Are you ready for the EQC changes?
The long anticipated amendments to the EQC Act are being implemented this year. The increase in the EQC Home cover cap, removal of EQC Contents cover and resulting levy changes will all take effect from 1 July 2019. However, for NZI, these changes will apply at the point of annual policy review, not at periodic renewal, as previous levy changes have been.
We’ve been working behind the scenes to ensure our systems and people are ready to implement these amendments. For example, one of the key changes made to our systems for the Home product has been ensuring there are separate cap fields for the EQC Levy and the Fire and Emergency Services Levy (FEL). These will no longer be able to be calculated from the same cap, as they will differ from 1 July.
If you haven’t already considered the implications the EQC Act changes will have for your internal processes, we recommend taking a look to ensure your business is ready for 1 July. For more details on the change, have a read of this.