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QBE Commercial Property PDS

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QBE Commercial Property PDS

  1. 1. Commercial/Retail/Industrial Business Pack Insurance PolicyQM485 This Policy is underwritten by QBE Insurance (Australia) Limited ABN 78 003 191 035 of 82 Pitt Street, Sydney.
  2. 2. COMMERCIAL/RETAIL/INDUSTRIAL POLICY Index PageAbout this booklet About this booklet 1This booklet contains 2 separate sections: About QBE Australia 1 About Steadfast 1General InformationThis part of the booklet contains information You need to know General Information forbefore You take out a Policy. Please read it carefully beforetaking out this insurance. Commercial/Retail/Industrial Policy 2 Important information 2Policy Terms and Conditions Duty of Disclosure – What You must tell us 2The Policy part of this booklet contains the Policy Terms and Privacy 2Conditions, which detail all the terms, conditions and exclusions The General Insurance Code of Practice 3relating to the Policy. It forms part of Your legal contract with us. Dispute resolution 3If we issue You with an insurance Policy, You will be given a Cooling-off information 3Policy Schedule. The Policy Schedule sets out the specificterms applicable to Your cover and should be read together Policy Terms and Conditions forwith the Policy Terms and Conditions. Commercial/Retail/Industrial Policy 3The Policy Terms and Conditions and the Policy Schedule we Insurer 3send to You form Your legal contract with us so please keep Our agreement with You 3them in a safe place for future reference. Your Policy 3If You require further information about this product, please Paying Your premium 3contact Your Steadfast broker. Preventing our right of recovery 3 Underinsurance 4About QBE Australia Words with special meaning 4QBE Insurance (Australia) Limited is a member of the QBE General Policy exclusions applicable toInsurance Group (ASX: QBE). QBE Insurance Group is Australia’s all sections 5largest international general insurance and reinsurance group,and one of the top 25 insurers and reinsurers worldwide. The General Policy conditions 6company has been operating in Australia since 1886 and Claims 9continues to provide industry-leading insurance solutions thatare focused on the needs of intermediaries and their clients. SectionsQBE is a household name in Australian insurance, backed by Business Property cover section 9sizeable assets, and well known as a strong and financially Business Interruption cover section 17secure organisation. Part A – Annual Revenue Basis 17 Part B – Weekly Revenue Basis 18About Steadfast Part C – Insurable Gross Profit Basis 19Steadfast is an unlisted public company comprising over 270 Theft cover section 23shareholders. Each shareholder is an independent insurancebrokerage. This policy is available exclusively to You through Money cover section 26shareholders of Steadfast Group Limited. Steadfast Group Machinery and Electronic cover section 28Limited does not issue, guarantee or underwrite this policy. Machinery cover – Part 1 29 Electronic cover – Part 2 31Important information about Steadfast’s advice Public and Products Liability cover section 34Any advice Steadfast gives about this policy does not take into Glass cover section 54account any of Your particular objectives, financial situation or General Property cover section 55needs. For this reason, before You act on Steadfast’s advice, Employee Dishonesty cover section 56You should consider the appropriateness of the advice takinginto account Your own objectives, financial situation and needs. Tax Audit cover section 57Before You make any decisions about whether to acquire this Transit cover section 59policy we recommend You should read this Insurance policy. Statutory Liability cover section 60 Employment Practices cover section 64Date of preparation: 31 July 2009Date effective: 31 July 2009QM485-0709 1
  3. 3. GENERAL INFORMATION FOR relevant to our decision whether to insure You, and anyone else to be insured under the Policy, and if so, on what terms.COMMERCIAL/RETAIL/INDUSTRIAL POLICY • You do not have to tell us about any matterThe information contained in this part is general information – that diminishes the riskonly and does not form part of Your contract with us. ThePolicy Terms and Conditions in the rest of this booklet contain – that is of common knowledgedetails of Your contract. – that we know or should know in the ordinary course of our business as an insurer, orImportant information – which we indicate we do not want to know.This Policy and Your current Policy Schedule are important. • If You do not tell usPlease ensure You read them carefully and keep them in a safeplace. The Policy, current Policy Schedule, definitions, defined If You do not comply with Your Duty of Disclosure we mayevents, conditions, exclusions, extensions and endorsements reduce or refuse to pay a claim or cancel Your Policy. Ifare to be read together as one contract. Any word or expression Your non-disclosure is fraudulent we may treat this Policyto which a specific meaning has been given under the heading as never being in force.‘Words with special meaning’ shall bear that meaning whereverit may appear unless such meaning is not applicable to thecontext in which that word or expression appears. Privacy Privacy legislation regulates the way private sector organisationsThis Policy makes provision for payment of Goods and Services can collect, use, keep secure and disclose personal information.Tax by You in relation to premiums and by us in relation to claims. We are bound by the Privacy Act 1988 (Cth.), when collectingIf You have any questions regarding the Policy, please contact and handling your personal information. QBE has developed aYour insurance broker. privacy policy which explains what sort of personal information we hold about you and what we do with it.Plans, documents, reports, contracts, receipts, manuals andserial numbers relating to Your property should be kept. If a We will only collect personal information from or about youclaim occurs the documents may be required by us and they for the purpose of assessing your application for insurancewill assist You completing Your claim form. and administering your insurance policy, including any claims you make or claims made against you. We will only use and disclose your personal information for a purpose you wouldDuty of Disclosure – What You must tell us reasonably expect.Under the Insurance Contracts Act 1984 (the Act), You havea Duty of Disclosure. The Act requires that before a Policy is We may need to disclose personal information to our reinsurersentered into, You must give us certain information we need to (who may be located overseas), insurance intermediaries,decide whether to insure You and anyone else to be insured insurance reference bureaux, credit reference agencies, ourunder the Policy, and on what terms. Your Duty of Disclosure advisers and those involved in the claims handling processis different, depending on whether this is a new Policy or not. (including assessors, investigators and other insurers), for the purposes of assisting us and them in providing relevantNew business services and products, or for the purposes of recovery orWhere You are entering into this Policy for the first time (that is, litigation. We may disclose personal information to peopleit is new business and is not being renewed, varied, extended listed as co-insured on your policy and to family membersor reinstated) You must tell us everything You know and that a or agents authorised by you. Computer systems and supportreasonable person in the circumstances could be expected to services may be provided to us by related companies withintell us, in answer to the specific questions we ask. the QBE Group that may be located overseas. We may also disclose information to organisations which conduct customerWhen answering our questions You must be honest. service surveys on our behalf. We will request your consent• Who needs to tell us to any other purpose. It is important that You understand You are answering our By providing your personal information to us, you consent to questions in this way for Yourself and anyone else whom us making these disclosures. Without your personal information You want to be covered by the Policy. we may not be able to issue insurance cover to you or process your claim.• If You do not tell us If You do not answer our questions in this way, we may You also have the opportunity to find out what personal information reduce or refuse to pay a claim, or cancel the Policy. If we hold about you and, when necessary, correct any errors in You answer our questions fraudulently, we may refuse to this information. Generally we will do this without restriction pay a claim and treat the Policy as never having worked. or charge. For further information about our Privacy Policy or to access or correct your personal information, please contactRenewals, variations, extensions and reinstatements The Compliance Manager, QBE Insurance (Australia) Limited, GPO Box 82 Sydney NSW 2001. Telephone: (02) 9375-4656Once Your Policy is entered into and is no longer new businessthen Your Duty of Disclosure to us changes. You are required or Email: compliance.manager@qbe.combefore You renew, vary, extend or reinstate Your Policy, to tellus everything You know and that a reasonable person in thecircumstances could be expected to know, is a matter that is2
  4. 4. The General Insurance Code of Practice POLICY TERMS AND CONDITIONS FORQBE Insurance (Australia) Limited is a signatory to the GeneralInsurance Code of Practice. The Code aims to: COMMERCIAL/RETAIL/INDUSTRIAL POLICY• promote more informed relations between insurers and Insurer their customers; and The Policy is underwritten by QBE Insurance (Australia) Limited,• improve consumer confidence in the general insurance ABN 78 003 191 035, AFS Licence No. 239545 of 82 Pitt industry; Street, Sydney.• provide better mechanisms for the resolution of complaints and disputes between insurers and their customers; and Our agreement with You• commit insurers and the professionals they rely upon to This Policy is a legal contract between you and us. You pay higher standards of customer service. us the premium, and we provide you with the cover you have chosen as set out in the Policy Schedule, subject to the Terms and Conditions of the Policy. Cover is provided during theDispute resolution period of insurance shown on your Policy Schedule or anyWe will do everything possible to provide a quality service to renewal period.You. However, we recognise that occasionally there may be We will not pay any more than the sum insured or limit ofsome aspect of our service or a decision we have made that liability for each cover section which is shown in the Policy orYou wish to query or draw to our attention. Policy Schedule.We have a Complaints and Dispute Resolution Procedure which We will not pay the Excesses shown in the Policy or Policyundertakes to provide an answer to Your complaint within 15 Schedule. If any loss or damage leads to a claim under moreworking days. than one cover section of this Policy, You must pay the highestIf You would like to make a complaint or access our internal applicable Excess, but You need to pay only one Excess.dispute resolution service please contact Your nearest QBEoffice and ask to speak to a dispute resolution specialist. Your Policy Your Commercial/Retail/Industrial Policy consists of the PolicyCooling-off information Terms and Conditions in this booklet and the Policy ScheduleIf You want to return Your insurance after Your decision to buy we give You.it, You may cancel it and receive a full refund. To do this You Please read Your Policy carefully, and satisfy Yourself that itmay notify Your Steadfast broker electronically or in writing provides the cover You require.within 21 days from the date the Policy commenced. If You want more information about any part of Your Policy,This cooling-off right does not apply if You have made or are please ask us, or Your Steadfast broker.entitled to make a claim. Even after the cooling-off period ends,You still have cancellation rights however Your Steadfast broker The address and telephone number of Your QBE branch aremay deduct certain amounts from any refund for administration on Your Policy Schedule.costs or any non-refundable taxes. You should keep Your Policy Wording and Policy Schedule together in a safe and convenient place for future reference. Paying Your premium You must pay Your annual premium by the due date. If we do not receive Your premium by this date or Your payment is dishonoured this Policy will not operate and there will be no cover. Preventing our right of recovery If You have agreed not to seek compensation from another person who is liable to compensate You for any loss, damage or liability which is covered by this Policy, we will not cover You under this Policy for that loss, damage or liability. 3
  5. 5. Words with special meaning Underinsurance Word or term Meaning The following sections of the Policy: Money current coin, bank notes, currency notes, 1. Business Property cover cheques, credit card sales vouchers, 2. Business interruption cover securities, postal orders, money orders, negotiable and non-negotiable securities contain underinsurance provisions which require You to insure and other like documents of value, for full value. If You do not, we may pay You a lower amount phone cards and/or stored value cards, after taking into account the proportion of Underinsurance unused postage and revenue stamps, or You may be required to pay a portion of the loss Yourself. public transport tickets, private transport tickets (excluding airline tickets), bridge or highway tokens, car wash tokens, Words with special meaning lottery tickets, authorised gift vouchers Some words have special meaning wherever they appear in from external parties, discount vouchers, the Policy: contents of franking machines and includes cash boxes, alarm bags, or any other portable container used to Word or term Meaning convey Money all belonging to You or Aircraft any craft or object designed to travel for which You are legally responsible or through air or space, other than model have assumed a responsibility to insure Aircraft. but does not mean any of these in the possession of or carried by professional Business Hours when You or any of Your employees are Money carriers, professional carriers or at the Business Premises for the purpose common carriers. of conducting Your Business. Period of Cover the time cover commenced to the time Business the buildings, outbuildings, yards and cover expires. The dates are shown on Premises land used by You for Your Business at the current Policy Schedule. Unless the Situation. stated otherwise, cover shall expire at 4.00pm local time at the place where You Business buildings, contents, Stock and items arranged the cover Property listed on the current Policy Schedule and used in Your Business. Policy includes this document, the Policy schedule and any attachment or Computer virus an executable program or computer memoranda affixed and any future code segment that is self-replicating, documents issued to You which amends requires a host program or executable the policy wording or Policy schedule disc segment in which it can be contained and which destroys or alters Policy the most current Schedule of Insurance the host program or other computer Schedule or any future renewal Schedule, code or data causing undesired program including any endorsements issued by or computer system operation us in connection with this Policy. Excess the amount, or the loss applicable to a Rewriting of the cost of restoration of computer specified period of time, expressed as an Records records, documents, manuscripts, Excess on the current Policy Schedule or securities, deeds, specifications, plans, elsewhere in the Policy. This is the first drawings, designs, business books and amount of any loss that You must pay other records of every description. before we pay Your claim. Situation the Situation stated in the current Policy Family any member of Your Family who lives Schedule. permanently with You, including Your partner. Stock 1. products and material You intend to sell 2. raw or consumable materials used by Flood the inundation of normally dry land You to make or alter Your products by water escaping or released from 3. Your products while being made, the normal confines of any natural repaired or altered watercourse or lake (whether or not they 4. any consumable products or materials have been altered or modified) or from used in Your Business any dam, reservoir or canal. 5. goods for which You are responsible. Hovercraft any vessel, craft or device made or Under the Theft cover section, Stock intended to float on or in or travel on or does not include tobacco, products through the atmosphere or water on a containing tobacco, cigars, cigarettes or cushion of air provided by a downward alcohol unless they are specified on the blast. current Policy Schedule. 4
  6. 6. Words with special meaning/General Policy exclusions • endangers life other than that of the person committing Word or term Meaning the action, or Subsidiary any company in which You have a • creates a risk to health or safety of the public or a Company controlling interest. For the purpose section of the public, or of this definition the term ‘controlling interest’ shall mean the beneficial • is designed to interfere with or to disrupt an electronic ownership of shares carrying more than system. 50% of votes capable of being cast at 3. Radioactivity or the use, existence or escape of any nuclear a general meeting of all shareholders of fuel, nuclear material, or nuclear waste or action of nuclear the company. fission or fusion. Vehicle any type of machine on wheels or on Provided that this Exclusion 3 shall not apply to liability self laid tracks made or intended to arising from radio-isotopes, radium or radium compounds be propelled by other than manual or when used away from the place where such are made or animal power, and any trailer or other attachment to be utilised in conjunction produced and when used exclusively incidental to ordinary with or drawn by any such machine. industrial, educational, medical or research pursuits. Watercraft any vessel, craft or thing made or This Policy also excludes any loss, destruction, damage, death, intended to float on or in or travel injury, illness, liability, cost or expense of any nature directly or through water, other than model boats. indirectly caused by, contributed to by, resulting from or arising out of or in connection with any action taken in controlling, You the person(s), companies or firms named preventing, suppressing, retaliating against, or responding to on the current Policy Schedule as the or in any way relating to the above. ‘Insured’. Your Business the business as described in the Policy Schedule (and, where applicable, as Business in liquidation or ceases to trade further described in any more specific If Your Business is placed into liquidation or administration, underwriting information provided to a receiver is appointed or Your Business is wound up or is us at the time when this insurance was permanently discontinued, then unless otherwise agreed by negotiated) us in writing, all cover under this Policy ceases from the time Your interest is transferred or Your Business ceases to trade.General Policy exclusions applicable to Geographical limitationsall sections Unless we agree in writing to the contrary, we will not pay for any loss or damage to Your Business Property that is outside theThe following General exclusions apply to all sections of Commonwealth of Australia at the time of its loss or damage,this Policy. except as specifically stated otherwise in the appropriate section.War, terrorism, radioactivity UnoccupancyThis Policy excludes loss, damage, destruction, death, injury, Unless we otherwise agree in writing, we will not pay for anyillness, liability, cost or expense of any nature directly or indirectly loss or damage to Your Business Property if the occurrencecaused by, contributed to by, resulting from, arising out of happens after Your Business Premises has been unoccupiedor in connection with any of the following, regardless of any for more than 90 consecutive days.other cause or event contributing concurrently or in any othersequence to the loss:1. War, invasion, acts of foreign enemies, hostilities or war- Wilful acts like operations (whether war be declared or not), civil war, Subject to the provisions of the Insurance Contracts Act 1984, rebellion, revolution, insurrection, civil commotion assuming we will not pay for any loss or damage caused by either Your the proportions of or amounting to an uprising, military or wilful act or by the wilful act of another party committed with usurped power, or Your knowledge and consent and which You were capable of preventing.2. Any act(s) of Terrorism For the purpose of this exclusion, an act of terrorism includes any act, or preparation in respect of action, or threat of action Known defects designed to influence the government de jure or de facto We will not pay for loss or damage caused by faults or defects of any nation or any political division thereof, or in pursuit known to You or any employee whose knowledge in law would of political, religious, ideological or similar purposes to be deemed to be Yours and not disclosed to us at the time this intimidate the public or a section of the public of any nation insurance was arranged. by any person or group(s) of persons whether acting alone or on behalf of or in connection with any organisation(s) or government(s) de jure or de facto, and which: • involves violence against one or more persons, or • involves damage to property, or 5
  7. 7. General Policy exclusions/General Policy conditions Date recognition other aerial device, breakage of glass, the acts of persons taking part in riots or civil commotions or of strikers or of locked out There is no insurance under this Policy in respect of any claim workers or of persons taking part in labour disturbances which of whatsoever nature which consists of or arises directly or do not assume the proportions of or amount to an uprising, indirectly out of or in connection with the failure or inability of any: storm and/or tempest and/or rainwater and/or wind and/or (a) electronic circuit, microchip, integrated circuit, microprocessor, hail, water and/or other liquids and/or substances discharged embedded system, BIOS or other instruction set, hardware, and/or overflowing and/or leaking from any apparatus and/or software, firmware, program, computer, data processing appliance and/or pipes. equipment, telecommunication equipment or systems, or any similar device, or any If the Theft cover section of the Policy is current we will also provide cover for losses to electronic data arising out of theft of (b) media or systems used in connection with any of the any computer and/or computer hardware and/or firmware and/ foregoing or microchip and/or integrated circuit and/or device containing such electronic data. whether Your property or not, at any time to achieve fully and successfully any or all of the purposes and consequential effects If the Electronic equipment cover section of the Policy is current intended by the use of any number, symbol or word to denote, and Electronic Data and electronic data media is insured we represent or express a date including, but without being limited will also provide cover for losses to electronic data arising out to, any failure or inability to recognise, capture, save, retain or of vibration, power surge, low voltage, mechanical, electrical restore and/or correctly to manipulate, interpret, transmit, return, and electronic breakdown, but not breakdown occurring as calculate or process any date, data, information, command, a result of any virus, worm, trojan horse, hacking, or any logic or instruction as a result of or in connection with unauthorised access. (i) anything referred to in (a) or (b) recognising, using or For the purposes of this exclusion electronic data means any adopting any date, day of the week or period of time, facts, concepts and/or information converted to a form usable otherwise than as, or other than, the true or correct date, for communications and/or displays and/or distribution and/ day of the week or period of time, or or processing by electronic and/or electromechanical data processing and/or electronically controlled equipment which (ii) the operation of any command or logic which has been includes but is not limited to programs and/or software and/ programmed or incorporated into anything referred to in or other coded instructions for such equipment. (a) or (b) above. This exclusion will not exclude any claim for subsequent loss or destruction of or damage to any Business Property or General Policy conditions consequential loss which is solely and directly occasioned by The following General conditions apply to all sections of this a defined contingency (as defined hereunder), arising under Policy. any of the sections listed below, but only to the extent that such claim would otherwise be insured under those sections. Breach of a condition or warranty without Your knowledge or consent or error in name, description or Situation of property Business Property cover section will not prejudice Your rights under this Policy provided notice Business interruption cover section in writing is given to us when such breach or error comes to Your knowledge. Reasonable extra premium shall be paid if Money cover section required, from the date of such breach or error. Glass cover section Machinery and electronic cover section Accountancy records You must provide to us all books of account, business books General Property cover section and other documents as may be required to investigate or verify This exclusion does not apply in respect of the Theft cover claims. If You do not, we may refuse to pay or may reduce the section, if provided by this Policy. amount of a claim. For the purposes of this exclusion only, ‘Defined contingency’ shall mean fire, lightning, explosion (other than loss or destruction Cancelling Your Policy of or damage to boilers and pressure vessels), Aircraft and How You may cancel this Policy other aerial devices or articles dropped from them, riot, civil commotion, strikers, locked out workers, persons taking part • You may cancel this Policy at any time by telling us in in labour disturbances, malicious persons, earthquake, storm, writing that You want to cancel it. You can do this by giving Flood, escape of water from any tank or apparatus or pipe, the notice to Your Steadfast broker. impact by any road Vehicle or animal, or theft (other than theft • Where ‘You’ involves more than one person, we will only by employees). cancel the Policy when a written agreement to cancel the Policy is received from all persons named as the insured. Electronic Data exclusion We will not cover Electronic Data or the cost of rewriting records How we may cancel this Policy as a result of loss of electronic data. • We may cancel this Policy in any of the circumstances permitted by law by informing You in writing. However, we will provide cover for losses to electronic data and rewriting of records arising out of the following perils: • We will give You this notice in person or send it to Your address last known to us. fire, lightning, thunderbolt, explosion, implosion, earthquake, subterranean fire, volcanic eruption, impact, Aircraft and/or 6
  8. 8. General Policy conditionsThe premium Our maximum liabilityWe will refund to You the proportion of the premium for the Except as otherwise stated elsewhere in this Policy, the maximumremaining Period of Cover. amount we will pay will not exceed the amount stated in the Policy Schedule as the sum insured or the limit of liability for those sections selected.Premium fundersIf the premium has been funded by a premium funding company The Sum Insured and sub-limits of liability shall apply in additionwhich holds a legal right over the Policy by virtue of a notice to, and shall not be reduced by, the amount of any applicableof assignment and irrevocable power of attorney, a refund will Excess.be made to the premium funding company of the proportionatepart of the premium applicable to the unexpired Period of Cover. Inspections We (or agents appointed by us) have the right to inspect andExcess examine, by mutual appointment, any Business Property insured.If more than one Excess can be applied to one occurrence, thenYou will only need to pay the highest Excess. Sums insured, Jurisdictionlimits and sub-limits of liability shall apply in addition to, andshall not be reduced by, the amount of any applicable Excess. All disputes arising out of or under this Policy shall be subject to determination by any court of competent jurisdiction within Australia according to the law which applies to that jurisdiction.How Goods and Services Tax (GST) affects anypayments we make Designation of propertyThe amount of premium payable by You for this Policy includes For the purpose of determining under which item any propertyan amount on account of the GST on the premium. is insured, we agree to accept the designation under whichWhen we pay a claim, Your GST status will determine the such property appears in Your books of account.amount we pay. Provided always that this General Policy condition shall notWhen You are: apply to the Theft cover section with respect to tobacco,(a) not registered for GST, the amount we pay is the sum products containing tobacco, cigars, cigarettes and alcohol. insured/limit of indemnity or the other limits of insurance Furthermore, under the Theft cover section, Stock does not cover including GST. include tobacco, products containing tobacco, cigars, cigarettes or(b) registered for GST, we will pay the sum insured/limit of alcohol unless they are specified on the current Policy Schedule. indemnity or the other limits of insurance and where You are liable to pay an amount for GST in respect of an acquisition relevant to Your claim (such as services to Other persons or organisations repair a damaged item insured under the Policy) we will If any person or entity shall have any interest in the Business pay for the GST amount. Property, we shall protect that interest in the event of a claim, provided that interest is disclosed in Your Business records andWe will reduce the GST amount we pay for by the amount of You shall have disclosed the nature and extent of that interestany input tax credits to which You are or would be entitled to us at the time of notification of the claim.if You made a relevant acquisition. In these circumstances,the Input Tax Credit may be claimable through Your Business Where the separate interests of more than one party in theActivity Statement (BAS). Business Property are insured under this Policy, any act or neglect of one party will not prejudice the rights of the remainingYou must advise us of Your correct Australian Business Number party or parties provided that the remaining party/ies shall,and Taxable Percentage. within a reasonable time after becoming aware of any act orAny GST liability arising from Your incorrect advice is payable neglect whereby the risk of loss, damage or destruction hasby You. increased, give notice in writing to us and shall on demand pay such reasonable additional premium as we may require.Where the settlement of Your claim is less than the sum insured/limit of indemnity or the other limits of insurance cover, we will You cannot transfer the Policy into someone else’s nameonly pay an amount for GST (less Your entitlement for Input Tax without our written consent.Credit) applicable to the settlement. This means that if these All persons entitled to claim under the Policy are bound by theamounts are not sufficient to cover Your loss, we will only pay terms and conditions of the Policy.the GST relating to our settlement of the claim. When a claim is paid under the Policy and is also recoverableWe will (where relevant) pay You on Your claim by reference to under another Policy or policies, You agree to permit us to seekthe GST exclusive amount of any supply made by any business contribution from the other insurer or insurers.of Yours which is relevant to Your claim.GST, Input Tax Credit (ITC), Business Activity Statement (BAS)and Acquisition have the same meaning as given to those Progress paymentsexpressions in A New Tax System (Goods and Services Tax) We will not unreasonably withhold progress payments. We willAct 1999 and related legislation as amended from time to time. make progress payments on claims at intervals to be agreed by us following receipt of an interim report from our loss adjusterTaxable Percentage is Your entitlement to an Input Tax Credit on or representative.Your premium as a percentage of the total GST on that premium. 7
  9. 9. General Policy conditions Sale of salvage Waiver of subrogation rights We will not sell or dispose of any salvage without giving You We may not be liable to pay any benefits under this Policy for the opportunity to buy it at its salvage value, provided that this loss, damage or liability if You agree or have agreed to limit condition does not allow You to abandon the property to us. or exclude any right of recovery against any third party who would be liable to compensate You with respect to that loss, damage or liability however: Reasonable care (a) We shall waive any rights and remedies or relief to which You must take reasonable precautions to prevent personal we are or may become entitled by subrogation against: injury or property damage as if You were not covered by this Policy such as: (i) any co-insured (including directors, officers and employees); 1. if You discover Your products may be defective and the defect may cause a claim under the Public and Products (ii) any corporation or entity (including directors, officers Liability cover section, at Your expense You must take and employees) owned or controlled by any insured reasonable steps to restrict, trace, recall, modify, replace or against any co-owner of the property insured. or repair the products (b) You may without prejudicing Your position under this Policy: 2. maintain and look after other person’s or organisation’s (i) release any statutory governmental, semi-governmental property and buildings used or occupied by You, in or municipal authority from any liability if required at accordance with Your agreement with them law to do so; 3. if Your occupation includes digging below ground at sites (ii) agree to enter into a contract for storage of goods away from Your Business Premises You must obtain the or merchandise if the terms of the contract include a location of underground services from the owners of the disclaimer clause; services (iii) agree to enter into a lease for occupancy of any 4. use and store all hazardous materials as required by law. building or part of a building or a lease or hiring of If You do not take reasonable precautions we may refuse to property where the terms of the lease or hiring include pay part or all of Your claim. a disclaimer clause in favour of the lessor or the owner. Reinstatement of sum insured Claim preparation expenses We will pay for costs necessarily and reasonably incurred for In the event of damage insured under one or more of the the preparation of a claim for which we agree to indemnify You Business Property, Business Interruption, Theft, Money and under this Policy. The most we will pay is $25,000 in total any Glass cover sections of this Policy, the amount by which the one claim, unless a higher amount is included in the particular sum insured or limit of indemnity is reduced as a consequence section of the Policy. of the loss or damage will be automatically reinstated as from the date of loss or damage provided that: Provided that before You incur these claim preparation costs You obtain our written approval to incur these costs. (a) there is no written request from You or written notice by us to the contrary; This benefit is in addition to any limit of indemnity. (b) the section is an operative section of the Policy; and (c) You pay the premium which we require for the reinstatement. Bankruptcy or insolvency In the event that You should become bankrupt or insolvent, We will not reinstate the sum insured on the Business Property we shall not be relieved thereby of the payment of any claims cover or Business Interruption cover sections if we have paid hereunder because of such bankruptcy or insolvency. a total loss under either of these sections. In case of execution against You of any final judgment covered by this Policy being returned ‘unsatisfied’ by reason of such Single occurrence bankruptcy or insolvency, then an action may be maintained We will not pay for loss or damage to property covered by the by the injured party or their representative against us in the Policy under more than one section of the Policy in respect of same manner, and to the same extent as You but not in excess the same item and occurrence unless a relevant sum insured of the limit of liability has been paid out in full and You have not been fully covered for the loss or damage. Non-imputation Where this insurance is arranged in the joint names of more than one insured, as described in the definitions of You, it is hereby declared and agreed that: (a) each insured shall be covered as if it made its own proposal for this insurance (b) any declaration, statement or representation made in any proposal shall be construed as a separate declaration, statement or representation by each insured (c) any knowledge possessed by any insured shall not be imputed to the other insured(s). 8
  10. 10. Claims/Business Property cover sectionRewards Business Property cover sectionWe will pay You up to $5,000 or any higher amount shown inthe current Policy Schedule for the reasonable cost of any Words with special meaningreward paid by You to recover any property belonging to Youor for which You are responsible that is lost, destroyed or Some words have special meaning wherever they appear indamaged and which is insured under the Business Property, this section. These words and their meanings are listed below.Theft, Money or Glass cover sections of this Policy. Word or term MeaningHowever: Buildings Buildings and structural appurtenances(a) the terms of the reward must be agreed by Us before it is at the Situation. offered, and Buildings includes:(b) no such payment shall be made by You unless the value 1. verandahs, carports, car parks, of the property recovered exceeds the reward. sealed driveways and paths, shelters, awnings, gangways, staircases and allWe shall not unreasonably withhold or refuse consent to the outbuildingsterms of any reward payable under this General Policy condition. 2. fixtures and fittings owned by the owner of the building 3. underground and above ground servicesClaims including aprons, supply mains and metersWhat You must do after loss, damage or accident 4. walls, gates, fences, flagpoles,Protect Yourself from any danger present. floodlights and signsAssist other people within Your capabilities if required. 5. permanently fixed water and fuel tanks. Buildings does not include:Take reasonable steps to prevent further loss, damage or liability. 1. Plant and machineryNotify the police immediately if any of Your property is lost, 2. Stockstolen, or maliciously damaged and provide the police with all 3. Contentsassistance to apprehend the offending party. 4. Property undergoing erection, construction, alteration or additionAdvise us of the claim as soon as practicable and then supply (including the partial dismantlementus with full written details by completing our claim form. You of existing structures), where the totalor someone acting on Your behalf must complete a claim form contract value of all work to be carriedwithin a reasonable time of an occurrence. If You do not, we out at any one Business Premisesmay reduce the amount we pay if the delay causes increased exceeds $500,000 or 20% of the totalcosts or prevents us investigating the claim. sum insured on Buildings and Contents, whichever is the lesser provided thatAny invoices, bills, demands letters or notices You receive from this limit shall apply only to the portionother people involved in the loss, damage or accident must be of the Business Premises or Businesssent to us as soon as possible. Property which is the subject of any such work and not to any other portionWhat You must not do after a loss or accident of the Business PropertyYou must not admit fault or agree to pay for damage without 5. Land, unsealed driveways and paths,our consent. Do not make an offer, settle, or attempt to settle dams, bridges, canals, roadways,any claim against You. If You do we may not pay all or part tunnels, railway tracks and roadwaysof the claim. (not at the Situation), wharves, docks and piersYou must not incur any costs or expenses or authorise repairs This definition of ‘Buildings’ is subject(other than necessary temporary repairs) without our agreement. to the ‘Designation of property’ General Policy condition. Contents all property at the Business Premises, belonging to You or for which You are responsible for. Contents includes: 1. fixtures, fittings and glass owned by Your landlord which You are legally responsible for and leasehold improvements 2. machinery 3. plant permanently fixed to Your Buildings 4. documents of title and any other documents of aesthetic, historic, scientific or social value for past, present or future generations 9
  11. 11. Business Property cover section Word or term Meaning Word or term Meaning Contents 5. computer systems records, manuscripts, Market Value the estimated amount for which the (continued) other documents, deeds, specifications, Business Property should exchange plans, drawings, designs, business immediately before the damage, books and other records of every between a willing buyer and a willing description seller in an arms-length transaction, 6. paintings, works of art and curios after proper marketing, wherein the 7. Stock parties had each acted knowledgeably, 8. goods sold but not delivered and prudently and without compulsion. goods held by You on consignment or commission 9. property not owned by You but on Your Types of cover Business Premises for service, repair, The scope of cover provided is explained in the clauses ‘Defined alteration or safe keeping events cover’ and ‘Accidental damage cover’. 10. roperty of Your welfare, sports and p social clubs. Contents does not include: How we will pay Your claim 1. Buildings There are two methods of paying Your claims. They are 2. growing crops, trees or plants other ‘reinstatement or replacement value’ and ‘indemnity value’. than pot-plants 3. animals, livestock, fish, birds and any The claim payment method You are covered for is shown on other living organism except laboratory the current Policy Schedule. cultures, Stocks of foodstuffs, of nursery plants, or Stocks of a pet shop 4. motor Vehicles or trailers, caravans Method of settlement – reinstatement or or motorcycles all while registered or replacement value licensed to travel on a public road, We will pay the cost of rebuilding, replacing or repairing any provided that this exclusion will not damaged part of Your Business Property to the same condition apply to: as when they were new or, where appropriate, in accordance (i) mobile plant and equipment with the ‘Output replacement’ clause set out below. (excluding cars, sedans, panel vans, and trucks) not otherwise Business Property may be rebuilt or erected at another location insured; and in a manner suitable to You provided You pay any additional (ii) motor Vehicles or trailers, costs to build or erect elsewhere. caravans or motorcycles that are If the Business Property is lost or damaged You must commence Stock in trade of Your Business to rebuild, replace or repair within a reasonable time of the loss 5. Money or damage, after our consent has been obtained. If You do 6. jewellery, furs, bullion, articles not, we will pay no more than the cost that would have been containing gold and silver which are not incurred if the work of rebuilding, replacement or reinstatement Stock and which exceed $10,000 any has been commenced and carried out with reasonable dispatch. one item 7. Contents undergoing erection, construction, alteration or addition Extra cost of reinstatement (including the partial dismantlement of existing structures), where the total (Applicable to Buildings, machinery and plant). contract value of all work to be carried Where ‘Reinstatement or replacement’ basis of settlement is out at any one Business Premises shown in the Policy Schedule, this section extends to include the exceeds $500,000 or 20% of the total extra cost of reinstatement (including demolition or dismantling) sum insured on Buildings and Contents, of damaged property insured necessarily incurred to comply whichever is the lesser, provided that with the requirements of any Act of Parliament or Regulation this limit shall apply only to the portion made under an Act or By law or the Regulation of any Municipal of the Business Premises or Business Property which is the subject of any or Statutory Authority, subject to the following provisions and such work and not to any other portion subject also to the terms, conditions and sums insured of of the Business Property this section. 8. land, dams, bridges, canals, roadways, Provided that: tunnels, railway tracks (not at the (a) the work of reinstatement, must be commenced and carried Situation), wharves, docks and piers out within a reasonable period, failing which we will not 9. Watercraft, Aircraft or any accessories, pay more than the amount which would have been payable equipment or spare parts whilst contained under the Policy if the work of reinstatement had been in or on these items unless they are Stock commenced and carried out with reasonable dispatch; and are on Your Business Premises at the time of any loss or damage. (b) The work of reinstatement may be carried out wholly or This definition of ‘Contents’ is subject partially upon any other site, if the requirements of the Act, to the ‘Designation of property’ General Regulation or By-law necessitate it, subject to our liability Policy condition. not being increased. 10
  12. 12. Business Property cover section(c) Our total liability under this clause ‘Extra cost of reinstatement’ (c) Where any Business Property is to be replaced by an item will be limited to: or items which have a greater total function, capability or output and the new installed cost of such replacement (i) the sub limit of liability shown in the current Policy property is greater than the replacement value of the Business Schedule for ‘Extra cost of reinstatement’ which shall Property, then the basis of settlement is the lesser of the be in addition to the sum insured; or reinstatement value or that proportion of the new installed (ii) if no such sub-limit of liability is stated, and the damage cost of the replacement item or items which the output is less than fifty percent (50%) of the Replacement of the Business Property damaged bears to the output of Cost of the Buildings or Contents, our liability shall the replacement item or items. If the reinstatement value be limited to the extra cost necessarily incurred in of the damaged Business Property is not ascertainable reinstating the damaged Business Property only; then the basis of settlement is the new installed cost of the replacement item or items.(d) the amount recoverable shall not include the additional costs incurred with complying with any such Act, Regulation or Floor space ratio index (Plot ratio) By-law or requirement with which You have been required to comply prior to the happening of the damage. Where Buildings are damaged and the cost of reinstatement is more than 50% of the cost of reinstatement if the BuildingsThe underinsurance condition of the Business Property cover had been totally destroyed and reinstatement of such damagesection of the Policy will not be applied to the amount payable is limited or restricted by:under this clause. (a) any Act of Parliament or regulation thereunder, or (b) any by-law or regulation of any municipal or other statutoryMethod of settlement – Indemnity authorityIf the basis of settlement is shown in the Policy Schedule resulting in either case in the reduction of the floor space ratioas Indemnity, we will pay the cost to repair or replace the index (plot ratio) of the site, then we shall pay in addition toinsured property less an equitable amount for age, wear, tear, the amount payable on reinstatement of such Buildings thedepreciation and will make an adjustment for the general difference between:condition and remaining useful life of the individual item orcomponents that are damaged. (i) the actual costs incurred in reinstatement subject to the reduced floor space ratio index (plot ratio), andWe will also pay, in accordance with the ‘Extra Cost of (ii) the estimated cost of reinstatement at the time of damage hadReinstatement’ clause, the additional costs required to comply the reduced floor space ratio index (plot ratio) not applied.with the requirements of any statutory authority or by-laws,provided you were not required to comply with any of the by Provided that our total liability for reinstatement or replacementlaws prior to the loss or damage occurring. value, additional costs of compliance and under this ‘Floor Space Ratio Index (Plot Ratio)’ clause shall not exceed theThe Underinsurance/average condition in this section is amended sum insured in respect of the Buildings which are the subjectto read: of the claim.In the event of loss or damage to property we shall be liablefor no greater proportion of the loss or damage than the sum Branded goodsinsured at the location bears to eighty percent (80%) of the In the event of a claim, any salvage of branded goods orcurrent value of the property insured, provided that our liability merchandise owned by You or held by You in trust or onshall not exceed the sum insured stated against each item in commission and any goods sold but not delivered shall notthe Policy Schedule. be disposed of by sale without Your consent. If such salvage is not disposed of by sale, then the basis of settlement of theOutput replacement claim shall be the Market Value of the goods after brands, labels or names have been removed by You or on Your behalf.Where any Business Property consists of equipment, machineryor plant having a measurable function, capability or output andif it is necessary to replace such property with a new item or What You are covered foritems which perform a similar function or functions, then the We will cover You for loss or damage caused by the eventsbasis of settlement for such property shall be: listed under ‘Defined Events Cover’ and ‘Accidental Damage Cover’ to Your Business Property which occurs during the(a) Where any Business Property is to be replaced with any Period of Cover. item or items which have the same or a lesser total function, capability or output, then the basis of settlement is the The current Policy Schedule shows what You have covered new installed cost of such replacement item or items as and the method of settlement. would give the same total function, capability or output as the Business Property. Defined events cover We cover You for loss or damage at the Business Premises(b) Where any Business Property is to be replaced with an caused by the following defined events: item or items which have a greater total function, capability or output and the new installed cost of such replacement 1. Bursting, leaking, discharging or overflowing of fixed property is no greater than the replacement value of that apparatus, fixed tanks, fixed appliances, fixed pipes or Business Property, then the basis of settlement is the new other systems used to hold or carry liquid (including the installed cost of the item or items so replaced. reasonable cost of identifying and locating the cause of damage) but we will not cover the repair or replacement of such apparatus, appliances, tanks, pipes or other systems which give rise to the damage. 11
  13. 13. Business Property cover section 2. Earthquake, volcanic eruption, subterranean fire or tsunami. Accidental damage cover We will not pay for the first $20,000 or 1% of the sum We will cover You for accidental loss or damage to Your Business insured at the damaged Business Premises (whichever is Property at the Business Premises other than the events or the lower amount) of each claim caused by earthquake, items listed in ‘What You are not covered for under Accidental volcanic eruption, subterranean fire or tsunami. damage cover’. You only have to pay one Excess if further damage occurs The maximum amount we will pay for Accidental damage cover within 72 hours of an occurrence. for any occurrence is the lesser of $250,000 or the total sum insured for Buildings and Contents unless a higher amount 3. Fire, lightning or explosion. is specified in the current Policy Schedule as the Accidental 4. Impact by: damage sum insured. (a) a Vehicle designed primarily for use on land. (b) an animal What You are not covered for under Accidental damage cover (c) trees or branches of trees. This cover includes the reason- able costs associated with the removal and disposal We will not pay for claims under ‘Accidental damage cover’ for: of the tree or branches, which caused the damage. 1. loss or damage caused by any defined events cover in this section (d) communication masts, towers, antennae or satellite dishes. 2. loss or damage caused by events or to the items listed under general exclusions (e) Aircraft or Watercraft 3. loss or damage insurable under any other section or (f) meteorites or debris from an Aircraft, rocket or satellite. sections of this Policy (g) a falling building or other structure or part thereof. 4. Business Property to the extent insurable under the General 5. Malicious damage, including damage by burglars or thieves, Property cover section other than damage caused by You or anyone who permanently 5. for damage which occurs as a result of Your failure to repair or temporarily lives with You. or prevent bursting, leaking, discharging or overflowing 6. Riots, civil commotions, strikes or locked out workers of fixed apparatus, fixed tanks or fixed pipes used to or persons taking part in labour disturbances including hold or carry liquid within a reasonable amount of time of resultant acts of any lawfully constituted authority. discovering an occurrence 7. Storm, tempest, rainwater, snow, sleet, wind, hail but not: 6. unexplained disappearance or unexplained inventory shortage, whether resulting from clerical or accounting (a) by water from or action of the sea, tidal wave, storm errors or shortages in supply or delivery of materials to surge, high water or Flood. or by You (b) to gates, fences, retaining walls, shade cloth, exterior 7. loss or damage caused by demolition, other than demolition textile awnings or blinds which exceeds $25,000 in by or ordered by a public authority, if the value of the demolition respect of any one occurrence for loss or damage. work exceeds $500,000 or 20% of the total sum insured (c) to property in the open air unless such property is a on Buildings and Contents, whichever is the lesser permanent structure designed to function without the 8. pollution or contamination of Business Property unless protection of walls or roof. caused by a defined event (d) erosion, subsidence, landslide, collapse or any other 9. theft, except where the Business Premises ‘Buildings’ insured movement of earth. by the owner under this Policy section are tenanted under (e) caused by water entering the Buildings through an a lease agreement by another party, person or entity not named opening in the wall or roof made for the purpose of in the Policy, in which case, the insured owner will be entitled alterations, additions, renovations, or repairs. to be indemnified against loss by theft of their Business Property (as defined in this section for ‘Buildings’) at the 8. Escape of molten material from its intended confines on Business Premises in accord with the terms and conditions or about the Business Premises but excluding: of the ‘Theft cover section’ of this Policy regardless of (a) the cost of repairing any fault which permitted such whether it is selected in this Policy or otherwise. escape, The maximum we will pay in respect to any loss under (b) the cost of retrieving or removing escaped material this additional protection provided under this Business from any escape channel or catchment area designed Property cover section in relation to theft shall be limited for the purpose, to $20,000 in total any one occurrence happening during the currency of the Policy. (c) loss of or damage to such escaped material, 10. loss or damage following breakage of external glass to (d) loss or destruction of or damage to furnace linings, signwriting or ornamentation affixed to the glass, except crucibles, moulds, other containers or ladles from where you are a tenant of a building and not required by which molten material escapes. lease to insure Glass. 12
  14. 14. Business Property cover sectionAdditional benefits – Business Property cover Where the sum insured is exhausted, in respect of the discharge of a mortgage on Buildings only, we will pay up to an additionalThe following additional benefits are provided if You have ten percent (10%) of the total sum insured on Buildings, for theselected the Business Property cover section: reasonable legal costs to discharge a mortgage or mortgages following settlement of a claim on the basis of a total lossCapital Additions whether actual or constructive.We cover additions to Your Buildings, Contents, and specifieditems obtained or built during the Period of Cover to an amount Fire Brigade attendance feesnot exceeding 20% of the total sum insured on Buildings, We will pay up to $50,000 for any statutory charges payable byContents and specified items or $500,000 whichever is the You to a fire brigade or firefighting authority for attendance atlesser, in respect of property insured at any one Situation. This a fire or chemical emergency involving insured property. Thisadditional benefit is in addition to Your sum insured. additional benefit is in addition to Your sum insured.Catastrophe Escalation Cost Government feesIf: We will pay any fee, contribution or other impost payable to(a) any of Your Buildings are destroyed or damaged by any any other Government, Local Government or other Statutory event insured against by this cover section, and Authority where payment of the fee, contribution or impost is necessary to the obtaining of consent to reinstate any property(b) we classify such destruction or damage as a total loss; and insured provided that we will not be liable for payment of any(c) the event giving rise to the destruction or damage has resulted fines and/or penalties imposed upon You by any such authorities. in any competent authority declaring a state of emergency The cost of government fees is included in the sum insured affecting the area in which Your Building is situated; for Business Property.we will: Landscaping(d) increase the sum insured applicable to such Buildings under this cover section by up to 20% provided that Your Loss, damage or destruction by the defined events (other Building is rebuilt, and than storm, tempest or rainwater) to growing plants, shrubs, garden plots and lawns (including rock work, retaining walls,(e) increase the amounts payable under the ‘Capital Additions’ ornamentation and edging pertaining thereto) and resultant (relating to Buildings only) and ‘Temporary protection and expenses necessarily incurred in cleaning, clearing and/or security guards’ Additional benefits of this cover section repairing drains, gutters, sewers and the like, all contained in by 20%; or on or forming part of or implicitly pertaining to the Buildingsto cover any Increase in building costs for labour and materials insured, up to but not exceeding $50,000 or 20% of the sumand any other additional costs which may apply after the event. insured at the Business Premises specified in the Policy Schedule in respect of any one loss. This additional benefit is includedProvided that: in the sum insured of the Buildings covered by this section.(i) We shall not pay more than the increased building costs which are actually incurred by You. Limited transit Business Property is covered, up to the lesser of $50,000 or(ii) We will not pay any amount under this Additional benefit twenty percent 20% of the sum insured for Contents including until You have incurred costs exceeding the sum insured Stock, if it is in transit in or on any Vehicle owned or operated by applicable to such Building under this cover section. You anywhere in Australia away from Your Business Premises,Increase in building costs means the difference between the cost including storage during the transit, but only for damage causedof reinstatement actually incurred in accordance with the Basis by fire or explosion, wind or earthquake, acts of maliciousof Settlement provisions of this cover section and the cost of persons or by collision or overturning of the conveying Vehicle.reinstatement that would have applied had the event not occurred. Loss of land valueDirectors and Employees personal property Up to $100,000 for the reduction in land value, which shall be thePersonal property of directors and employees of Your Business value certified by the Valuer General or other competent personif the person to whom the personal effects belong is not named or authority selected by us, that results from the requirementsas an insured. of any statutory authority that does not allow rebuilding (or only partial rebuilding) at the Business Premises following loss orCover is limited to $5,000 for any one employee. This additional damage covered by this section.benefit provides cover to You. It does not provide any insurancecover to any director or employee. Provided that: (a) this shall be calculated by subtracting the land value afterDischarge of mortgages rebuilding or after we have agreed that rebuilding is notIf Business Property has been damaged and the damage is possible, from the land value before the damage, andcovered by the Business Property cover section, where thesum insured is not otherwise exhausted, we will pay up to the (b) we will not pay more than 20% of the sum insured forbalance of the sum Insured, for the reasonable legal costs to Buildings at the Situation where the damage happened.discharge a mortgage or mortgages on Buildings or Contents The underinsurance condition does not apply to this additionalfollowing settlement of a claim on the basis of a total loss benefit, which is in addition to the sum insured.whether actual or constructive. 13