The wider New Zealand economy has been doing it tough. Business costs are up, while business activity is down. For commercial landlords, that means lower occupancy rates - yet higher rebuild costs. In this climate, many landlords are reassessing their insurance needs. Not every building needs to be reinstated to its original size or scale after a loss, and not every policy is designed to accommodate that flexibility.
Broker takeaways:
So what are the options?
Replacement value policies can require some landlords to insure for more than they realistically need.
Indemnity value policies often fall short when it matters most.
What if there was a middle ground? What if your clients could access replacement value conditions - but with a lower sum insured?
👉 Watch the short video for a quick overview of how SRV works in practice, or keep reading for a summary.
Our specified replacement value (SRV) section of our Material Damage & Business Interruption cover, offers an alternative.
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If a claim exceeds the SRV limit, we may settle by cash payment. Premiums are scaled based on the SRV amount selected*
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 Hayden, Candice or our team, we're here to help.
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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. The information is of a general nature only and does not constitute financial advice under the Financial Markets Conduct Act 2013.
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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.