Archive for May, 2011

EQC’s Reid Stiven on over cap payouts

May 24, 2011

Transcript of part of a NewsTalkZB interview May 24, 2011 10-11am.

Andrew: I’ve got an enquiry regarding the payment of cap cheque. I’ve got a property which has been completely written off and I’ve had the report done and I’ve got two neighbours immediately around me that are in much the same sort of position. EQC I’ve found to be very good to be quite honest up to about a week ago when I got a call from the person who has been given management of our claim in Brisbane. And essentially I’ve asked when we can expect that cheque to be paid and the story that I’ve been given is that it is now dependent on a land assessment and I can’t quite tie the two things together. The cheque relates to the house not the land and I can appreciate you’ve probably got delays coming out to do land assessments but I can’t see why that cheque can’t be paid in a reasonable period of time say in four weeks or something of that order. Obviously receiving that money makes quite a lot of difference to what sort of decisions I’ve got to make at this time. As to where I’m going to be a few months down the road.

Reid Stiven: Absolutely, and whilst they are linked, land damage around a house that is going to be over cap doesn’t slow down the payment, or shouldn’t slow down the house payment Andrew.

Andrew: I sort of said to this girl in brisbane I you tell me this month I can make one set of decisions if you are telling me nine months I’ve got to make another set of decisions. Decisions have got to be made now and that was just left open at that point.

Reid Stiven: Andrew I’m interested in that you said you’ve had documentation, was that from, saying that the house is over our cap, I think you used write-off was that from us or from your insurance company?

Andrew: No, I passed your stuff on to the insurance company, interestingly the insurance company seemed to be quite content to just accept your assessment.

Reid Stiven: Yep.

Andrew: I’ve got something 8th May SOW and SOC, for your EQC assessment.

Reid Stiven: So, look a lot of this depends on whether you had a claim for September, how large that claim was.

Andrew: No, nothing at all. The house was actually completely undamaged in September.

Reid Stiven: So it will be going through our costing and settlement team we are hoping in worst case scenario about a month. Now we are working really hard we have put some more people into those teams any backlog we will have cleared by 12 June, so once the payment is authorized then if you’ve got a mortgage it will go to your bank if you haven’t it will be paid to you.

Andrew: Actually I had one person that I spoke to that was very helpful said send her a deposit slip etc which I did and then three days later I got a call from the claims manager and well that particular call was the one bad call that I’ve had.

Reid Stiven: Look for us automatic payment is the best way to go because it speeds the process up. If we have got to print out cheques and post them out this was one of the issues around September 4 it causes horrific delays. Look as I said we should have that backlog cleared by 12 june I’m not suggesting you are in because yours is quite a simple case and we are only three weeks from the date of inspection or since you got the documentation so it should be moving.


EQC not paying out on “over cap” claims

May 20, 2011

The graph shows EQC payouts (blue) on claims since the September and February Canterbury earthquakes.  Contrast the red line which shows the amount EQC would have paid out had “over cap” claims been settled after inspection. While EQC has almost finished inspecting all “over cap” claims, very few of those claims have actually been settled. This data comes from EQC’s own published figures.