Insurance policy changed from replacement to sum insured, which is applicable for settlement

If a claim is yet to be resolved but the policy has switched from replacement to sum insured since the damage was done, which policy is applicable for settlement?

The "replacement" one in place at the time of the loss which initiated the claim, or the current "Sum Insured Value" policy?

Asked: 19 July 2014

Category: Insurance

Answers

AA Insurance

19 August 2014

AA Insurance advises:

The policy that was in place at the time of the loss will form the basis of settlement for any claim. If your home insurance policy is now based on a sum insured amount, then any future claims will be settled on this.
For queries about which policy applies to the settlement of your claim, please contact your insurer.

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Insurance Council of New Zealand (ICNZ)

5 August 2014

Insurance Council of New Zealand (ICNZ) advises:

For settlement purposes, it is the policy that was in force at the time of the loss. In the circumstances described, it would therefore be the full replacement policy that applies.

 

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IAG

13 January 2015

IAG advises:

The policy that you had in place at the time of the event is the policy that will be referred to for your earthquake claim.

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Lumley

15 January 2015

Lumley advises:

The policy that was enforce at the date of loss.

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Southern Response

11 September 2014

Southern Response advises:

The policy that was in force at the time of the loss. In the scenario described in the question, this would be the replacement policy.

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Vero

5 August 2014

Vero advises:

The policy in place at the time of loss is the relevant one

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Tower

19 January 2015

Tower advises:

The policy in place at the time of loss, i.e. the replacement value policy, would be applicable.

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