Material Damage

Material Damage

Covers your commercial buildings, contents, fixed plant and stock, and portable plant and equipment as shown on your certificate.

What we cover

The FMG Material Damage automatically includes these covers and benefits.

You can select cover for accidental loss to your commercial buildings, contents, fixed plant and stock.

There’s also the option of limiting your accidental loss cover to defined events listed in the policy wording, or to fire only. Check the policy for the full list and to see what additional benefits are provided by this cover.

Cover for accidental loss anywhere in New Zealand to portable plant and equipment used for your business.

Additional cover

The following are some of the Additional Benefits that are automatically included in your policy.  

Cover for additional buildings, machinery or plant you purchase or have built, as well as additions, alterations or improvements to existing buildings, machinery or plant, up to $100,000.

Covers you up to $10,000 for accidental loss to your customers’ goods at the premises, if they’re not insured elsewhere. You can choose to set a higher limit.

Up to $10,000 cover for accidental loss to electric motors and starters under 7.46kW, and distribution switchboards and electrical reticulation, caused by the failure of electrical insulation, abnormal current or electrically induced self-heating.

Covers your employees’ personal belongings, including tools of trade, while at the premises or being used by them on the job anywhere in New Zealand, for accidental loss. Cover is up to $2,000 for any one employee, and up to $5,000 for any one event. You can also choose a higher level of cover.

We’ll cover your additional and reasonable costs, up to $2,000, for express freight and overtime labour if it’s needed to speed up the reinstatement of your commercial property after a loss.

Up to $5,000 of cover for accidental loss to your forklifts, fork hoists, or fork trucks provided they are not registered to travel on public roads.

Marine insurance cover for General Average and Salvage charges that you may need to pay in accordance with a contract of carriage within New Zealand.

If keys you use to access your insured property are lost or stolen, we’ll pay up to $5,000 to replace them and the locks, and you won’t need to pay an excess. This also covers devices like electronic access cards and remote door openers.

Covers up to $10,000 for loss from theft, as long as it doesn’t involve forced exit or entry, you, your employees, or any fraudulent activity. You can also choose a higher cover limit.   

Optional extras

These are some of the Optional Benefits you can purchase for even more comprehensive insurance.

Cover for accidental loss to your commercial property caused by natural disaster.  This excludes indoor plants and property covered under the Earthquake Commission Act 1993.

The sum insured for your stock will be automatically increased by 25% for a four-month period shown on your certificate.

What we pay

For buildings and contents you can choose from three levels of cover - Present Day Value, Nominated Replacement or Functional Replacement.

You can choose to have your growing structures and plastic or cloth-cladded buildings covered on a Nominated Replacement basis. Portable plant and equipment is covered for replacement provided the item is up to 2 years old or otherwise Present Day Value. For glass, money, growing plants and stock what we will pay will depend on the particular qualities and requirements for these items in the event of a loss.

Repair or replacement of your items to the same condition they were in just before the loss, think of it as similar to a second hand value.

Repair or replacement of your items to the same condition as when they were brand new.

Download policy

Please note this is only a summary of the product and is subject to our specific product documentation. For full details please download the policy wordings using the links below, or you can get a free copy by calling us on 0800 366 466.


Request an FMG advisor to make contact
Are you a current client of FMG?