Hazards Insurance Act 2023.

Orchard Policy

What?

We have updated references to ‘EQC’ to match the new name under the Natural Hazards Insurance Act 2023 – The Natural Hazards Commission Toka Tū Ake. This means:

- Updating “Natural Disaster” to “Natural Hazard (Natural Disaster)”
- Updating “EQC” to “The Natural Hazards Commission Toka Tū Ake”

We have also updated ‘Natural Landslip’ to ‘Natural Landslide’ and re-worded the Natural Landslide definition to match the Natural Hazards Insurance Act 2023.

Why?

Your policy has been updated to comply with the new Natural Hazards Insurance Act 2023.

When?

This change affects all policies renewing on or after 1 August 2024.

Page and Clause	What has changed?	Why has it changed?
Throughout the policy	We have updated references to ‘Natural Disaster’, and ‘EQC’ to match the new names under the Natural Hazards Insurance Act 2023. This means: - Updating “Natural Disaster” to “Natural Hazard (Natural Disaster)” -Updating “EQC” to “The Natural Hazards Commission Toka Tū Ake”	Your policy has been updated to comply with the new Natural Hazards Insurance Act 2023.
Page 17 – Definition of Natural Hazard	We have updated ‘Natural Landslip’ to ‘Natural Landslide’ and re-worded the Natural Landslip definition.	These amendments are to match the Natural Hazards Insurance Act 2023.

Association Liability Policy

What?

We have removed cover for loss or damage to money, negotiable instruments, safes and vaults.

Why?

Your policy covers your legal liability and costs relating to your management of non-corporate organisations. To better align with this intent, limited cover for damage to certain physical property has been removed.

When?

This change affects all policies renewing on or after 1 July 2026.

Page and Clause	What has changed?	Why has it changed?
Page 13, Clause 4.3.1 – What the Association is insured for. Page 21, Clause 7.16 – There is no cover for property loss or fire.	We’ve removed cover for physical loss or damage to, or disappearance of the Association’s money, negotiable instruments, safes and vaults.	To better align with the product intent – which is to cover legal liability and cost exposures rather than damage to physical property.
Throughout the policy.	We’ve updated policy clause numbering.	To align with the updated policy wording.

Page and Clause

What has changed?

Why has it changed?

Page 13, Clause 4.3.1 – What the Association is insured for.

Page 21, Clause 7.16 – There is no cover for property loss or fire.

We’ve removed cover for physical loss or damage to, or disappearance of the Association’s money, negotiable instruments, safes and vaults.

To better align with the product intent – which is to cover legal liability and cost exposures rather than damage to physical property.

Throughout the policy.

We’ve updated policy clause numbering.

To align with the updated policy wording.

Management Liability Policy

What?

We have removed cover for loss or damage to money, negotiable instruments, safes and vaults.

Why?

FMG’s Management Liability policy is primarily designed to cover your legal liability and costs in respect of a claim arising from you performing duties in your capacity as Director or Officer of the Company. To better align with this intent, limited cover for damage to certain physical property is being removed.

When?

This change affects all policies renewing on or after 1 July 2026.

Page and Clause	What has changed?	Why has it changed?
Page 12,- Clause 4.3.1 – What the Company is insured for. Page 20, Clause 7.16 – There is no cover for property loss or fire.	We’ve removed cover for physical loss or damage to, or disappearance of, the Company’s money negotiable instruments, safes, or vaults.	To better align with the product intent – which is to cover legal liability and costs rather than damage to physical property.

Page and Clause

What has changed?

Why has it changed?

Page 12,- Clause 4.3.1 – What the Company is insured for.

Page 20, Clause 7.16 – There is no cover for property loss or fire.

We’ve removed cover for physical loss or damage to, or disappearance of, the Company’s money negotiable instruments, safes, or vaults.

To better align with the product intent – which is to cover legal liability and costs rather than damage to physical property.

You can view all your policies, covered items and the amount they're insured for online, anytime in FMG Connect, our online service.