FAQs
What do insurance brokers do?
A broker's job is to help you to identify the risks that you or your business may be exposed to.
The broker will advise you on what insurances are available for these risks and will canvas the insurance market to obtain the most advantageous terms for these covers.
The broker then places the covers with the chosen insurer and arranges the documentation.
The broker will also help you with general insurance advice and information as required and look after any amendments to the policies that may be required.
With claims, the broker will assist you in formulating the claim and will liaise between you and the insurer to bring the claim to a successful resolution.
Why use a broker?
In both business and personal matters, correct insurance is vital.
Wrong or inadequate insurance protection can lead to disastrous consequences.
The right advice makes all the difference and prevents costly mistakes.
Insurance brokers are specialists in insurance protection, are independent and have an in depth knowledge of the insurance market and are able to provide professional, objective advice on identifying risks and exposures and recommend cost effective solutions.
Is an insurance broker the same as an insurance agent?
There is a big difference between the two:
An insurance agent acts on behalf of one or more insurance companies and can only access those insurers' products.
A broker acts on behalf of you, the policy-holding client.
The broker is obliged to act in your best interests, is not tied to any insurer and can arrange the best protection for you at a competitive price.
What services do we offer?
Below is a summary of the services we provide when arranging new covers, renewals and claims. Our brokers form an ongoing business relationship with you, the client, which gives us the ability and knowledge to provide a better service to you.
New Covers - we will:
Complete full review of existing covers and make recommendations on alternative insurances and additional covers that are available.
Survey and photograph your business site.
Obtain claim records and loss details from your existing Insurance Company.
Prepare a detailed submission on your insurance requirements specific to your business operation and request quotations from insurance companies. This facilitates a comparison of premium and terms between the various insurers and ensures you receive the best terms available.
On receiving insurers' terms, prepare a written quotation and recommendations for your consideration, taking into account all aspects from scope of cover to premium cost and the insurer's claims paying ability and so allow you to make an informed choice.
Provide you with advice on the types of cover appropriate to your needs. These include:
Material Damage - Business InterruptionPublic Liability - Motor Vehicles Statutory & Employers LiabilityIncome ProtectionDirectors & Officers LiabilityProfessional IndemnityTravel - Marine TransitFidelity Guarantee
Use the insurer's standard policy wordings with appropriate optional extensions as required to ensure that the covers are fitted to your particular needs.
When the terms of the cover and the premium have been agreed, place the covers with the selected insurer.
Renewals - we will:
Personally contact you to make any updates and general policy changes that may be required.
Check that your covers are still appropriate to your needs.
Check current market conditions and where appropriate, remarket your policies.
Arrange any adjustments required.
Claims - we will:
Give advice and assistance in formulating and submitting your claim to the insurer.
Arrange for a claim form to be completed by you.
Keep a watching brief on the claim and liaise between you and the insurer to bring it to a successful resolution.
Premium Payment Options?
August Insurance Brokers Ltd offer three payment options:
On receipt of Tax Invoices;Payable in equal instalments over the first three months; Eftpos or Credit Cards;Direct Bank Account Credit;Premium instalment agreement - interest charge applies.
August Insurance Brokers Ltd is a member of the IBANZ (Insurance Brokers Association of New Zealand Inc.)
Who is the IBANZ Inc:
The Insurance Brokers Association of New Zealand is the country's premier independent fire and general insurance broker organization. It was incorporated to protect and enhance the interest of its members and to ensure that they conduct their business according to the highest professional and ethical standards.
The Association has members throughout the length and breadth of New Zealand, the majority being independent owner operated and focused mainly on fire and general business. Many specialize in niche markets thereby acquiring expertise that is invaluable to their clients.
To protect you, the client, the IBANZ requires:
All members to comply with a strict Ministry of Consumer Affairs approved Code of Practice.
All members to hold professional negligence insurance for client protection.
All members to place client's premium funds into a separate account which the IBANZ inspects regularly.
To ensure you are dealing with an informed professional:
Only highly experienced, ethical insurance brokers are admitted as members.
Members are kept up-to-date with the latest insurance trends and concepts through the constant provision of information and education.
As a member of the IBANZ - August Insurance Brokers Ltd:
Have met the stringent guideline set-down by the Association. These guidelines are here to provide you, the client, with the knowledge that you are dealing with a skilled, knowledgeable and ethical Insurance Professional.
Meets all the Financial and Fiduciary Requirement of the Association and is committed to the ongoing Professional Education Programme for its Staff, known as the QPIB (Qualified Practicing Insurance Broker).
August Insurance Brokers Lts is a member of the "BrokerWeb" Group of Brokers:
A consortium of 38 respected New Zealand owned and operated independent Insurance Brokers who recognise the considerable benefit of joining and working together as a significant group.
Has strength and position in the market place.
Has the critical mass and capability to effectively manage the considerable change occurring within the Insurance Industry and elsewhere, to the benefit of Clients and Members.
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