# Vero Steadfast Material Damage — Vero

**Insurer:** Vero (`vero`)
**Product slug:** `commercial-md`
**Status:** off-panel
**Vertical:** commercial-building
**Extraction confidence:** inferred

**Wording effective:** 2026-05-26
**Source PDF:** https://www.insurancepartners.co.nz/site_files/24864/upload_files/VeroSteadfastMaterialDamageWording072024.pdf
**PDF hash (sha-256, first 16):** `e233ad7131fc318a…`

## Exclusions

["action or effects of micro-organisms, mould, mildew, rot, fungi (other than direct loss by fire)","gradual deterioration (other than direct loss by fire)","interruption of the supply of water, gas, electricity, or any fuel to the situation","total or partial stoppage of work, or interruption or cessation of any process","change in artificially controlled temperature or atmosphere","action of 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","maintenance of insured property including servicing, cleaning and subsequent testing","spontaneous fermentation","wear and tear, corrosion or rust","marring or scratching","slowly developing deformation or distortion","loss only evidenced by unexplained disappearance","loss only revealed by taking of an inventory","clerical or accounting errors","theft or attempted theft (base policy — subject to extensions)","fraudulent scheme or device, or false pretence","theft, attempted theft or fraud by you or an employee of yours","exposure to weather conditions if property not designed to be left in the open","landslip or subsidence (base policy — subject to automatic extensions)","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 (base policy — subject to extensions)","building defects — failure to contain or manage moisture or water penetration","communicable disease","computer system and data loss/damage/alteration/reduction in functionality","cyber act","total or partial destruction, distortion, erasure, corruption, alteration, misinterpretation or misappropriation of data","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 of any property","faulty materials, faulty workmanship, faulty or defective design/plan/design specification","altering or modifying refrigeration or air conditioning plant to operate with more ozone friendly refrigerant","machinery breakdown (base policy — subject to optional extension)","explosion, overheating, rupture, bursting or collapse of boilers or pressure vessels; cracking or leaking of boilers or pressure vessels","illegal substances (manufacture, supply, storage, possession, distribution or use of controlled drugs including methamphetamine) — base policy subject to automatic extension for tenanted premises","natural disaster damage (base policy — subject to optional extension)","nuclear weapons material, ionising radiations or contamination from nuclear fuel or nuclear waste","loss to insured property while undergoing any production process where any part of that process causes or contributes to the loss","seepage, pollution and contamination (unless resulting from sudden and accidental loss to insured property otherwise covered)","seismic strengthening costs required solely to comply with regulations for earthquake-prone buildings or seismic capacity of damaged (not destroyed) property","terrorism","above ground transmission and distribution lines (except within 300 metres of an insured structure and insured's responsibility)","war, invasion, act of foreign enemy, hostilities or warlike operations, civil war, civil commotion, military rising, mutiny, rebellion, revolution, insurrection, military or usurped power"]

## Flood Cover

not explicitly addressed as a named peril; covered to the extent it constitutes 'accidental loss' under the base policy and is not excluded; natural disaster flood would require the Optional Natural Disaster Cover extension

## Glass Cover

covered as insured property (contents/building) under the base accidental loss cover; Automatic Policy Extension 'Tenanted Premises' extends cover to glass, doors and windows, light fittings and power points, and floor coverings not owned by insured where insured is responsible under lease

## Claims Basis

occurrence — policy indemnifies for 'accidental loss to any of the insured property occurring at the situation during the period of insurance'

## Excess Basis

per-event — 'Each loss or series of losses arising out of one event at any situation will be adjusted separately … the excess amount specified in the schedule will be deducted'; a series of events from any one cause during any 72 consecutive hours treated as one event; one excess applies if a single event causes loss to property insured under this or any other policy with insurer

## Flood Excess

standard per-event excess applies unless a separate schedule excess is specified; natural disaster flood subject to natural disaster excess if covered under Optional Natural Disaster Cover

## Valuation Basis

replacement value (Basis of Settlement – Reinstatement) for buildings and plant where scheduled as Reinstatement; indemnity value for stock (customers' goods), portable electronic equipment over 3 years old, limited lifetime construction materials, works of art, and redundant plant/spare parts

## Earthquake Cover

excluded under base policy (Policy Exclusion – Natural Disaster applies); available as Optional Policy Extension 'Natural Disaster Cover' — where NHC Cover (Toka Tū Ake / Natural Hazards Insurance Act 2023) applies, this policy pays only in excess of the maximum NHC entitlement; sum insured does not reinstate after natural disaster damage without written agreement

## Earthquake Excess

natural disaster excess applies to the aggregate of all natural disaster damage claims under this policy and business interruption policy arising from any one event at each common site, as shown in the policy schedule; excess is reduced by any NHC payment (except payments for land)

## Territorial Scope

New Zealand — base policy covers insured property at the situation; Capital Additions Cover limited to New Zealand; Temporary Removal Cover limited to New Zealand; Transit Cover beginning and ending within New Zealand; Unspecified Locations limited to New Zealand; Working from Home limited to New Zealand residences; Portable Electronic Equipment Cover extends worldwide while away from situation and in transit; property located outside New Zealand is excluded under Types of Property Not Covered 4.(l) unless specifically listed in schedule

## Standard Excess Nzd

as shown in schedule — policy states excess amount or excess percentage shown in the schedule is deducted from each adjusted loss; Theft Cover excess $2,500 per event unless schedule states higher; Portable Electronic Equipment excess $1,000 per event unless schedule states different; Landslip/Subsidence excess $15,000 per event unless schedule states higher

## Bomb Terrorism Cover

terrorism excluded — 'This policy does not insure any loss … directly or indirectly caused by, resulting from or arising in connection with: any act of terrorism regardless of any other cause or event contributing concurrently or in any other sequence'; no terrorism pool reference stated

## Indemnity Value Available

y — applies to: stock (customers' goods), portable electronic equipment more than 3 years old, limited lifetime construction materials (depreciated over manufacturer's UV-rated lifetime), works of art (pre-damage value less salvage), redundant plant and spare parts, and where reinstatement basis conditions are not met

## Machinery Breakdown Cover

optional — available under Optional Policy Extension 'Machinery Breakdown'; covers accidental loss of any machine from mechanical or electrical breakdown, derangement or failure; sub-limit $10,000 any one event and in total during the period of insurance (combined MD and BI); excludes lighting/heating elements, fuses, protective devices, electrical contacts where sparking/arcing is normal function; base policy excludes machinery breakdown under Policy Exclusion 'Damage to Machinery'

## Average Coinsurance Clause

no explicit co-insurance or average clause is stated in the extracted wording; valuation special provision 5 requires insured to provide reinstatement cost certificate and sum insured must not be less than the certified amount; maximum amount payable is 110% of sum insured per item

## Replacement Value Available

y — applies where schedule shows 'Basis of Settlement – Reinstatement'; reinstatement means replacement by equivalent building or equivalent plant, or restoration to condition when new using modern equivalent materials; must commence and carry out reinstatement with reasonable despatch and cost must be actually incurred; no payment beyond indemnity value if insured elects not to reinstate

## Reinstatement Of Sum Insured

automatic reinstatement after partial loss during repair/replacement: progressively added back as property is progressively repaired or replaced (if automatically covered during repair), or added back only once repair/replacement is completed (if not automatically covered); 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 CPI or percentage inflation adjustment is described; policy pays up to 110% of sum insured during the period of insurance as maximum amount payable

## Volcanic Tsunami Landslide Cover

Landslip: covered under Automatic Policy Extension 'Landslip' (non-gradual, non-progressive landslip and ground movement) — sub-limit $500,000 per event, excess $15,000 per event unless schedule states higher; Subsidence: covered under Automatic Policy Extension 'Subsidence' — sub-limit $500,000 per event, excess $15,000 per event; volcanic/tsunami: covered only under Optional Natural Disaster Cover extension; base policy excludes natural disaster damage

## Machine-readable endpoints

- Structured facts: `/api/commercial-building/product/vero/commercial-md/facts.json`
- Full markdown wording: `/api/commercial-building/product/vero/commercial-md/wording.md`
- Version history: `/api/commercial-building/product/vero/commercial-md/history.json`
- Insurer profile: `/api/commercial-building/insurer/vero/summary.md`

## Citation

Cite as: Vero Vero Steadfast Material Damage policy facts (wording effective 2026-05-26), InsureNZ, accessed 2026-07-05.
Canonical URL: https://insurenz.co.nz/api/commercial-building/product/vero/commercial-md/summary.md
Primary source: https://www.insurancepartners.co.nz/site_files/24864/upload_files/VeroSteadfastMaterialDamageWording072024.pdf
License: CC BY 4.0 — attribute https://insurenz.co.nz