This is where you can find insurance documents for Vero Schemes.
Vero CIS Personal Insurance 2019 change summary (includes Maxi and Basic, both House and Contents)
Vero policy wordings now include a communicable disease exclusion. See your policy wording for details.
We’ve added the communicable disease exclusion to ensure we can continue to be there for our customers in the long term.
Like all insurance providers, we rely on reinsurance cover – which is insurance for insurance companies. Having reinsurance in place means we are able to meet claims costs if there’s a large event like an earthquake or a major flood. Our reinsurance providers have recently added a communicable disease exclusion to the cover they provide us.
It’s important that the cover we provide customers aligns to our reinsurance cover. This is an important part of our ability to be a sustainable business and to ensure we can continue to pay claims in the event of a large-scale event.
Reinsurance can be influenced by external factors such as the COVID-19 pandemic that’s had global impact. COVID-19 has resulted in significant financial impacts for reinsurers, and, as such, they have put this exclusion in place to protect the sustainability of their businesses.
The exclusion will be applied to all Vero-underwritten policies that start or renew on or after 16 June 2021.
If you are an existing customer, your renewal documentation will tell you the exact date it applies to you.
This exclusion will affect a claim or portion of a claim that’s related to communicable diseases.
A communicable disease includes diseases that are infectious or quarantinable, for example coronaviruses or measles.
If the exclusion applies to your claim, your claims consultant will discuss it with you. Vero remains committed to supporting customers in the event of any claim.
The exclusion will only apply to a claim or portion of a claim that is related to a communicable disease. We’ll still pay to repair or replace insured property that has been damaged by insured events – like an earthquake or other natural disaster.
The application of the exclusion will depend on the specific situation. Some examples of when it might apply could include:
- If New Zealand goes into COVID-19 Alert Level 4 while contractors are in the middle of an insurance repair that requires scaffolding at your property. The increased costs of having the scaffolding at your property over the lock-down period may not be covered.
- Any increased costs of a claim if Alert Level rules prevent flood damage from being dried and there are additional costs to reinstate the property due to mould damage which could have been prevented.
- Any increased costs of a claim, for example if due to Alert Level rules portable toilets are required for contractors who are carrying out repairs at your property.