According to Manawa ****, ANZ Customer Relations Specialist, ANZ's "Conditions of Carriage state that at times we may be obliged to change the time of flights often for reasons beyond our control, and consequently, times shown in timetables cannot be guaranteed and thus form no part of your contract of carriage with us. However we do issue Travel Insurance letters for customers that request them, citing engineering issues as the reason for the fight delay or cancellation."
Unfortunately (and ANZ knows this) Travel Insurance won't reimburse for mechanical issues. You are entitled to compensation from the airline (not travel insurance) according to
http://europa.eu/youreurope/citizens...er-rights/air/ and
http://flyersrights.org/
**** goes onto say "Therefore, whilst I regret that you remain disappointed, our position in this matter remains unchanged."
Avoid this airline.