Signing EQC land claim authority over to your insurance company

We have been put 'over the cap' however, insurance company are stating that we need to sign over EQC land claim authority to them, as they state they will get more money to repair our land. Is this correct? I am concerned our land will not be repaired by insurance, as we have alot of liquifaction under the house, yet to be repaired. Land flooding is an issue for us now. Thank you.

Asked: 19 August 2015

Category: Flooding, Insurance, Land claim

Answers

EQC

9 December 2015

EQC advises:

‘This is a Deed of Assignment (DOA) discussion and is between the property owner and the insurer. As these are individually specific, it’s recommended that property owners who are unclear about their obligations, contact Residential Advisory Service (RAS) in first instance. RAS can provide both general advice and may refer them for specific legal input, depending on the specific of the policy.’

See the Residential Advisory Service website

See all answers from EQC >

IAG

9 December 2015

IAG advises:

This process is known as a Deed of Assignment. These are sought by insurers so they can carry out site work needed to establish what repairs must to be made to the land before a full repair/rebuild of a property can begin, which EQC is required to pay for.  If the homeowner doesn’t sign a Deed of Assignment, then they will need to wait for EQC to determine what they think the landowner should receive for the repair of the land.  If EQC chooses to cash settle the land, then the landowner will be left with the responsibility of fixing the land.

See all answers from IAG >