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The Cordell Sum Sure calculator is provided by CoreLogic NZ Ltd. The Cordell Sum Sure calculator uses information obtained from a variety of third party sources and the information you provide or confirm and analyses the information against construction industry data to calculate an estimated reconstruction cost of your property. The information and data used by the Cordell Sum Sure calculator may not reflect the specific details of your property and may not be complete, current or accurate. The estimated reconstruction cost may not reflect the actual cost to rebuild your home.
The Cordell Sum Sure calculator is not intended to replace a professional valuation. It is not a recommendation or personalised financial advice. It is your responsibility to provide a sum insured amount for your house. You must decide whether the estimate provided by the Cordell Sum Sure calculator is appropriate or if you should use an alternative sum insured amount based on your knowledge of the property. Use of the Cordell Sum Sure calculator is authorised on the condition that CoreLogic NZ Limited, ANZ Bank New Zealand Limited and Vero Insurance New Zealand Limited do not warrant the accuracy, currency or completeness of the estimated reconstruction cost and do not have any liability of any kind for any loss or damage howsoever arising (including through negligence) in connection with the use of or reliance on the Cordell Sum Sure calculator.
The SumExtra benefit detailed below should be read in conjunction with your ANZ Asset Protector policy document. Please note that bold words are as defined in that policy document. “We”, and “our” means Vero Insurance New Zealand Limited.
The SumExtra benefit is available when your schedule shows you are insured for cover for your home and the cover is not limited to indemnity value.
If we elect to settle your claim for loss or damage to your home on the basis that we pay the cost of repairing or rebuilding and that cost exceeds the sum insured, we will pay:
a. up to a further 10% of the sum insured towards the cost of repairing or rebuilding where the loss or damage is caused by natural disaster; or
b. the cost of repairing or rebuilding where the loss or damage arises from any insured cause other than natural disaster; provided the sum insured at the time of loss is equal to or greater than an estimate of costs to rebuild your home that you obtained:
(i) from the online rebuilding cost calculator accessed through anz.co.nz, or from such other online rebuilding cost calculator as we accept;
(ii) by a registered valuer, registered quantity surveyor, building practitioner holding an appropriate trade licence, or such other building specialist, as we accept;or
(iii) by such other method or source as we accept;
and provided also:
(iv) that the written estimate of costs provides a complete and correct description of the home and is less than 3 years old at the time the sum insured was most recently agreed;
(v) where you subsequently increased the size, or improved the quality, of your home, that you increased the sum insured proportionately to the increase in rebuild cost of your home, otherwise we will pay only up to a further 10% of the sum insured whether the loss or damage is caused by natural disaster or arises from any insured cause other than natural disaster.
When you make a claim you may be asked to provide proof of the estimate of costs to rebuild your home that you obtained prior to setting your sum insured. Having this information ready and available will help us settle your claim more quickly.
The cover provided by this benefit does not increase the sum insured. Any cover that is based on a percentage of the sum insured does not increase. This benefit will not apply where you claim for the Demand Surge Inflation Protection benefit. In all other respects, the policy remains unaltered.