Reforms to EQC Act announced 26 Jun 2017
26 June 2017
Finance Minister Steven Joyce and the Minister Responsible for the Earthquake Commission Gerry Brownlee have today announced plans to simplify and improve the EQC scheme for New Zealanders.
“EQC has provided huge support to New Zealanders following the Christchurch, Seddon, and Kaikoura earthquakes,” Mr Joyce says.
“This review has provided us the opportunity to consider how the scheme could work more effectively for future natural disasters.
“Everyone with a private insurance policy, that includes fire insurance for their residential building, will continue to receive EQC cover,” Mr Joyce says.
Mr Brownlee says the reforms will have no impact on the handling and outcome of existing EQC claims.
“The reforms we are announcing will simplify the relationship between the EQC scheme and private insurance and help provide faster and smoother resolution of claims following a major event,” Mr Brownlee says.
The reforms are:
- Increasing the monetary cap from $100,000 (plus GST) to $150,000 (plus GST) for EQC building cover.
- Clarifying EQC land cover is for natural disaster damage that directly affects the insured residence or access to it.
- Standardising the claims excess on EQC building cover at $1,000. This currently ranges from $200 to $1,150 depending on the size of the claim.
- EQC no longer providing any residential household contents insurance.
- Requiring EQC claimants to lodge claims with their private insurer who would pass the claim on to EQC (if the property is insured).
“Requiring EQC claimants to lodge claims with their private insurer will help EQC and private insurers work better together in future.
“Following feedback from the Discussion Document issued in 2015, changes were made in response to submitter concerns regarding the treatment of land damage affecting residential buildings, the previously proposed $2000 excess and the idea of combining building and land damage cap amount,” Mr Brownlee says.
Further work now needs to be done on the details of a scheme that will incorporate the features announced today.
The Government hopes to release a draft of an EQC reform bill later this year or early next year, with the changes anticipated to be implemented in 2020.
Source: NZ Government
News
Hilary Timmins' Award-Winning UK Documentary Series To Inspire NZ Students
29 Jun 2020 Education
Dream Catchers, produced and directed by Hilary Timmins, celebrates the success stories of more than thirty inspirational New... more
New Zealand reaffirms support for Flight MH17 judicial process
7 Mar 2020 News
Ahead of the start of the criminal trial in the Netherlands on 9 March, Foreign Minister Winston Peters has reaffirmed the need to... more
Business
NZ Government's Economic package to fight COVID-19
17 Mar 2020 Business News
The Coalition Government has launched the most significant peace-time economic plan in modern New Zealand history to cushion the... more
NZ Government announces aviation relief package
19 Mar 2020 Business News
Transport Minister Phil Twyford today outlined the first tranche of the $600 million aviation sector relief package announced earlier... more
Living
Diversity was Key at New Zealand Trade Tasting in London
6 Jun 2022 Food & Wine
New Zealand Winegrowers Annual Trade Tasting was recently held in London, on Wednesday 4 May, in Lindley Hall.
It was the first... more
Kiwi author stuns Behind the Butterfly Gate
12 Jan 2022 Arts
Hidden behind the Butterfly Gate is where the secret has been kept for 76 years...
New Zealand writer Merryn Corcoran’s... more
Property
Fairer rules for tenants and landlords
17 Nov 2019 Property
17 NOVEMBER 2019
The Government has delivered on its promise to the over one million New Zealanders who now rent to make it fairer... more
New Zealand Government will not implement a Capital Gains Tax
17 Apr 2019 Property
The Coalition Government will not proceed with the Tax Working Group’s recommendation for a capital gains tax, Jacinda Ardern... more
Migration
Boosting border security with electronic travel authority – now over 500,000 issued
19 Nov 2019 Migration
19 NOVEMBER 2019
We’ve improved border security with the NZeTA, New Zealand Electronic Travel Authority, which helps us to... more
Christchurch reinstated as refugee settlement location
18 Aug 2018 Migration
18 AUGUST 2018
HON IAIN LEES-GALLOWAY
The announcement that Christchurch can once again be a settlement location for refugees... more
Travel
Gallipoli Anzac Day services cancelled
19 Mar 2020 Travel & Tourism
The New Zealand and Australian Governments have announced this year’s joint Anzac Day services at Gallipoli will be cancelled... more
New Zealanders advised not to travel overseas
19 Mar 2020 Travel & Tourism
New Zealanders advised not to travel overseas
more
Sport
The Skipper's Diary: Sir Richard Hadlee honouring his father and NZ's Forty-Niners
27 Oct 2019 Cricket
NZNewsUK London Editor Charlotte Everett spoke to Sir Richard Hadlee about why he’s chosen to publish his father’s... more
PREVIEW: All Blacks v England semi-final
26 Oct 2019 Rugby
The two most convincing quarterfinals winners are set to square off in a semifinal showdown for the ages when the All Blacks meet old... more
Columns
Gordon Campbell on the Gareth Morgan crusade
11 Nov 2016 Opinion
Gordon Campbell on the Gareth Morgan crusade
First published on Werewolf
The ghastly likes of Marine Le Pen in France and Geert ... more
Gordon Campbell on the US election outcome
10 Nov 2016 Opinion
Column - Gordon Campbell
Gordon Campbell on the US election outcome
Well um.. on the bright side, there (probably)... more
Kiwi Success
Congratulations to Loder Cup winner
26 Sep 2018 People
25 SEPTEMBER 2018
The Loder Cup, one of New Zealand’s oldest conservation awards, has been awarded to Robert McGowan for 2018... more
Appointments to New Zealand National Commission for UNESCO
16 Aug 2018 Appointments
16 AUGUST 2018Appointments to New Zealand National Commission for UNESCO
HON JENNY SALESA
Associate Education Minister Jenny Salesa is... more
Recruitment
Historic pay equity settlement for education support workers
14 Aug 2018 Recruitment
14 AUGUST 2018Historic pay equity settlement for education support workers
RT HON JACINDA ARDERN
HON CHRIS HIPKINS
Prime Minister
The... more
Historic pay equity settlement for education support workers
22 Aug 2018 Recruitment
14 AUGUST 2018Historic pay equity settlement for education support workers
RT HON JACINDA ARDERN
HON CHRIS HIPKINS
Prime Minister
The... more