NZI widens insurance for new clients

New NZI Insurance clients undertaking new construction in Canterbury will be able to apply for insurance covering the building phase under a new facility made available by the insurer.

NZI will provide contract works insurance on a case-by-case basis for new clients carrying out new building work in Canterbury, the insurer announced today.

People can apply for this insurance via brokers from this week.

NZI executive general manager Karl Armstrong said the latest change is part of the company's effort to support the Canterbury rebuild after the earthquakes.

It was an enhancement to existing insurance provisions in Canterbury.

"The new facility will primarily be available for new commercial construction in the Christchurch central business district, but we'll also consider the outer areas of Christchurch and residential construction."

Provision of contract works insurance did not commit NZI to providing cover on the completed building, Armstrong said. People would need to discuss this separately with their broker.

"NZI will continue to make more insurance available to existing as well as new clients wherever possible and as changing circumstances allow," he said.

NZI is part of New Zealand's biggest residential insurer, IAG, the Australian-owned entity that also includes State and new AMI insurance work.

NZI's contract works offer follows the IAG move from October 1 that saw all IAG brands, including NZI, considering new personal home insurance for both new and existing clients in parts of Canterbury on a case-by-case basis.

The Press