Ruapehu Mountain Clubs Association Insurance Scheme

The Ruapehu Mountain Clubs Association (RMCA) has in a place an insurance scheme that allows its members the option of becoming part of a ‘Group’ Insurance Scheme rather than obtaining individual Club insurance.

The Insurance Scheme provides its Members with a variety of benefits:

Larger premium pool when approaching insurers – more attractive to insurers than stand alone insurance cover

Wider access to insurer markets

Current insurer requires insurance valuation every 3 years as opposed every 2 – results in a savings for the Club

Benefit of utilising the Scheme Reserve in the event of a non natural disaster claim

Option to utilise the Liability Insurance Scheme

Option to place other insurance business with the Scheme insurance broker (motor, domestic, life & health, business etc)

Knowledge and background of the Scheme Insurance Broker (Crombie Lockwood Risk Partners) in respect of niche and high hazard risk business

RMCA Scheme Reserve

There are many ideas and thoughts floating around in regards to exactly what the RMCA scheme Reserve is and what this means for the members.

What exactly is the Reserve?

The Reserve works as an excess retention on non-natural disaster claims which are payable under the Group Property Policy

The Reserve funds are held by the RMCA in their bank account (currently circa $145,000)

In respect of non-natural disaster claims, the Reserve is currently set at $100,000

How does this Work?

If Clubs have non-natural disaster claims within the same policy period, the following scenario applies:

– Club A has a claim for $25,000. The claim is paid from the Reserve, therefore not affecting the claims ratio on the Policy. Reserve now sits at $75,000

– Club B has a claim for $55,000. The claim is paid from the Reserve, therefore not affecting the claims ratio on the Policy. Reserve now sits at $25,000

– Club B has a claim for $40,000. $25,000 of the claim is paid from the Reserve, Reserve now sits at $Nil. The remaining $15,000 is paid by the insurer under the Policy, less the policy excess of $5,000

– Any subsequent non-natural disaster claims within the same policy period are paid by the insurer under the Policy, less the policy excess of $5,000

– These scenarios assume the claims are covered by the policy

– The Reserve now needs to be built back up by the Clubs in the Scheme

– To date we have not had any claims

Contributing to the Reserve

o When a Club joins the Scheme, a reserve contribution is calculated on the percentage of the Clubs sum insured compared to the Scheme sum insured and is paid by the Club

o The RMCA Committee decides each year if the Reserve fund should be topped up by Clubs and at what rate

o If the Reserve fund is to be topped up, invoices are raised at the Scheme renewal date by the Scheme Insurance Broker and once all monies received, on-paid to the RMCA treasurer (the Reserve top up for the past two insured years (2013 and 2014) year were nil)

o The interest earned on the Reserve fund is added to the Reserve fund each year and a Club tally maintained by the Scheme Insurance Broker.

Want to look at joining the Scheme?

If your Club is interested in looking at joining the RMCA Insurance Scheme, we just need the following:

An insurance valuation for any of your buildings. Insurance valuations, if not already held by a Club, can be obtained from a registered valuer. Many of the Clubs currently use the following valuers, both of whom have a good understanding of properties on the Mountain.

– Mike Boyes, Boyes Campbell Ltd, Ph 07-3088919

– Adrian Doyle, Doyle Valuations Ltd, Ph 07-8788825

An insurance valuation provides information on the age, construction, rebuild value and depreciated value of the building necessary for insurance quoting requirements. An important point to remember when requesting a valuation is to request an insurance valuation and not a market valuation

o Copies of your current insurance programme – this just provides us with additional information regarding what you currently have insured

o Current estimate of Club numbers for liability insurance purposes – premiums are partially based on the number of members

o Any claims details

o Contact us:

Debbie Fraser; Senior Broker

Crombie Lockwood Risk Partners

PO Box 91747 Victoria St West Akl 1142

DDI: 09 356 1526 | Cell: 027 705 7699 | Fax: 09 356 7221

o We’re happy to review your current programme for you also

 

Crombie Lockwood Risk Partners – Who are we?

Crombie Lockwood is NZ largest insurance broker; we have grown from a group of small independent local broking houses and have not lost the personal touch that many larger companies have lost, whilst still retaining our pool of varied insurance knowledge. We operate from 30 offices around New Zealand and have over 750 staff.

Crombie Lockwood Risk Partners is a division of Crombie Lockwood, specialising in Corporate and Niche businesses.

Please use the link below to see our corporate brochure:

http://ebooks.edocumentonline.com/doc/risk_partners_profile/#/1/

Debbie Fraser, Senior Broker

Debbie has over 15 years experience in the Insurance Industry, with previous roles in the Investment Sector of the Industry (superannuation funds, shares, and mortgages).

Debbie is a qualified broker through ANZIIF (The Australian and New Zealand Institute of Insurance and Finance) as a Senior Associate CIP and IBANZ (Insurance Brokers Association of New Zealand) as a Qualified Insurance Broker (QIB). Crombie Lockwood is also a member of IBANZ.

Debbie is responsible for a variety of niche areas including forestry, high hazard sports, Body Corporates as well as being involved in a variety of corporate and global clients (property, food, freight etc) and their associated domestic covers. I am more than happy to provide any clarification and/or advice on any aspect of your own domestic or business insurance programme that you may have.

Debbie Fraser; Senior Broker

Crombie Lockwood Risk Partners

PO Box 91747 Victoria St West Akl 1142

DDI: 09 356 1526 | Cell: 027 705 7699 | Fax: 09 356 7221

Tanya Wight, Broker Support

Debbie is supported on a daily basis by Tanya. Tanya has over 5 years experience in the Insurance Industry with a background in administration.

Tanya is registered as a Practicing Insurance Broker (PIB) through IBANZ (Insurance Brokers Association of New Zealand).

Tanya manages a large motor vehicle scheme and domestic clientele as well as supporting Debbie with all of her clients and providing additional support to Executive Brokers as needed.

Tanya Wight; Broker Support

Crombie Lockwood Risk Partners

PO Box 91747 Victoria St West Akl 1142

DDI: 09 356 1549 | Fax: 09 356 7221

Leave A Comment

Your email address will not be published. Required fields are marked *