Office Tenant / SME — NZ Commercial Property Cover
SMEs occupying office space — IT equipment, contents, professional liability, business interruption.
Office tenants run lighter MDBI cover than retailers: less stock, more IT equipment. Electronic data + equipment breakdown sublimits matter. BI cover is typically the bigger spend (revenue interruption from network failure or office unavailability after fire/EQ damage).
FCIB panel for this risk class
For this risk class, FCIB typically places business through: NZI , QBE , AIG .
What matters in the wording
Relevant fact keys for this risk class:
sum_insured_basis— Sum insured basissublimits— Sublimitsperils_covered— Perils coveredindemnity_period— BI indemnity periodbi_basis— BI basisdefinitions— Definitions
Watch out for
- Electronic data exclusion is standard — separate Cyber cover needed for data recovery / system reinstatement.
- Confirm whether portable electronic equipment (laptops, phones) at off-site locations is covered.
- BI for office tenants is usually about REVENUE INTERRUPTION not rebuild time — make sure indemnity period covers full revenue restore.
Side-by-side wording extract
NZI
NZI Commercial Property Material Damage
Sum insured basis
Not on file.
Sublimits
Not on file.
Perils covered
Not on file.
BI indemnity period
Not on file.
BI basis
Not on file.
Definitions
Not on file.
QBE
QBE Material Damage & Business Interruption
Sum insured basis
Not on file.
Sublimits
Not on file.
Perils covered
Not on file.
BI indemnity period
Not on file.
BI basis
Gross profit basis (Insured Profit defined as excess of combined Turnover plus closing Stock over combined opening Stock plus Uninsured Working Expenses); also covers Insured Revenue (money paid or payable for goods/services) and Insured Rentals and Management Fees; Shortage in Turnover is the trigger measure; Payroll cover also available; Standard Turnover is the 12-month pre-loss comparator period
Definitions
Not on file.
AIG
AIG Steadfast Material Damage
Sum insured basis
Not on file.
Sublimits
Not on file.
Perils covered
Not on file.
BI indemnity period
Not on file.
BI basis
Not on file.
Definitions
Not on file.
Delta Insurance
Delta NZ Property MDBI (March 2024)
Sum insured basis
Not on file.
Sublimits
Not on file.
Perils covered
Not on file.
BI indemnity period
Not on file.
BI basis
Gross Profit: rate of Gross Profit multiplied by Reduction In Turnover, plus increase in cost of working (capped at Gross Profit rate applied to reduction avoided), less savings in costs; Gross Revenue: shortfall in Gross Revenue during Indemnity Period plus increase in cost of working (capped at reduction avoided); Gross Rentals: shortfall in Gross Rentals during Indemnity Period plus increase in cost of working; Additional Cost of Working also available as a standalone item
Definitions
Not on file.
Dual New Zealand
DUAL New Zealand MDBI (04.22)
Sum insured basis
Not on file.
Sublimits
Not on file.
Perils covered
Not on file.
BI indemnity period
Not on file.
BI basis
Item A: Loss of Gross Profit — sum produced by applying the Rate of Gross Profit to the reduction in Turnover during the Indemnity Period, plus increase in cost of working necessarily and reasonably incurred to avoid or diminish the reduction in Turnover, less savings; Item B: Loss of Gross Revenue — amount by which Gross Revenue falls short during the Indemnity Period plus increase in cost of working, less savings; Item C: Loss of Rental Income — amount by which Rental Income falls short during the Indemnity Period plus increase in cost of working, less savings; Item D: Wages (Dual Basis) — Rate of Wages applied to Shortage in Turnover during Indemnity Period plus increase in cost of working
Definitions
Not on file.
Zurich New Zealand
Zurich Material Damage
Sum insured basis
Not on file.
Sublimits
Not on file.
Perils covered
Not on file.
BI indemnity period
Not on file.
BI basis
Not on file.
Definitions
Not on file.