{
  "vertical": "commercial-building",
  "insurer": {
    "slug": "aig",
    "name": "AIG",
    "brand_family": "AIG"
  },
  "product": {
    "slug": "steadfast-mdbi",
    "name": "AIG Steadfast Material Damage",
    "status": "active",
    "positioning_summary": null
  },
  "wording": {
    "version": "2026-05-26",
    "ingested_at": "2026-05-26T07:36:52.003395+00:00",
    "pdf_hash": "9f92528942da1c50e2ef5efb96b35c0a5c9b16d65833acf82c58fd09f1a10353",
    "source_url": "https://www.baileysinsurance.co.nz/images/documentation/AIG-Steadfast-Material-Damage-Policy-Wording-62016.pdf",
    "page_count": null
  },
  "confidence_tier": "inferred",
  "facts": {
    "exclusions": [
      "natural disaster damage (unless Optional Policy Extension A: Natural Disaster Cover applies)",
      "war, invasion, act of foreign enemy, hostilities or warlike operations (whether war is declared or not), civil war, mutiny, rebellion, revolution, civil commotion assuming the proportions of or amounting to an uprising, insurrection, military or usurped power",
      "act of terrorism, including controlling, preventing, suppressing, retaliating against, or responding to an act of terrorism",
      "nuclear — ionising radiation or contamination by radioactivity from any nuclear fuel or nuclear waste; nuclear weapons material",
      "gradual deterioration",
      "wear and tear, corrosion or rust",
      "slowly developing deformation or distortion",
      "marring or scratching",
      "rot or mildew",
      "action of micro-organisms, vermin or pests",
      "action of light, or inherent nature of the property (including shrinkage, evaporation, loss of weight, change of flavour or colour or texture or finish)",
      "fumes, gas, dust, smoke or soot (to directly affected property only)",
      "spontaneous combustion",
      "spontaneous fermentation",
      "interruption of supply of water, gas, electricity or fuel to the situation (except Refrigerated Goods extension)",
      "total or partial stoppage of work, or interruption or cessation of any process",
      "change in artificially controlled temperature or atmosphere (except Refrigerated Goods extension)",
      "loss only evidenced by unexplained disappearance",
      "loss only revealed by taking of an inventory",
      "loss due to clerical or accounting errors",
      "theft or attempted theft (except where covered by Burglary, Money, Portable Electronic Equipment, Stolen Keys or Theft Cover extensions)",
      "fraudulent scheme or device, or false pretence",
      "theft, attempted theft or fraud by insured or employee (except Money Cover extension)",
      "exposure to weather conditions if property not designed to be left in the open (unless reasonable precautions taken)",
      "landslip or subsidence (except Automatic Extension N: Landslip and Subsidence and Optional Extension A: Natural Disaster Cover)",
      "erosion or expansion of the ground",
      "normal settlement, normal shrinkage or expansion of buildings, foundations, walls, pavements, roads and other structural improvements",
      "settling, warping or cracking caused by earth or other movements (except Optional Policy Extension A: Natural Disaster Cover)",
      "building defects — moisture/water build-up or penetration of external moisture/water; mould, fungi, mildew, rot, decay, gradual deterioration, micro-organisms, bacteria caused by non-compliance with NZ Building Code, faulty design, faulty specification, faulty materials or faulty workmanship",
      "confiscation, nationalisation, requisition or destruction by order of government, public or local authority",
      "consequential financial loss including delays, loss of market, penalties, rates, taxes, duties, development charges, loss of use",
      "cost of repairing or replacing faulty materials or faulty workmanship or faulty design",
      "altering or modifying refrigeration or air conditioning plant to operate with more ozone friendly refrigerant",
      "machinery breakdown of a machine (except as provided by Automatic Extension O: Machinery Breakdown and Electric Motors extension)",
      "boiler or pressure vessel loss through explosion, overheating, rupture, bursting, collapse, cracking or leaking (except Machinery Breakdown extension)",
      "electronic data and software loss from any cause including computer virus (except Automatic Extension E: Electronic Data and Software)",
      "seepage, pollution or contamination (unless resulting from sudden and accidental loss otherwise covered)",
      "notifiable infectious disease under the Health Act 1956 or notifiable disease under the Biosecurity Act 1993",
      "loss to insured property while undergoing any production process where the process causes or contributes to the loss",
      "property located outside New Zealand (except Portable Electronic Equipment extension)",
      "property in transit away from the situation (except specified extensions)",
      "asbestos removal — capped at 5% of site sum insured or $50,000 whichever is lesser",
      "sanctions — no coverage where payment would violate any sanctions law or regulation"
    ],
    "flood_cover": "not explicitly referenced as a named peril; covered under the broad 'sudden and accidental loss' insuring clause unless excluded; natural disaster flood would require Optional Policy Extension A: Natural Disaster Cover; no specific flood sub-limit identified in wording",
    "glass_cover": "covered under Automatic Policy Extension BB (Tenanted Premises) for glass, doors and windows not owned by insured but for which insured is responsible under lease agreement; general accidental breakage of glass covered under broad 'sudden and accidental loss' insuring clause subject to policy terms",
    "claims_basis": "occurrence — cover applies to 'sudden and accidental loss to insured property' occurring during the period of insurance",
    "excess_basis": "per event — 'The applicable excess shown in this Material Damage Policy will be deducted from the amount payable for each event. Where an event occurs over a period of more than 72 consecutive hours, one excess will be deducted for every 72 consecutive hour period.' Single highest excess applies where one event causes loss across multiple AIG policies, except for natural disaster damage.",
    "flood_excess": "not separately specified in wording; standard per-event excess applies unless natural disaster, in which case natural disaster excess per schedule applies",
    "valuation_basis": "replacement value (reinstatement) where schedule shows reinstatement; indemnity value where schedule shows indemnity; specific indemnity rules apply to certain property types including stock, works of art, electronic data, software, portable electronic equipment over 2 years old, and limited lifetime construction materials",
    "earthquake_cover": "excluded under main policy (Exclusion K: Natural Disaster); available only as Optional Policy Extension A — Natural Disaster Cover; where EQC Cover applies, this policy pays only in excess of the maximum EQC Act entitlement; EQC entitlement (whether or not actually paid) is deducted from the Maximum Amount Payable",
    "earthquake_excess": "natural disaster damage excess shown in schedule per region; excess is reduced by any payment made by the Earthquake Commission except for payments for land",
    "territorial_scope": "New Zealand — insured property must be at the situation (as shown in schedule); limited extensions for portable electronic equipment worldwide while in transit; temporary removal cover within New Zealand; transit cover beginning and ending within New Zealand; unspecified locations within New Zealand; property located outside New Zealand otherwise excluded",
    "bomb_terrorism_cover": "terrorism excluded — 'This policy does not insure any loss in connection with an act of terrorism, including in connection with controlling, preventing, suppressing, retaliating against, or responding to an act of terrorism.' No terrorism pool reference or sublimit.",
    "indemnity_value_available": "y — where schedule specifies indemnity basis; also applies by default when reinstatement conditions are not met; indemnity = cost to replace with property of similar condition, age and specification, or cost to repair to pre-loss condition, or indemnity value of damaged part",
    "machinery_breakdown_cover": "automatic — Automatic Policy Extension O: Machinery Breakdown; covers accidental loss from mechanical or electrical breakdown, derangement or failure of any machine, boilers, pressure vessels, refrigerating or air conditioning vessels; limit $100,000 any one event for property damage; additional $100,000 any one event for Business Interruption following machinery breakdown (where BI policy held with AIG)",
    "replacement_value_available": "y — where schedule specifies reinstatement basis; insured property replaced to condition substantially the same as when new (buildings/contents); indemnity applies if repair/replacement not commenced within reasonable period, or actual costs not yet incurred, or replacement not permissible under regulations",
    "reinstatement_of_sum_insured": "automatic reinstatement after partial loss only where insured property is automatically covered during repair/replacement, progressively reinstated at rate of repair/replacement progress; if not automatically covered during repair, reinstated only once repair/replacement completed; sum insured does not reinstate following natural disaster damage unless agreed in writing by insurer; additional premium may be required",
    "sum_insured_inflation_adjustment": "none — no automatic inflation adjustment clause identified in wording",
    "volcanic_tsunami_landslide_cover": "volcanic activity, tsunami and geothermal/hydrothermal activity are excluded from Automatic Policy Extension N (Landslip and Subsidence); natural disaster cover for these perils available only via Optional Policy Extension A: Natural Disaster Cover; landslip/subsidence (non-natural-disaster) covered under Automatic Extension N up to $250,000 per situation per annual period with $10,000 minimum excess"
  },
  "endpoints": {
    "summary": "/api/product/aig/steadfast-mdbi/summary.md",
    "wording": "/api/product/aig/steadfast-mdbi/wording.md",
    "history": "/api/product/aig/steadfast-mdbi/history.json"
  },
  "canonical_url": "https://commercialbuildinginsurance.co.nz/api/product/aig/steadfast-mdbi/facts.json",
  "generated_at": "2026-05-27T07:28:03.621Z",
  "license": "CC BY 4.0 — attribute https://commercialbuildinginsurance.co.nz"
}