Newspaper Q&A- Insurer credit ratings & damage to public utilities
We’re aiming to raise awareness of the Rothbury name in 2010 and we're doing this through a question & answer format in national newspapers across New Zealand each month. It's a good opportunity for us to provide some information to you on common questions our clients have on business insurance.Is damage to public utilities covered by business interruption insurance?
The loss/failure of utilities extension of a business interruption policy covers financial loss resulting from damage to public utilities such as power stations, telecommunications networks, gasworks, water works or treatment plants including plant and supply lines. A business interruption policy can mean the difference between survival or closure when disaster strikes.
More helpful information on business interruption insurance.
Are insurer credit ratings important?
Yes. You need to be sure your insurer will be able to pay your claims when the time comes. A credit rating is an independent assessment of an insurer's financial strength and ability to meet its ongoing insurance policy and contract obligations. The rating is based on a comprehensive evaluation of a company's balance sheet strength, operating performance and business profile. All insurers must have a rating from either AM Best or Standard and Poors –International rating agencies. In our market there are insurers who have ratings ranging from B-/stable through to A+. As a client you should be aware of the financial rating of your insurer.
Click here to contact a broker in your local area to find out what your insurance company rating means to you.
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For more information on Rothbury or for interviews, opinion pieces, articles, or contributions to features, please contact:
Sarah Money
Rothbury Group
Building 5, Central Park, 666 Great South Road
PO Box 62-608
Penrose
Auckland
Email: sarah.money@rothbury.co.nz
Phone: 09 579 9551
Fax: 09 579 1294
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