What's the difference between reinstatement value and indemnity value at total loss?
Reinstatement value (typically the default) = the cost to rebuild new for old. Indemnity value = the value of the property immediately before the loss (depreciated). Reinstatement is more expensive premium but pays out enough to actually rebuild; indemnity is cheaper but caps at depreciated value (problem for older buildings).
What each FCIB-panel wording says
Verbatim extracts from the ingested wording PDFs — relevant fact keys: sum_insured_basis, settlement_basis.
Delta Insurance
Delta NZ Property MDBI (March 2024)
sum_insured_basis
Not on file.
settlement_basis
Not on file.
Dual New Zealand
DUAL New Zealand MDBI (04.22)
sum_insured_basis
Not on file.
settlement_basis
Not on file.
Zurich New Zealand
Zurich Material Damage
sum_insured_basis
Not on file.
settlement_basis
Not on file.
NZI
NZI Commercial Property Material Damage
sum_insured_basis
Not on file.
settlement_basis
Not on file.
QBE
QBE Material Damage & Business Interruption
sum_insured_basis
Not on file.
settlement_basis
Not on file.
AIG
AIG Steadfast Material Damage
sum_insured_basis
Not on file.
settlement_basis
Not on file.