What to look for in an insurance company...
When people take out insurance they are never sure whether or not they will make a claim. However if you do have to make a claim you want to make sure you choose an insurance company that is financially strong so that they can afford to pay claims in the future. At Medical Professionals Insurance we only deal with companies that have strong financial ratings.
Affordability vs quality?
Price is important but having a claim paid quickly and without trouble is even more important. It is therefore a good idea to compare the different policy wordings to make sure that you are aware of what, when and how a claim will be paid. When making a recommendation for a client we use our knowledge on the wide range of policy wordings into account to ensure that the policy matches our clients needs.
Too many eggs in one basket?
There are many different companies within New Zealand that offer risk insurance. We deal with companies that have their risk spread over a relatively large pool of people and have sufficient cover with re-insurers. If an insurer is 'overweight' in one area or has the same group of clients this can make them vulnerable. The recent Earthquakes in Canterbury have shown that certain "Boutique" insurance companies are not large enough to deal with big events and also have too many of the same clients. A good example was a company that specialized in insuring churches, after the quakes they were over exposed in Christchurch and have since withdrawn from the New Zealand market. This has left many people exposed at a time when it was difficult to re insure their homes.
