If you’re a developer, we’ve added a new product to your toolbox with our new property development insurance, NZI Total Development.

 

This solution will make insuring your construction projects faster and simpler, by providing one agreed insurance program for the whole development – from the initial idea or purchase of a property ripe for development, through the development phase and then onto the completed risk.

 

Up front it’ll provide a seamless Material Damage policy – from consenting through construction to completion – with a Contract Works policy running alongside during the construction phase.

 

How it works

 

With Total Development, NZI agrees to cover a property:

 
  • Even before any work begins – during phase one (planning and design) of a development project, under a Material Damage policy
  • When the work starts – this is phase two, and the Contract Works policy kicks in alongside the Material Damage Policy if necessary to continue to provide cover for any existing parts of structures you are keeping
  • When the project is complete – phase three cover, which automatically reverts to Material Damage on the entire completed structure.
 

The intention of Total Development is to provide certainty to financiers and potential tenants that cover is available for the period of development and beyond.

 

The three phases usually span two to three years, but the timeframe can be longer, depending on the development’s complexity and scale.

 

Locking in this level of surety, with no gaps in risk coverage, is a particular benefit for career developers with multiple projects on the go.