Zurich Business Insurance Quick Reference Guide The Quick Reference Guide provides a snapshot of the changes that have been made in comparison to the current Zurich Business Insurance policy to the New Zurich Business Insurance. Introducing the new Zurich Business Insurance which will be effective from: New Business 12th March 201; Renewals 12th March 201 attaching on or after this date. We are pleased to announce that effective from 12th March 201, we will be administrating all terms and conditions including claims notified on the broader of the two wordings. This agreement will cease at the first renewal date of your customers current policy. Note: the benefit of cover provided by this agreement does not extend to cover the insured peril of Flood. Note: This information is intended as a guide only. Please review the whole document for full details of coverage provided. Legend: = Was included = Not included SECTION OF DOCUMENT Compliance reference PCUS-0027-201 PCUS-001695-200 General Introduction About Zurich Amended for clarity Duty of Disclosure Non-disclosure or Misrepresentation Amended to Section 21 Insurance Contracts Act requirements Added to wording to comply with Insurance Contracts Act requirements Was included under Section 21 (a) statement Privacy Amended in accordance with new requirements General Insurance Code of Practice Amended for clarity Dispute Resolution process Amended for clarity Page 1 of
General Definitions Building Clause (f) external fixed items we included under sub-clause (iv) air conditioning units and associated piping and wiring Clause (j) re-worded to read (j) bitumen or concrete: (i) driveways; (ii) roadways; (iii) carparks; and (iv) paths or walkways Clause (n) re-worded to include piers, jetties, wharves and docks Clause (o) newly added to include bridges Flood Money Seasonal Increase periods Our Agreement 1. Approved claims preparation costs 3. Repairs to damage by you Re-worded in alignment with the suggested Treasury definition Broaden to include phone cards, store value cards and other like items of value Included seasonal increase periods to aid with policy construction. Slight increase for periods up to Easter and other festive periods to 6 weeks Added we agree not to unreasonably withhold consent Newly added We agree that the repair of the damage can be undertaken by you or your employees Easter and other festive periods to weeks Clarifies our intent. Payment of rewards Newly added We will pay up to for the reimbursement of any public reward to recover property or to indentify the offenders following loss, destruction or damage to property General Exclusions. Unoccupied buildings and Premises Broaden the Perils of cover to include various impact perils General Terms and Conditions 12. Sanctions regulation Newly added Zurich shall not be deemed to provide coverage and will not make any payments nor provide any service which would violate any applicable trade or economic sanctions, law or regulation Fire Gold Definitions Excluded property Clause 6 Vehicles now includes cover within the write-back for mobile plant and equipment (excluding cars, sedans panel vans and trucks) not otherwise insured; and motor vehicles that are stock in trade of your business Page 2 of
Clause Clause 10 Clause 11 Basis of Settlement Deleted bridges, docks, roadways and wharves. This is in alignment with the changes to the General Definition of Building, refer Clauses (n) & (o) above Standing timber and alike, reworded for clarity that in the reinstatement of the building apart from landscaping, plants and gardens we will also included potted plants Property being constructed, built, erected, altered or dismantled, write back was amended to clarify intent 1. (e) Output replacement Newly added To help with the settlement for any property which has a measurable function, capability or output and it is necessary to replace the item or items with new property to perform a similar function or functions Extensions of A 2. Extra cost of reinstatement Modified to include any undamaged portions of the insured property, where any lawful authority are imposed after the damage 7. Floor space ratio or Index Amended to clarify intent 10. Expediting Expenses Newly added covers costs and expenses, overtime incurred in connection with the repair or reinstatement of the property that is damaged, subject to 50% of the cost of repairs or $25,000 whichever is the lesser Extensions of B 1. Fire fighting costs Increased limit up to $50,000 in total, any one event $25,000 3. Temporary protection and Watchmen Increased limit up to $50,000 any one event $25,000 5. Discharge of mortgage cost Increased limit up to $50,000 any one event $25,000 Extensions of C 1. Restricted transit Increased limit up to the lesser of $50,000 or 10% of the declared value for that category of property. $25,000 or 10% of the declared value 2. New Premises Temporary cover Included write-back that the Underinsurance does not apply to this Extension of 6. Seasonal or Festive increase Increased maximum days to 126 days Previously 110 days Fire Silver 2. Impact Modified to include (f) Impact caused by watercraft and hovercraft Re-numbered the current (f) to (g) Impact caused by a falling building or other structure or part thereof. 7. Leakage of liquid other than water Newly added covers liquid discharged or leaking from any tank, pipe or storage system installed in or on the building or at an adjoining building Page 3 of
Basis of Settlement 1. (e) Output replacement Newly added To help with the settlement for any property which has a measurable function, capability or output and it is necessary to replace the item or items with new property to perform a similar function or functions Exclusions 1. (f) Includes cover within the write-back for mobile plant and equipment (excluding cars, sedans, panel vans and trucks) not otherwise insured; and motor vehicles that are stock in trade of your business 1. (h) Now reads tunnels only we have deleted bridges, docks, roadways and wharves 1. (j) Reworded for clarity that in the reinstatement of the building apart from landscaping, plants and gardens we will also include potted plants 1. (k) Property being constructed, built, erected, altered or dismantled, write back was amended to clarify intent Extensions of A 1. Extra cost of reinstatement Modified to include any undamaged portions of the insured property, where any lawful authority are imposed after the damage 6. Floor space ratio or Index Amended to clarify intent 9. Expediting Expenses Newly added covers costs and expenses, overtime incurred in connection with the repair or reinstatement of the property that is damaged, subject to 50% of the cost of repairs or $25,000 whichever is the lesser Extensions of B 1. Fire fighting costs Increased limit up to $50,000 in total, any one event $25,000 3. Temporary protection and Watchmen Increased limit up to $50,000 any one event $25,000 5. Discharge of mortgage cost Increased limit up to $50,000 any one event $25,000 Extensions of C 1. Restricted transit Increased limit up to the lesser of $50,000 or 10% of the declared value for that category of property. $25,000 or 10% of the declared value 2. New Premises Temporary cover Included write-back that the Underinsurance does not apply to this Extension of 6. Seasonal or Festive increase Increased maximum days to 126 days Previously 110 days Business Interruption Income Definitions Income Included any electrical power generated and sold income generated by the business Insured damage Amended to clarify intent Rate of payroll Newly added to aid with the Basis of Settlement clause Page of
Severance pay Newly added to aid with the Basis of Settlement clause Basis of Settlement 2. Additional expenditure Modified for clarity to include cost of reducing loss of income and/or resuming and/or maintaining your normal business operations or services 3. Payroll Modified for clarity to include severance pay Limitations of 2. Closure of your business Amended to clarify intent Extensions of 3. Other premises and Property (a) Unspecified suppliers (b) Unspecified customers 7. Murder, Suicide and Infectious disease clause (i) modified for clarity, that services provided by a Public Utilities not included Amended to include any work site when your business entails work away from your premises Included (a) (iv) bomb threat at or to the premises and clarified that the Definition insured damage does not apply to this Extension of 9. Fines, Damages and Penalties Amended to clarify intent Optional Extensions of 2. Additional increase in cost of working Modified for clarity to include cost of reducing loss of income and/or resuming and/or maintaining your normal business operations or services 3. Accounts receivable (book debts) Amended to clarify intent Business Interruption Weekly Income Definitions Income Included any electrical power generated and sold income generated by the business Insured damage Amended to clarify intent Limitations of Period of insurance Deleted in full not required for this 2. Closure of your business Amended to clarify intent Extensions of 3. Other premises and Property (a) Unspecified suppliers (b) Unspecified customers 7. Murder, Suicide and Infectious disease clause (i) modified for clarity, that services provided by a Public Utilities not included Amended to include any work site when your business entails work away from your premises Amended to clarify intent that the Definition insured damage does not apply to this Extension of Page 5 of
Liability Exclusions 3. Property in physical or Legal control clause (d) increased limit up to $250,000 for any one occurrence and in the aggregate during any one period of insurance $100,000 5. Damage to products Included a write-back to this exclusion, clarifying that we exclude the damage product itself, however cover is provided to the resultant damage caused 10. Watercraft, Aircraft, Hovercraft clause (a) (i) modified for clarity 17. Construction Deleted the words structure, plant or equipment within the exclusions 21. Territorial limits clause (b) (i) deleted and(b) modified to read caused by or arising out of products exported by an insured person or its agents to North America clause (b) (i) excluded products supplied by an insured person or its agents to North America Burglary Definitions Safe Strongroom clause 5 Safes and Strongrooms Exclusions Newly added to aid with the new cover provided within the clause Newly added to aid with the new cover provided within the clause Newly added to cover actual visible of forcible enter into any locked cabinet, counter or showcase Newly added costs of opening any safes or strongrooms damaged has a result of theft under clauses 1 to 5. Theft of motorised vehicles Modified to include forklifts or similar lifting plant, not otherwise insured Extensions of cover 3. Seasonal or Festive increase Increased maximum days to 126 days Previously 110 days. Lock and Keys Increased limit up to $10,000 in total, any one event and shall not be cumulative with similar cover within Money 5. Temporary protection and Watchmen Increased limit up to $10,000 in total, any one event and shall not be cumulative with similar cover within Money 6. Security Increased limit up to $10,000 in total, any one event and shall not be cumulative with similar cover within Money 9. Business records Increased limit to $25,000 or as noted in the schedule $10,000 Page 6 of
11. Theft without forcible entry Increased limit up to $10,000 in total, any one event or as noted in the schedule 12. Illegal use of corporate financial transaction card 1. Property temporarily removed Newly added We will pay any financial loss sustained by you arising from the illegal use of the card by an unauthorised person during the period of insurance, up to in total for any one loss or event Newly added We will cover your property while temporarily removed to any other premises within Australia for a period of up to 90 days, limited to 20% of the sum insured 15. Tenanted premises Newly added To cover in addition to the sum insured, the cost of repairing or replacing damage to the landlords premises or property (other than glass) for which the insured is liable under the terms of their lease or rental agreement arising from theft or attempted theft at the premises. The maximum amount we will pay is $10,000 any one event. Money 2. Specified cover Increased limit up to $2,000 for money on the premises during non business hours $1,000 Extensions of cover 2. Seasonal or Festive increase Increased maximum days to 126 days Previously 110 days 3. Additional covers (c) Keys, locks and combinations Increased limit up to $10,000 in total, any one event and shall not be cumulative with similar cover within Burglary (d) Travellers money Increased limit up to $10,000 in total, any one event (f) Temporary protection and Watchmen (g) Security Increased limit up to $10,000 in total, any one event and shall not be cumulative with similar cover within Burglary Increased limit up to $10,000 in total, any one event and shall not be cumulative with similar cover within Burglary 6. Counterfeit currency Newly added We will cover your business for the accidentally accepting counterfeit up to $500 in total, any one period of insurance 7. New Premises Temporary Newly added We will cover loss of money for a period of up to 30 days, when the insured occupies new premises. is limited to 20% of the sum insured for each category specified in the schedule. Page 7 of
Glass Extensions of 1. Additional Benefits Reworded clause 1(b) for clarity to include tiled shop fronts and increased limit up to $7,500 any one event 2. Reinstatement Additional Benefits 3. Advertising (or identification) signs Increased limit up to $7,500 Increased limit up to $7,500 during the period of insurance. Damaged stock Increased limit up to $7,500 during the period of insurance Business Special Risks Limitations of. Unspecified items Increased limit up to $2,500 any one item $2,000 Optional Limitations 1. Restricted cover Peril 1. (c) modified for clarity, impact by vehicle or aircraft Peril 1. (f) modified to include impact, malicious damage, but not theft Engineering Plant Optional Extension of A Deterioration of Stock 1. clause re-drafted to be consistent with the rest of the and included temporary plant at the premises not exceeding 60 days Extension of for DOS Electronic Equipment Stock seasonal or Festive increase increased maximum days to 126 days Previously 110 days Nil changes to this Section Employee Fraud Office Endorsement Burglary Endorsement 11. Theft without Visible, Forcible or Violent entry Clause 2. (b) modified for clarity, by including the words whichever occurs first Increased limit within proviso (iii) to greater than $10,000 any one event ZU22050 - V1 01/1 - PCUS-00275-201 Zurich Australian Insurance Limited ABN 13 000 296 60, AFS Licence No: 232507 Head Office: 5 Blue Street, North Sydney NSW 2060 Client Enquiries Telephone: 132 67 www.zurich.com.au Page of