From Earthquake Update from Lantern (for IAG customers)
We keep hearing a persistent rumour that our reinsurers have paid us out in full,and we’re avoiding paying claims so we can earn interest on this money.
The truth is we want the rebuild to get underway as much as anyone! In fact, we do not receive reinsurance money until after we have paid out on a claim, and we are definitely not holding back huge sums of money to earn interest.
Since September 2010 IAG has paid out over $900 million to its State, NZI, Lantern Insurance and Corporate Partnerships customers.
That’s more than $1.7 million per day in earthquake claims and we will continue to authorise and pay out on claims as they are finalised. Source
Went to EQC facebook page and this is what i found? :(
ReplyDeleteEarthquake Commission
A bit more info on TC3: TC3 properties *with foundation damage* need a further assessment before the building claim can be finalised. The assessment, which involves on-site testing and off-site geotechnical analysis, is to get the foundation repair/replacement exactly right, and is a Department of Building and Housing requirement. This starts next month on affected properties. This includes 'over-cap' properties becasue the assessment is needed for both EQC and private insurers. EQC will contact homeowners before inspections begin so you can allow us access, keep pets secure etc.