WHO ARE NZACS?
The NZ Architects Co-operative Society was established in 1972. We were set up to be run by and provide risk management for our members, who are predominantly drawn from the architectural and architectural design fields within New Zealand.
NZACS is supported by Acanthus, our wholly owned insurance company, which arranges for Professional Indemnity Insurance and additional cover through the market-leading services of Aon New Zealand. The Society is administered by Kendons Chartered Accountants Limited under the Industrial and Provident Society Act 1908, with active oversight by a board of directors elected by the members.
WHY DO I NEED INSURANCE?
In business, a financial loss could be so severe that your company could find it impossible to meet its debts, including paying wages to employees, which would prevent your ability to provide the services that sustain the operation.
Insurance protects you, your staff and your clients from unforeseen events that could negatively impact your solvency.
Your insurance policy is a contract agreement and, as with any form of contract, sets out what the contract is for, when it will activate and the types of events covered and not covered.
Some of the most common forms of insurance for those providing professional services include, Professional Indemnity Insurance, General Public Liability Insurance, Statutory Liability Insurance, Fire and General Insurance to cover assets and Cyber Insurance for e-commerce business interruption risks.
WHY CHOOSE NZACS?
Risk management is our specialty. As a co-operative, we are run by our members and their elected representatives and exist exclusively for their benefit.
NZACS sponsors and provides the means to support Continuing Professional Development (CPD) within the industry.
We also provide practice notes, input to NZIA resources and engage with the appropriate government and industry bodies in regards to legislative and legal change.
Risk management is the process of identifying, assessing, responding to and controlling risks.
Risk management checklists, guidance and articles are available to all members should they need them.
In the event of an actual or potential claim under the professional indemnity cover arranged through NZACS, a Claims Committee of experienced practising architects is available to you for support, advice, risk assessment and to liaise between you, the insurer and your legal and technical support teams. These are capable people who are on your side.
We work with Aon
Our partnership with Aon New Zealand, the country’s leading insurance broker over the past 30 years, calls on their established expertise in business administration, tailored insurance programmes, insurance placement and stakeholder advocacy. Aon’s dedicated brokers have the experience to provide you with advice and support when you need it most. For more information, visit aon.co.nz
Acanthus Insurance Company Limited was established in 1983 as a Registered Insurance Company and is wholly owned by NZACS. It is a niche Liability Insurance Company with a focus on exclusively underwriting professional liability and allied professional risks for the architectural and associated professions.
OUR FINANCIAL STRENGTH RATING
In accordance with the Insurance (Prudential Supervision) Act 2010, all Licensed Insurers must disclose the company financial strength rating and approved agency, if applicable, or for small insurers if they are exempt.
On account of the exemption available to some insurance companies under the provisions of Section 60 and 238 of the Act, Acanthus Insurance Company Limited is not required to and has elected not to have a financial strength rating.
As an NZACS member you can access Professional Indemnity Insurance on terms specifically tailored by architects for architects.