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An Insurance Policy is a legal contract between you and an insurer that sets out exactly what they'll cover and how much they'll pay if something goes wrong. In New Zealand, these policies are governed by the Insurance Law Reform Acts and the Insurance (Prudential Supervision) Act 2010, giving you specific rights and protections.

The policy spells out your premium payments, excess amounts, and any special conditions or exclusions that apply. It works like a safety net - when you make a valid claim, the insurer must step in to cover the agreed costs, helping protect your finances against unexpected events like accidents, natural disasters, or theft. The Financial Markets Authority (FMA) oversees insurance providers to ensure they meet their obligations.

Get an Insurance Policy in place before you need protection - waiting until after something goes wrong is too late. Most Kiwi businesses need multiple policies covering different risks: property damage, professional liability, business interruption, and vehicle coverage are common starting points. The Insurance Contracts Act requires full disclosure of relevant information when setting up your coverage.

Critical times to review or update your policies include: starting a new business venture, buying major assets, hiring employees, moving premises, or changing your business activities. Many commercial contracts and leases require specific insurance coverage, so check your policy aligns with these obligations. Regular reviews help ensure your coverage keeps pace with your evolving needs.

• Personal Insurance: Covers individuals and families, including home, contents, vehicle, and life insurance. Usually simpler policies with standardized terms.
• Commercial Insurance: Protects businesses against liability, property damage, and business interruption. More complex policies with negotiable terms.
• Professional Indemnity: Specific coverage for service providers against claims of negligence or mistakes. Essential for consultants and professionals.
• Statutory Insurance: Mandatory coverage like ACC and workers' compensation. Terms are largely determined by NZ legislation.
• Marine/Aviation Insurance: Specialized policies for transport and logistics sectors with unique risk considerations and international elements.

• Insurance Companies: Draft and issue policies, assess risks, process claims, and maintain compliance with FMA regulations.
• Policyholders: Include individuals, businesses, and organizations who pay premiums for protection against specific risks.
• Insurance Brokers: Act as intermediaries between insurers and clients, helping select appropriate coverage and negotiate terms.
• Legal Advisors: Review policy terms, assist with claims disputes, and ensure compliance with NZ insurance law.
• Regulators: The FMA and Reserve Bank oversee insurers' operations and protect consumer interests.

• Risk Assessment: Document all assets, activities, and potential risks requiring coverage. Include values, locations, and specific vulnerabilities.
• Coverage Details: List desired coverage types, limits, and excess amounts. Note any specific exclusions or conditions needed.
• Business Information: Gather accurate details about your organization, including trading names, structure, and key personnel.
• Claims History: Compile records of previous insurance claims and risk management measures.
• Policy Requirements: Check if contracts, leases, or regulations mandate specific coverage types or limits.
• Documentation Review: Use our platform to generate a comprehensive policy that meets NZ legal standards and includes all mandatory elements.

• Policy Details: Names and addresses of insurer and insured, policy number, and period of coverage.
• Insured Events: Clear description of covered risks, perils, and circumstances triggering claims.
• Financial Terms: Premium amounts, payment schedules, excess/deductible levels, and coverage limits.
• Exclusions: Specific situations or events not covered under the policy.
• Claims Process: Steps for filing claims, required documentation, and timeframes.
• Duty of Disclosure: Policyholder's obligation to reveal material facts under NZ law.
• Cancellation Terms: Conditions for policy termination and refund calculations.

Let's compare an Insurance Policy with a Compliance Policy, as both deal with risk management but serve different purposes. While an Insurance Policy creates a binding contract for financial protection against specific risks, a Compliance Policy sets internal rules and procedures to prevent legal and regulatory breaches.

• Purpose: Insurance Policies provide financial compensation for covered losses, while Compliance Policies guide employee behavior and organizational practices.
• Legal Structure: Insurance Policies are contracts between insurer and insured with external enforcement rights. Compliance Policies are internal documents without third-party obligations.
• Cost Elements: Insurance involves premiums and claim payouts; Compliance Policies focus on operational procedures and training costs.
• Risk Approach: Insurance transfers risk to another party; Compliance Policies aim to prevent risks through procedures and controls.
• Enforcement: Insurance claims are legally enforceable under NZ contract law; Compliance Policies are enforced through internal disciplinary measures.