Earthquake Insurance Advocate Calls Agreement "Significant"

The following can be attributed to Christchurch City Councillor and EQ Insurance Advocate , Ali Jones:

I would like to congratulate the EQC Action Group which has been instrumental in achieving the significant decision from EQC to re-state its interpretation of the Act, relating to standard of repair.

There are many who have paid insurance premiums for years, for policies that would entitle them to “as new” replacement however when dealing with a claim that is undercap and with the Earthquake Commission, they were told by EQC that the standard of repair would be very different to what their insurance policy promised. This was very unfair, incorrect and it is pleasing EQC has now recognised that. I would be interested to know what this means for people who have had repairs completed to a “pre-earthquake” level and not an “as new” standard as it appears from the Canterbury Claimants media release today http://www.infonews.co.nz/news.cfm?id=110831 those people can’t now expect the level of repair they were entitled to in the first place.

I also would be interested in whether this will now put a number of claims overcap that are still in limbo after 5 years. I encourage EQC to address this immediately so that people can move ahead and start to get some control back in their lives.