Crisis Containment Cover

We bring to your attention that a new product has been developed by American International Assurance (AAA
security rating) called ‘Crisis Containment’ cover. This is an entirely new policy which will indemnify the
organisation for the costs of media and public relations to contain a crisis which may have occurred to your organisation.
There does not have to be any specific trigger for claiming under this particular policy. It can be anything from a product withdrawal to an incident which has put the organisation in the spot light. It will pay for the costs of public relations officers to protect the image of the organisation. This will sit in perfectly with the Directors & Officers policy, should you have the cover.
If you are interested in obtaining a quote for this particular policy please call me.

More on the Market

Over the past six months we have found that the insurance premiums are now starting to settle down with a reduced number of large increases. There are, however, some insurers who are now stating that certain risks do not fall within their underwriting criteria. It is not just a matter of the insurers raising the premiums to reflect the risk, they are simply not covering the risk at all. In some instances we have had to search for cover abroad. These have been for risks that have normally been covered within New Zealand quite
readily.
We have also recognised that with the amalgamation of insurance companies there is a definite decline in providing
value added service and in some instances the service is just not available. We have been informed that this will take time to resolve whilst they get their internal structures sorted and
we have been asked to be patient and advise of any areas of concern.
We have not seen any new players come into the market but there seems to be an increasing need to search for covers offshore, including the Lloyds market – due primarily to difficulty
in placing business within New Zealand. Thus, although the premiums have not increased the terms to insure are
becoming much harder – ie higher excesses, stronger security
requirements and delays in obtaining quotations from the market.
It is for the above reasons that we have created GIE and Faze 2 to give us give us that competitive edge when seeking terms for your insurance requirements.

In addition, the tax man doesn’t want to know about your problems. They want accurate accounting records submitted on time every time.

In both cases the checks and balances in the accounting department had been allowed to slip. It is important that accounting functions have strict demarcation to avoid staff being able to simply write out and sign cheques made payabl to themselves. Simple procedures can eliminate both the tempation to staff and the threat of potential loss. These procedures can be as simple as requiring 2 signatures for each cheque or having one staff member write out the cheques and someone else sign them.