IAG’s Limitation Announcement “Unreasonable”

Rebuild Christchurch founder Deon Swiggs, is disappointed by IAG’s statement today that any court action related to commercial and body corporate Sept 4 2010 earthquake claims, must be filed in the next three days.

Swiggs, who is also a Trustee of the Canterbury Insurance Assistance Service, says IAG’s position was in the last paragraph of a long “progress update” distributed earlier today.

“Many of us know that the problems experienced by owners of Multi Unit Buildings (MUB’s) most often with body corporates responsible for them, have been complex and significantly problematic in being able to progress and resolve their claims,” he says. “The owners of commercial buildings have also had similar issues to deal with and when you put problems with land and EQC into the mix, giving people 4 days notice of IAG’s position appears to me to be quite unreasonable.”

Swiggs cites EQC and private insurers including Southern Response who have extended the timeframes for residential and commercial claims within which they will still consider and progress claims, as “doing the right thing”.

“Surely IAG is not intending to make people’s lives even more difficult with this announcement today?” he asks. “I would strongly suggest IAG review its position immediately. All it will do is cost people significant amounts of money in legal fees with all likelihood that negotiations will continue and a settlement reached. This is so that IAG can go to these claimants, make them an offer with the added threat that if they don’t take it, legal action taken can be defended under the limitations act.”

Swiggs also urges all homeowners in light of EQC signalling their intention to scale back by the end of the year to request an EQC review on all work that involves subfloor and foundations. It is imperative that homeowners have confidence that repairs are up to scratch to ensure the integrity of the housing stock of the city.

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