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  • Insurance

    Business Commercial/Retail/Industrial

    Insurance Policy Product Disclosure Statement

    This Product Disclosure Statement contains the Business Insurance Policy terms and conditions. You should read all sections of this Product Disclosure Statement before making a decision to acquire this financial product. Issued by Elders Insurance (Underwriting Agency) Pty Limited ABN 56 138 879 026 AFS Licence 340965 Underwritten by QBE Insurance (Australia) Limited ABN 78 003 191 035 AFS Licence 239545

  • 3

    Contents About this booklet 5

    About QBE Australia 5

    About Elders Insurance 5

    Important information 5

    Duty of disclosure 5

    Significant benefits and features 5

    Significant risks 6

    The cost of this Policy 6

    Cooling-off information 6

    The General Insurance Code of Practice 6

    Privacy 6

    Resolving complaints & disputes 7

    Contacting QBE’s CCU, AFCA or the OAIC 7

    Financial claims scheme 7

    Policy Wording 8

    Our agreement 8

    Paying your premium 8

    Words with special meaning 8

    Property section 10

    Fire and other insured events 10

    Cover 10

    Basis of settlement 10

    Insured events 12

    Additional benefits applying to this section 13

    Conditions applying to this section 15

    Endorsement 15

    Business interruption section 16

    Words with special meaning in this section 16

    Cover 17

    Basis of settlement 17

    Additional benefits applying to this section 17

    Optional benefits applying to this section 19

    Conditions applying to this section 19

    Theft section 20

    Words with special meaning in this section 20

    Cover 20

    Basis of Settlement applying to this section 20

    Additional benefits applying to this section 20

    Optional benefit applying to this section 21

    Exclusions applying to this section 21

    Condition applying to this section 21

    Money section 21

    Cover 21

    Additional benefits applying to this section 21

    Exclusions applying to this section 22

    Machinery breakdown section 22

    Words with special meaning in this section 22

    Cover 22

    Basis of settlement 22

    Additional benefits applying to this section 23

    Optional benefit applying to this section 23

    Exclusions applying to this section 24

    Conditions applying to this section 24

    Electronic equipment section 25

    Words with special meaning in this section 25

    Cover 25

    Basis of settlement 25

    Conditions applying to this section 25

    Optional benefits applying to this section 25

    Exclusions applying to this section 27

    Conditions applying to this section 27

    Broadform liability section 27

    Words with special meaning in this section 27

    Cover 28

    Conditions applying to this section 29

    Exclusions applying to this section 30

    Optional covers applying to this section 32

    Glass section 42

    Words with special meaning in this section 42

    Cover 42

    Basis of Settlement 42

    Additional benefits applying to this section 42

    Exclusions applying to this section 42

    General property section 43

    Words with special meaning in this section 43

    Cover 43

    Basis of settlement 43

    Optional Cover 43

    Exclusions applying to this section 43

    Employee dishonesty section 44

    Words with special meaning in this section 44

    Cover 44

    Additional benefits applying to this section 44

    Exclusions applying to this section 44

    Conditions applying to this section 44

    Tax audit section 44

    Words with special meaning in this section 44

    Cover 44

    Exclusions applying to this section 45

    Conditions applying to this section 45

    Transit section 45Date of preparation: 1 November 2018 Date effective: 1 November 2018 QM2606-1118

  • 4

    Words with special meaning in this section 45

    Cover 45

    Basis of settlement 45

    Additional benefits applying to this section 46

    Exclusions applying to this section 46

    Statutory liability section 46

    Words with special meaning in this section 46

    Cover 47

    Basis of cover - Claims made 47

    Basis of Claims Settlement 47

    Additional benefits applying to this section 47

    Exclusions applying to this section 47

    Conditions applying to this section 47

    Employment practices section 48

    Words with special meaning in this section 48

    Cover 48

    Basis of cover – Claims made 48

    Basis of Claims settlement 49

    Additional benefits 49

    Exclusions applying to this section 49

    Conditions applying to this section 49

    Motor vehicle section 50

    Words with special meaning in this section 50

    Types of cover 50

    1. Comprehensive cover 50

    2. Third party property damage including fire and theft cover 51

    3. Third party property damage cover 51

    Section 1 – Loss, damage or theft of your motor vehicle 51

    Cover 51

    Basis of settlement 51

    Salvage 51

    Unavailable parts 51

    Financier 51

    Additional benefits 51

    Additional benefits 52

    Section 2 – Third party liability Applicable to registered motor vehicles only 55

    Cover 55

    Basis of settlement 56

    Specific exclusion applying to this section 56

    What you must pay if you make a motor vehicle claim 56

    Excess 56

    What you will not have to pay if you make a motor vehicle claim 57

    Exclusions applying to the motor vehicle section 57

    Specific conditions applying to this section 59

    What you must do after an accident or theft 59

    What you must not do after an accident or theft 59

    What we will do 60

    What can affect a claim 60

    Repair guarantee 60

    Special clauses 60

    Downtime insurance cover 61

    Agreed value 62

    Hire vehicle costs following an accident 62

    Protected no claim discount 62

    General exclusions 63

    General conditions 64

    Claims 65

    What you must do 65

    Other terms 66

  • 5

    In an uncertain world, it’s good to know there’s someone committed to protecting you. In this booklet you’ll find our commitment described in detail. By taking the time to read these pages you’ll know exactly what you’re covered for, what you can expect from us and what we expect of you.

    You’ll also learn what to do if you need to make a claim, so we promise it’ll be time well spent.

    About this booklet There are two parts to this booklet. The first part is Important Information about this Policy including information about how we’ll protect your privacy and how to make a complaint or access our dispute resolution service.

    The second part is your Policy Wording which sets out the detailed terms, conditions and exclusions of the Policy.

    Because we don’t know your own personal circumstances, you should treat any advice in this booklet as purely general in nature. It doesn’t consider your objectives, financial situation or needs. You should carefully consider the information provided with regard to your personal circumstances to decide if it’s right for you.

    This booklet is also a Product Disclosure Statement (PDS). Other documents you receive may comprise the PDS. You’ll know when this happens because it’ll say so in the document.

    We may need to update information in this PDS. If we need to do this, we’ll either send you a new PDS or a supplementary PDS. You can also get a copy of these simply by calling us.

    For more information or to make a claim Please take the time to read through this booklet and if you have any questions, need more information or to confirm a transaction, please contact:

    • your Elders Insurance authorised representative. The contact details for your Elders Insurance authorise representative are set out in the financial services guide and other documentation they give you.

    Full details of what you must do for us to consider your claim are provided in the ‘Claims’ section at the end of this booklet. To make a claim under this Policy please contact:

    • your Elders Insurance authorised representative.

    We will only accept responsibility for repairs or payments to third parties under a claim where you have told us about them beforehand and we have accepted your claim.

    About QBE Australia QBE Insurance (Australia) Limited ABN 78 003 191 035 AFSL 239545 is a member of the QBE Insurance Group Limited ABN 28 008 485 014 (ASX: QBE). QBE Insurance Group is Australia’s largest international general insurance and reinsurance group, and one of the largest insurers and reinsurers in the world.

    About Elders Insurance This Policy is issued by Elders Insurance (Underwriting Agency) Pty Limited (‘Elders Insurance’) ABN 56 138 879 026, AFS Licence 340965 of 400 King William Street, Adelaide. Elders Insurance has entered into an arrangement with QBE enabling Elders Insurance authorised representatives to distribute QBE products.

    The address and telephone number of your Elders Insurance authorised representative is in your Policy Schedule.

    Important information The information provided in this section includes high level information about this Policy including your duty of disclosure, privacy, how to make a claim, our dispute resolut

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