Limitation – EQC and Insurance Update


We are fast approaching 6 years since the 22 February 2011 earthquake.  This is to remind people of limitation issues that were highlighted prior to the 6 year anniversary of the 4 September 2010 earthquake.  IAG said that it would not extend any limitation period for claims by body corporates or commercial claims.  Other insurers have also not provided a global extension for commercial claims.  So to be safe these ought to be filed in a Court by 21 February 2017.  AA, Tower, FMG, MAS and Vero have agreed not to plead a limitation defence to any claims filed before 4 September 2017.  Southern Response will not rely on a limitation defence in any court proceedings filed before 4 September 2018. IAG had said via the insurance council that it would not plead a limitation defence to any claims filed before 4 September 2017.    Subsequently in a press release it altered that date to June 2018.  EQC has said that it will consider the 6 year limitation period runs from where a claim is settled that date, where claim is not settled when it settled or declined the claim and/or when it declined the claim the date of declinature.   None of the above has any effect on claims against insurance brokers etc that are related to the earthquake(s).