Group Insurance

Under the Federation Group Policy the policy is with NZI and the anniversary date is 16th July.

Federation Group Insurance Scheme.            

• A review of the existing NZI policy on a like with like basis with other
  insurers suggests we are still best to retain the NZI policy.
  The standard premium gives a cover of:
  $50,000 material damage
  $5,000,000 public liability 
  $500,000 statutory liability 

 Premiums: August 2016 $371 / August 2017 $399. NB Statutory Liability cover was halved for the 2017 renewal.

Cost of renewal September 2018 $ 427. Details are on the Federation website. Below is an extract

Business Interruption
The Premises Insured
All premises at the situation(s) specified in the Insured’s Material Damage Policy(ies) and to the extent of the Temporary Removal Memorandum elsewhere in New Zealand. Total Sum Insured $250,135

NZI Broadform Liability - BRD0318
You are insured for all sums that you become legally liable to pay arising from injury and/or damage caused by an event that happens in connection with the business during the period of insurance. Sum Insured Limit of Indemnity $5,000,000

Material Damage
The Insured Property described under the Sums Insured Schedule as ‘Buildings’, ‘All Other Property’ and ‘Stock’ is covered by this Policy whilst at any Specified Situation, and to the extent of the Money, Property in Transit and the Temporary Removal Memoranda elsewhere in New Zealand. Total Sum Insured $2,975,000 (Exclusive of GST)

Deductible
Each loss or series of losses arising out of one event will be adjusted separately. The adjusted loss will be net of salvage recoveries and other recoveries. From each adjusted loss, the Deductible Amount specified below will be deducted. All Perils not otherwise specified: $500 All Perils involving Money: $500 Burglary, attempted burglary, malicious damage by burglars: $500 Landslip or Subsidence Memorandum: $5,000 All perils involving portable telephones (cellphones): $250 All perils other than Burglary or theft involving Property in Transit: $500 Theft: $2,500