We’ve heard from many of you about the challenges your clients are facing in today’s property market. That’s why we wanted to remind you of the specified replacement value (SRV) section of our Material Damage & Business Interruption cover.
What's going on in the market?
In many cases, clients may have a building that cannot be fully tenanted or is larger than they need. In those cases the landlord may not even plan to rebuild to the same size or scale.
How our SRV cover can help:
DUAL offers replacement value cover at a reduced SRV. Your client chooses the SRV amount - and differentiates from indemnity cover as:
- It’s based on replacement value (up to the SRV limit)
- No average clause applies
- Treated as full replacement up to the agreed SRV
If a claim exceeds the SRV limit, we may settle by cash payment. Premiums are scaled based on the SRV amount selected*
Why choose our SRV cover?
Affordable alternative
Helpful option when full replacement insurance is unaffordable.
Capacity flexibility
SRV comes in handy when full insurance capacity isn’t available, providing your clients with a viable alternative.
Tailored to rebuilding needs
Designed for clients who are unlikely to rebuild their property to the same size in the event of a total loss, offering flexibility in their coverage.
Interested in how SRV could work for your clients? Reach out to our team, we're here to help.
Hayden Chapman
Head of Property
The fine print
*If a claim to reinstate the property exceeds the SRV sum insured selected, we reserve the right to discharge our liability by cash settlement. Our rating is scaled up depending on the proportion the SRV represents of the full replacement value (e.g. half the sum insured does not mean we charge only half the premium).
Any product information discussed in this blog is subject to the terms and conditions of the policy, eligibility criteria, any additional premium for optional cover, limitations and exclusions.
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The information contained in this blog is intended for licensed insurance brokers and other authorised intermediaries only. DUAL issues insurances on behalf of Certain Underwriters at Lloyd’s of London and/or HDI Global Specialty, acting as their agent. The information is of a general nature and does not take into account the objectives, financial situation or needs of any person. It is intended for the use of professional intermediaries who are expected to consider whether it is appropriate for their clients. Before recommending or offering any insurance product, intermediaries should read the policy wording and assess whether the product is suitable for their client’s circumstances. These are available on request or via our website at DUAL New Zealand.