Deal thaws insurance freeze
Following the earthquakes earlier this week, most insurers placed an embargo on the provision of new policies or policy amendments in large parts of the country.
The embargoes covered the top half of the South Island and the bottom half of the North Island, including Christchurch, Wellington and the Bay of Plenty.
This meant that property buyers in the middle of settlements, who had not already arranged insurance, would not have been able to do so.
There were fears this could not just delay settlements, but derail some sales completely.
However, this afternoon the Insurance Council announced that they had secured an agreement from all the major insurers which would alleviate the situation.
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