A point came to mind the other day, and I hope it amounts to nothing.
I seem to recall that, under Earthquake Commission rules (the “EQC”), claims for an earthquake have to be submitted within 3 months of the event, and I have been given to understand that this includes aftershocks.
Tuesday’s event has been categorised as an aftershock..and I’m sure you can see where this is heading.
Now, the EQC has already said it will not treat Tuesdays quake as an out-of-time aftershock. What, however, about EQC’s re-insurers? An insurance company doesn’t make money by paying out claims.
Are they are this present moment poring over the policies to see whether they can insist that the Earthquake Commission strictly apply its criteria on pain of forfeiting their reinsurance?