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.