What we will pay - new for old
Repairing or rebuilding your landlord building
If your landlord building is damaged during the period of cover by an insured event, we will decide if the damage:
can be properly repaired, or
it is so severe that your building will need to be rebuilt.
Repairing your landlord building
When we establish that your landlord building can be properly repaired, we will decide to:
repair it, or
pay the cost of repairing it.
When we decide to repair your building, we will use new materials.
We will make reasonable endeavours to match materials. Where this does not
achieve an exact match, materials that in our opinion match the damaged or
lost materials as near as reasonably practicable will be used. We will not pay
to replace undamaged materials or any undamaged part of them to achieve
a match.
Rebuilding your landlord building
When we establish that your landlord building will need to be rebuilt, we will decide to:
rebuild it to the same size and standard as your current landlord building,
or pay the total cost of rebuilding it to the same size and standard as your current landlord building.
When we decide to rebuild your building, we will use new materials.
When we decide to rebuild your building and you are paying your premium in instalments, we will require you to pay the total unpaid balance of your premium before your claim can proceed.
Damage to fixed wall or floor coverings
When we repair or replace damage to fixed wall, ceiling or floor coverings:
we also repair or replace undamaged coverings if this is reasonably required to achieve a match with the repair or replacement of the damaged area,
the repair or replacement is limited to the room, passageway, stairwell or functional area where the damage occurred.
Fixed wall and floor coverings are items such as tiles, floating floors, fixed cupboards and shelving.
The AAMI Repair Guarantee
The quality of workmanship and the materials used in any repair or rebuilding
of your landlord building and landlord contents that we arrange and authorise
will be guaranteed for the life of the property.
If you are concerned about the quality of the repair or rebuilding of your
landlord building, you must call us on 13 22 44. We will arrange with you to
inspect the repair or rebuilding and we will arrange any necessary rectification
work. You must not authorise any rectification work without our written authority.
Maintaining your landlord building; compliance with statutory requirements
We insure your landlord building on the condition that it has been and will
continue to be properly maintained and repaired, and that it complies and
will continue to comply with local government or other statutory requirements.
When you claim for damage or loss to your landlord building, and your landlord building:
has not been properly maintained and repaired, or
does not comply with local government or other statutory requirements,
we may reduce our payment or refuse to pay your claim.
Other costs
We will also pay for the following where applicable.
Demolition and removal of debris
We will pay the reasonable cost of, and, at our option, arrange for the:
demolition of your destroyed landlord building,
removal of debris from the site necessary for repairing or rebuilding,
removal from the site of fallen and unsafe parts of a tree when the tree or
part of it has impacted with your landlord building causing damage or loss.
Making safe
We will pay the reasonable cost of, and, at our option, arrange for any
temporary work required to make safe your damaged or destroyed landlord building
Professional Fees
We will pay the reasonable fees for the services, if necessary, of an architect
or surveyor.
Compliance costs
In repairing or rebuilding your building, we will pay the extra costs necessary
to satisfy the current requirements of any local council or government authority.
Legal costs to discharge your mortgage
We will pay your reasonable legal fees to discharge any mortgage on your
landlord building when we pay the cost of rebuilding your landlord building.
Repairing or replacing your landlord contents
When an insured event causes damage or loss to your landlord contents during
the period of cover, we will decide either to repair or replace your contents or
to pay the cost of repairing or replacing them.
If we decide to repair or replace your landlord contents:
it will be with new materials or new contents,
we will make reasonable endeavours to match materials and contents.
Where this does not achieve an exact match, materials and contents
that in our opinion match the lost or damaged contents as near as
reasonably practicable will be used.
If we decide to pay the cost of repairing or replacing your landlord contents:
our payment will not exceed any limits detailed in this policy and it will
not exceed the landlord contents amount covered, except as provided
for under ‘We also cover – additional benefits’ on this page
of this policy,
our payment will be the current retail price or the discounted price we
may obtain, whichever is lower.
We will pay up to the landlord contents amount covered shown on the most
recent of your policy schedule and your renewal notice.
See ‘The AAMI Repair Guarantee’ on this page.
We do not pay for
We do not pay for:
the repair or replacement of undamaged landlord contents or
undamaged part of them to match landlord contents we have repaired
or replaced,
any decrease in the value of a pair, set or collection when the damaged
or lost contents forms part of the pair, set or collection. We pay only for
the repair or replacement of the item which was damaged or lost,
damage or loss on a ‘new for old’ basis for old landlord contents which
have passed their ‘use by’ date and are stored away. We pay the
reasonable market value for these landlord contents based on their age
and condition at the time of the loss.
Maintaining your contents
We insure your landlord contents on the condition that they have been and will
continue to be properly maintained and repaired.
If, when you claim for damage or loss, your landlord contents have not been
properly maintained and repaired, we may reduce our payment or refuse to
pay your claim.
Other costs
Our payment will include, where applicable, the following costs and these costs
will be included within the landlord contents amount covered. Where we decide
to reimburse a cost you have incurred, our payment will not be more than the
actual cost you incur.
Removal of debris
If the removal from your landlord building of damaged or destroyed landlord
contents is necessary, we will pay the reasonable cost of the removal, and,
at our option, make the necessary arrangements.
When your landlord contents are removed for storage or repair
If your landlord building is damaged or destroyed by an insured event, we will pay:
the reasonable cost of any necessary removal and storage of your
landlord contents during the reasonable period for up to 12 months while
your landlord building is being rebuilt or repaired,
for any additional damage or loss to your landlord contents caused
by an insured event while they are at the place of storage or repair,
provided the landlord contents amount covered is not exceeded.