Discover the Benefits of Specified Replacement Value (SRV) for Your Property Insurance Needs

Back in February, we introduced the concept of Specified Replacement Value (SRV) as a solution to address the growing inquiries from our broker partners. As property insurance challenges continue to evolve, we’re excited to revisit this vital option that could be the key to meeting your clients' needs.

Navigating Challenges in the New Zealand Property Insurance Market

In the current New Zealand property insurance landscape, many clients are encountering significant hurdles. With limited insurance capacity and escalating premiums, affording full replacement value insurance has become increasingly difficult. Additionally, some clients may not plan to rebuild their property to the same size or scale as before, making traditional coverage options less appealing.

Unlike Indemnity Value coverage, SRV allows your client to nominate a Specified Replacement Value (SRV), with the Replacement Value basis of settlement applying up to that amount. There is no average clause applied – it is treated as full replacement up to the agreed SRV limit. 

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 RV (e.g., half the sum insured does not mean we charge only half the premium). 
  

Why Choose SRV?

Interested? Talk to your DUAL underwriter about Specified Replacement Value (SRV) cover today.