Forestry Policy
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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 carbonWe 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.