Optional Step – Overriding the Insured Valuation Amount

Before you submit your renewal instructions, there is an optional but sometimes important step available to you: overriding the insured valuation amount that will be shared with the broker. This step is not required for every renewal, but it is critical to complete it at the right time when it is needed.

1 What Is the Insured Valuation? #

The insured valuation (also called the sum insured or replacement value) is the amount that the property would cost to fully rebuild in the event of a total loss. This figure forms a fundamental part of the insurance policy – it determines coverage limits and significantly influences the premium. It is therefore essential that the figure shared with the broker accurately reflects the current replacement cost of the property.

By default, Merlo AI pulls the insured valuation from your strata management system and uses that figure when contacting the broker. In many cases, this is perfectly fine. However, there are situations where the figure in your strata system may be outdated, incorrect, or in the process of being updated – and in those cases, you can use the Valuation Override field to correct it before the broker is contacted.

2 When Should You Use the Valuation Override? #

Consider using the valuation override in any of the following situations:

• A new or recent independent valuation report has been completed and the updated replacement value has not yet been entered into your strata system
• The committee has specifically requested that a particular sum insured be used for the upcoming renewal period
• You are aware that the figure in your strata system is incorrect due to a data entry error or system migration issue
• The property has recently undergone significant renovations or additions that have materially changed its replacement value

3 How to Override the Valuation #

1. Log in to the Dashboard and navigate to Insurance Renewals → Renewal Listing
2. Click on the specific renewal record you wish to update to open its detail page
3. Scroll to the Valuation Override field on the renewal detail page
4. Enter the correct replacement value in the field provided
5. Click Save to apply the override – you will see a confirmation that the value has been saved
6. You can now proceed to submit your renewal instructions as described in Section 4

Critical Rules for the Valuation Override

The override value you enter will REPLACE the figure pulled from your strata management system entirely.

The override value is the figure that will be shared with the broker when Merlo contacts them.

This step MUST be completed BEFORE you submit your renewal instructions.

Once the broker has been contacted by Merlo AI, the Valuation Override field is LOCKED and cannot be changed.