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kingdragonfly

5108 posts

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#237967 27-Jun-2018 08:34
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EQC is New Zealand's main provider of natural disaster insurance to home owners.

EQC provides insurance to cover for loss or damage from the following natural disasters;

* earthquake
* natural landslip
* volcanic eruption
* hydrothermal activity
* tsunami

https://www.stuff.co.nz/business/property/105019285/apartment-owners-raid-savings-to-fund-fallout-of-eqc-error

By Nikki MacDonald

"...The case [of Marion Square's 40 apartments owing $2,300,000 in insurance] centres on the way EQC calculates the make-up of a mixed-use building. If more than 50 per cent is deemed residential, EQC covers damage in the whole building. If less than 50 per cent is residential, only the residential areas are covered.'

...However, former Body Corporate Chairs' Group president Neil Cooper said the idea the residential component did not include car parks and shared areas was 'totally foreign'. The new interpretation was 'potentially devastating', as most apartment buildings included shops or commercial car parks.

'If they're deciding to say we only count the space within apartments - no corridors or anything, no parking spaces even - that's a nonsense.'

The Body Corporate Chairs' Group has 40 mixed use buildings on its database, but there was no knowing how many were close to the 50 per cent threshold and could therefore be reclassified.

Director of Meridian General Brokers, Bernie Kane, said the entire industry had been operating on the basis the residential component of a building included all residential space, not just individual apartments. EQC's change in interpretation had denied Marion Square residents the opportunity to pay to reduce their excess and was making his job impossible, he said.

'They're the ones charged with interpreting the Act, so how can they say they got it wrong?...We are charged with calculating and collecting levies and giving advice to our clients. How can we do that when EQC are changing the rules as they go along?'

EQC chief executive Sid Miller said EQC's interpretation had not changed and the 2013 claim payout was simply a mistake: 'This was not a case of misinterpreting the EQC Act; it was a human error on that particular claim.'

EQC could not say if any other buildings had been reclassified, or if any other residents had challenged that classification.

Marion Square body corporate chairwoman Rachel Valentine said EQC could not just call it an error and apologise.

'That sorry has cost us $2.3m. So that's not kind of good enough.'"

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MikeAqua
6058 posts

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  #2044594 27-Jun-2018 09:23
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I think that BC should take EQC to court.  Areas the public and commercial tenants have no access to like corridors on residential floors are clearly not commercial space. They are private common areas.

 

Car parks are less clear.  If private parks adjoin the commercial parks and residents are able to let them to non-residents - then there could be an argument those parks are in fact commercial space.





Mike


Fred99
11128 posts

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  #2044885 27-Jun-2018 17:18
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IANAL - but I think a problem with taking EQC to court is that as they're interpreting the EQC Act, then a District Court has no jurisdiction, so you go to the High Court - probably at vast expense - and even if you win you get a non-binding ruling which EQC can choose to ignore anyway - if the Minister feels that way inclined.

 

Bypassing the court system and trying to exert pressure via the media is at least an inexpensive option - hopefully shaming them into sorting it out.  Didn't usually work well with Gerry.  Set him off like a mongrel dog.


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