KEY FACTS ABOUT THIS HOME BUILDING POLICY

Transcription

1 KEY FACTS ABOUT THIS HOME BUILDING POLICY Chubb s at: Masterpiece Personal Insurance Prepared On: July 10th 2014 THIS IS NOT AN INSURANCE CONTRACT 1 ABN AFSL: STEP Understanding the Facts Sheet This Key Facts Sheet sets out some of the events covered and not covered by this policy and other information you should consider. This sheet does not provide a complete statement of the cover offered, exclusions, conditions and limits that apply under the policy. You should carefully read the Product Disclosure Statement (PDS) and all policy documentations for more details. 2 STEP Check the maximum level of cover and the events covered Under this policy, Chubb Masterpiece Personal Insurance, any amounts you claim include GST. Event/Cover Yes// Some examples of specific conditions, exclusions or limits that apply to events/covers (see PDS and other policy documentation for details of others)* Fire and Explosion Yes Fire and explosion damage to the building are covered. In addition, we will pay fire department charges up to $5000 that may be levied upon you for the fire department to attend your residence. Flood Flood is not automatically covered but it may be available at some locations on payment of an additional premium. When flood cover is provided it includes cover for structures such as pontoons or swimming pools and it includes cover for action of the sea. Tsunami cover is provided. Storm Yes Storm damage to the building is covered, as is storm damage to external structures such as fences and swimming pools. Accidental breakage Yes Accidental breakage and accidental damage are covered under this policy. Earthquake Yes Earthquake is covered but other forms of earth movement like subsidence and erosion are not covered. Lightning Yes Lightning damage is covered under this policy. Theft and Burglary Yes Theft and burglary are covered. There is no requirement to provide evidence of forcible entry to the residence. In addition, there are no exclusions for theft or burglary committed by people you have allowed into your residence. Actions of the sea Action of the sea is not automatically covered but it may be available at some locations on payment of an additional premium. When cover is provided for action of the sea it includes cover for structures such as pontoons or swimming pools and it includes cover for flood. Tsunami cover is provided. Malicious Damage Yes Malicious damage is covered but we do not cover damage caused intentionally by a person whom you or your spouse have directed to cause the damage. Impacts Yes Impact damage is covered under this policy. 1 of 3

2 Escape of liquid Yes Escape of liquid is covered. Even when the cause of the escape is wear and tear, mould, breakdown, contamination, loss by vermin or structural movement, which are normally exclusions under the policy. We cover loss caused by water escaping from an appliance, pool or plumbing system. In addition we will pay for the cost of tearing out and replacing the part of the house necessary to repair the household appliance, swimming pool or system. Removal of debris Yes Cover is provided for reasonable expenses for debris removal up to 30% of the building sum insured. This 30% cover is in addition to the sum insured for building. Alternative accommodation Yes Cover is provided for the reasonable increase in normal living expenses for the reasonable amount of time to restore your residence to a habitable condition. * This Key Facts Sheet is a guide only. The examples provided are only some of the conditions, exclusions and limits in this policy. You must read the PDS and policy documentation for all information about this policy. STEP 3 Other things to consider Limits This policy has restrictions that limit your cover for certain events and items, for example, you are required to maintain an appropriate sum insured on your building and advise us of any additions, alterations or renovations to your house or other permanent structures. The payment basis and other policy terms and conditions may be affected by renovations at the residence. To find out these limits you need to read the PDS and other relevant policy documentation. Excesses If you make a claim, the excess is the amount you may have to pay for each incident. A number of different excesses may apply in respect to this policy, for example if the deductible (excess) shown in your Coverage Summary is $500 and your house is damaged by storm, you will pay the first $500 of the cost to repair that damage. You may be able to increase these excesses to lower your premium. For more detail, please read the PDS and other relevant policy documentation. Legal liability This policy covers your legal liability when you are found to be legally responsible for damage or personal injury to a third party or their property. It is limited to $30,000,000. You should read the PDS carefully to determine the extent of this cover. Cooling off period If you decide you don t want this policy within 21 days of it being issued and you haven t made a claim, you can cancel it and receive a refund. Maximum level of cover offered by the insurers Insurers offer different maximum levels of cover in the event of the loss or destruction your home including where: You set the maximum level of cover and your payout is limited to that amount* (Sum insured). You set the maximum level of cover and the insurer may provide you with some agreed extra cover above that amount (Sum insured plus safety net). The insurer will cover all the reasonable costs to rebuild your home (Total replacement). * The insurer may provide some cover above this amount. 2 of 3

3 You should consider which type of cover is best for you. Failure to adequately insure your home may result in underinsurance. The content of this Key Facts Sheet is prescribed by the Australian Government Warning: this Key Facts Sheet sets out some of the conditions, exclusions and limits in respect to this policy. You should read the PDS and all policy documentation for all the conditions, exclusions and limitations of this policy that limit or exclude cover..step4seek more information If you want more information on this policy contact us on or your insurance broker. For more information on choosing insurance and to better understand insurance visit the Australian Government website: The policy this KFS relates to is: Provided / Distributed by your insurance intermediary, details of which can be obtained from the underwriter. Underwritten by Chubb Insurance Company of Australia Limited AFSL of 3

4 KEY FACTS ABOUT THIS HOME CONTENTS POLICY Chubb s at: Masterpiece Personal Insurance Prepared On: July 10th 2014 THIS IS NOT AN INSURANCE CONTRACT 1 STEP Understanding Event/Cover Yes// Some examples of specific conditions, exclusions or limits that apply to events/covers (see PDS and other policy documentation for details of others)* Fire and Explosion Yes Fire and explosion damage to contents are covered. In addition, we will pay fire department charges up to $5000 that may be levied upon you for the fire department to attend to your residence. Flood Flood is not automatically covered but it may be available at some locations on payment of an additional premium. When flood cover is provided it includes cover for action of the sea. Tsunami cover is provided. Storm Yes Storm damage to contents is covered even if the contents are outside the residence and even if the storm water enters the home through an open door or window. Accidental breakage Yes Accidental breakage and accidental damage are covered under this policy including breakage of items while they are being carried or used. Earthquake Yes Earthquake damage is covered under this policy. Lightning Yes Damage caused by lightning is covered under this policy even if the lightning occurs separately to a storm event. Theft and Burglary Yes Theft and burglary are covered. There is no requirement to provide evidence of forcible entry to the residence. In addition, there are no exclusions for theft or burglary committed by people you have allowed into your residence. Actions of the sea the Facts Sheet This Key Facts Sheet sets out some of the events covered and not covered by this policy and other information you should consider. This sheet does not provide a complete statement of the cover offered, exclusions, conditions and limits that apply under the policy. You should carefully read the Product Disclosure Statement (PDS) and all policy documentations for more details. 2 STEP Check the maximum level of cover and the events covered Under this policy, Chubb Masterpiece Personal Insurance, any amounts you claim include GST. Action of the sea is not automatically covered but it may be available at some locations on payment of an additional premium. When cover is provided for action of the sea, it includes cover for flood. Tsunami cover is provided. Malicious Damage Yes Malicious damage is covered but we do not cover damage caused intentionally by a person whom you or your spouse have directed to cause the damage. Impacts Yes Impact damage is covered under this policy. ABN AFSL: Escape of liquid Yes Escape of liquid is covered. Even when the cause of the escape is wear and tear, mould, breakdown, contamination, loss by vermin or structural movement, which are normally exclusions under the policy. We cover loss caused by water escaping from an appliance, pool or plumbing system. 1 of 3

5 High value items and collections Items away from insured address Cover for valuables, collections and items away from the insured address Yes Yes Special limits apply to some valuable items such as jewellery, legal tender, securities, trailers, watercraft, furs, items made from precious metals, collections of stamps, coins and medals and guns. There are no special limits for works of art or antiques. Coverage is worldwide subject to the economic sanctions exclusion. * This Key Facts Sheet is a guide only. The examples provided are only some of the conditions, exclusions and limits in this policy. You must read the PDS and policy documentation for all information about this policy. STEP 3 Other things to consider Limits This policy has restrictions that limit your cover for certain events and item, for example, coverage for loss of or damage to jewellery is limited to $25,000 per item and $50,000 per occurrence unless you have advised us of and paid for additional valuable articles jewellery cover. To find out these limits you need to read the PDS and other relevant policy documentation. Excesses If you make a claim, the excess is the amount you may have to pay for each incident. A number of different excesses may apply in respect to this policy, for example if the policy deductible (excess) shown on your Coverage Summary is $500 and your contents are damaged in a fire, you will pay the first $500 of the cost to repair or replace the damaged contents. You may be able to increase these excesses to lower your premium. For more detail, please read the PDS and other policy documentation. Legal liability This policy covers your legal liability when you are found to be legally responsible for damage or personal injury to a third party or their property. It is limited to $30,000,000. You should read the PDS carefully to determine the extent of this cover. Cooling off period If you decide you don t want this policy within 21 days of it being issued and you haven t made a claim, you can cancel it and receive a refund. Maximum level of cover offered by the insurers Insurers offer different maximum levels of cover in the event of the loss or destruction your contents including where: You set the maximum level of cover and your payout is limited to that amount* (Sum insured). You set the maximum level of cover and the insurer may provide you with some agreed extra cover above that amount (Sum insured plus safety net). * The insurer may provide some cover above this amount. When working out how much cover you need for your contents, ensure that you value your possessions correctly. To do this you could start by listing all your contents and working out how much it would cost to replace them. 2 of 3

6 A Failure to adequately insure your contents for their replacement value may result in underinsurance. Warning: this Key Facts Sheet sets out some of the conditions, exclusions and limits in respect to this policy. You should read the PDS and all policy documentation for all the conditions, exclusions and limitations of this policy that limit or exclude cover..step4seek more information If you want more information on this policy contact us on or your insurance broker For more information on choosing insurance and to better understand insurance visit the Australian Government website: The policy this KFS relates to is: Provided/Distributed by your insurance intermediary, details of which can be obtained from the underwriter. Underwritten by Chubb Insurance Company of Australia Limited AFSL of 3