Contract Works Policy
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What?
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 “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.
There is no change in your FMG cover.
Why?
Your policy has been updated to comply with the new Natural Hazards Insurance Act 2023. There is no change in your FMG cover.
When?
This change affects all policies renewing on or after 1 July 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 “Natural Hazards Commission Toka Tū Ake”
Your policy has been updated to comply with the new Natural Hazards Insurance Act 2023.
There is no change in your FMG cover.
Page 16 – 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.
There is no change in your FMG cover. -
What?
We have updated cover provided by the maintenance period automatic benefit:
- From: covering accidental loss to the contract works
- To: covering your legal liability for accidental loss to the contract works.
Additionally, we have clarified the maximum cover available for contract works.
Why?
Your policy has been updated to clarify the purpose of the maintenance period automatic benefit, which is to cover your legal liability for accidental loss under the maintenance clause of the contract.
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, Clause 2 – We cover legal liability for loss to insured property during the maintenance period.
Page 7, Clause 5.1 – What we will pay for contract works and materials supplied by the principal.
Page 7, Clause 5.2 – What we will pay for the maintenance period.
Cover has been updated from insuring accidental loss to the contract works to covering your legal liability for accidental loss to the contract works.
We have clarified the maximum cover available for contract works during the maintenance period is as described on your certificate.
To clarify the intended purpose of the maintenance period automatic benefit.
Throughout the policy. We’ve updated policy clause numbering. To align with the updated policy wording.