insurance

May 28, 2017 by markkreling

RDi Launch New Restaurant Insurance Offer

The life of a busy restaurant can be hectic – sometimes stressful. Making a great experience for the diners, giving them a great environment to enjoy your food can mean lots of hard work behind the scenes for you and your staff.

With all your other responsibilities, you want to know that you can rely on your insurance cover to work for you if something were to happen.

A fire from the kitchen, a flood from upstairs or adjoining property – how would you go about surviving for a long time whilst the business can’t operate?

Your customers are all third parties – as are your suppliers, and any tradesmen that come in to your premises. As such you may have a significant liability in the event of any harm coming to them or their property. Food and hygiene standards can also come under scrutiny if they are injurious to health. The fines have recently been beefed up.

If that wasn’t enough to be going on with, the IRD has recently announced a big increase in the number of investigations they will be running on Small Business. Restaurants will not be exempt. Some of our Underwriting partners are able to provide cover to compensate you for the time and effort it takes you to meet their requirements during such investigations.

Finally, Cyber threats are becoming a bigger danger to businesses in New Zealand and the world. With customer details stored and eftpos wirelessly transmitting client credit card details, a Cyber Insurance policy can protect you – and your valued customers – against all kinds of online threats.

to start a quote for Restaurant insurance please either call to speak to an experienced Broker on 0800734677 or

Get A Quote for Restaurant Insurance

November 24, 2016 by markkreling

Be Taxi Safe

RNZ are reporting that confusion has broken out over what type of insurance Uber drivers need.

The report, aired on their morning report today and can be heard here

The Uber approach, of advising their drivers to only take Third Party only cover, if it is true, raises a lot of questions, for both drivers and their potential passengers.

In the event of a crash, be it fault or non fault, whilst the vehicle is being used for the commercial purpose of a taxi, would a private insurance pay out at all, or would the Insurer look to void the policy? I suspect, in the vast majority of cases, they would avoid the policy – in other words treat it as though it had never been in force.

This means that there would be no insurance cover for third parties – which is exactly what the Passengers of a vehicle are. ACC would still be the first port of call for injury to passengers of course, but no more, so some types of claims, to property and other things would not be covered by the driver’s erstwhile cover.

For drivers too, a third party only cover gives them no chance of claiming for theft or own damage in fault or single vehicle claims – even if the insurer deemed their policy to be in force. This might well spell loss of earnings, and result in significant repair and other costs.

The standard third party liability cover for Motor Insurance in New Zealand generally starts at $5,000,000 and can be as high as $20,000,000, so for the company to boast of it’s $5,000,000 USD contingency is somewhat surprising.

There are also anecdotal incidents of the NZ Police fining drivers without a Passenger endorsement on their Driving Licence and for their cars not having a CoF – two things that the regulated industry has to have.

As a passenger and potential customer, I would want to know if the ride I am booking is safe, up to standard and covered. And a responsible driver would want the same thing.

The RNZ story:

One Uber driver says the company only requires drivers to have third party private insurance instead of more expensive commercial insurance, RNZ reports.

Many private insurance policies won’t cover drivers if they are driving for commercial purposes.

NZ Uber Drivers’ Association chairman Ben Wilson says the company is “playing very fast and loose”.

“Ultimately, when the claim is made, the nature of the accident is not going to be available to the insurance company to make their decision.

“I cannot see any other reason why they would even ask us to take out an insurance policy, if the aim wasn’t to make these fraudulent claims.”

The Insurance Council says private policies are unlikely to pay out to Uber drivers.

Uber spokesman Caspar Nixon wouldn’t tell RNZ why the company requires drivers to have third party private car insurance.

However, he says if an insurer turns a driver down, they could claim against Uber’s own $5 million United States-based contingency fund.

Nixon says the company would not encourage a driver to mislead their insurer

September 21, 2016 by markkreling

Shipping Line Collapse “Like a Nuclear Bomb” to Exporters

The collapse of Hanjin Shipping is a “huge nuclear bomb” that will have a far-reaching impact on the shipping industry, the supply chain and globalisation, according to Seaspan Corporation chief executive Gerry Wang.

As I wrote yesterday, the South Korean shipping giant has applied to South Korean courts for protection against it’s creditors as it lost support from it’s banks.

In an interview with Bloomberg’s Trending Business, the containership owner’s chief suggested the line’s demise was “like Lehman Bros” had been to the financial markets in 2008.

“You are talking about $120bn worth of goods on ships that are stuck… there is a material impact to the supply chain and people are suffering from the consequences,” said Mr Wang.

Hanjin has finally published details of the status of its 97 owned and chartered container and bulk vessels as they attempt to avoid arrest by creditors around the world. Many of the vessels are now running low on supplies and bunker fuel.

The aftershocks of the Hanjin crash are being felt by thousands of service providers around the world, many of which could face closure as a consequence of unpaid debts.

Moreover, small and medium-sized shippers could also face ruin from goods being caught up in months of legal battles over liens placed on Hanjin containers by creditors.

For the full details read the article at theloadstar.co.uk

To discover more about Marine and Trade Credit Insurance contact RDi Insurance for a full and confidential discussion. We can provide solutions from leading New Zealand and International Underwriters to protect your business and balance sheet from going down with the ship.

September 20, 2016 by markkreling

Shipping Container Line Fails – talk to your Broker if you are affected

Hanjin Shipping, one of the world’s top ten container carriers has this month applied for a Court rehabilitation order in South Korea.
Hanjin Shipping, one of the world’s top ten container carriers transporting over 100 million tons of cargo annually on 141 ships, has this month applied for a Court rehabilitation order in South Korea, after reportedly having lost the support of its bankers.

The purpose of the rehabilitation order is to prevent creditors enforcing their claims against Hanjin’s assets while a rehabilitation plan is formulated and approved by the South Korean Court, with a view to enabling it to continue to trade.

Hanjin has moved swiftly in obtaining orders from other Courts around the world recognising the protection under the South Korean Court orders. Recognition of the South Korean rehabilitation proceeding has been obtained in the United States, United Kingdom and Japan, but the position remains unclear in other shipping hubs such as Singapore and Hong Kong.

There are however, containers on stranded Hanjin vessels around the world which have been refused entry to their destination ports. There are also reports of the arrest of Hanjin ships. Although Hanjin has not serviced New Zealand directly since last year, some New Zealand importers and exporters with cargo on Hanjin ships have been caught up in the situation.

Our clients with cargo on Hanjin ships should do the following:

notify your Broker as soon as possible and request a continuation of cover if carriage of cargo is terminated anywhere other than at the intended port of destination.

supply your Broker with the standard commercial documents to review the claim and advise us whether the cargo has been paid for by the buyer.

in the meantime, continue to act to minimise or avert any loss payable under the policy.
If there is any discharge of cargo prior to the intended port of destination, freight pre-paid to Hanjin should be treated as lost and clients may have trans-shipment costs to ensure delivery in accordance with the contract of sale or purchase.

Many policies will provide limited cover for additional expenses incurred for forwarding the cargo to its original or substitute destination, as a result of insolvency or financial default of carriers, such as in the case of Hanjin.

If you have any questions, please contact your Marine Insurance Broker.

RDi Launch New Restaurant Insurance Offer

Be Taxi Safe

Shipping Line Collapse “Like a Nuclear Bomb” to Exporters

Shipping Container Line Fails – talk to your Broker if you are affected

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