Apogee Preflight - ract.com.au Insurance... · 1 Investor Building and Investor Contents Insurance This Product Disclosure Statement (PDS) contains information regarding Investor

WITH RACT INSURANCE

INVESTORINSURANCE

Investor Basic and Investor Plus Product Disclosure Statement

The insurer of this product is RACT Insurance Pty Ltd ABN 96 068 167 804 AFS Licence No 229076.The Royal Automobile Club of Tasmania Limited ABN 62 009 475 861 acts as an agent for RACT Insurance Pty Ltd, not as your agent.

RACT Insurance Pty Ltd

RACT House, 179-191 Murray Street Hobart, Tasmania 7000 Phone: (03) 6232 6300 Fax: (03) 6231 9034

This PDS came into effect on 1st March 2015

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Investor Building and Investor Contents InsuranceThis Product Disclosure Statement (PDS) contains information regarding Investor Building and Investor Contents Insurance.

You will find the relevant sections on the following pages:

Building Insurance: including Investor Basic and Investor Plus - pages 7 to 23

Contents Insurance: including Investor Basic and Investor Plus - pages 24 to 34

Sections that apply to both Investor Building and Investor Contents Insurance can be found on pages 2 to 6 and 35 to 46.

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Investor Insurance Product Disclosure StatementIf you’re about to read this Product Disclosure Statement (‘PDS’ for short but commonly referred to in this document as the ‘policy’) because loss or damage has been caused to your investment property and you haven’t already called us, please do so now on 13 27 22. That’s the very best way of getting the help you need as quickly as possible.

However, whether or not you’ve made or are about to make a claim, it is still a good idea to better understand the cover and benefits your Investor insurance policy provides, the conditions under which they are provided, and what we don’t cover.

You may take building cover for loss or damage to your building as described on pages 10 to 23, and your legal liability for the death of or bodily injury to any person. For full details, see page 18.

If you have building cover, you may also insure your contents for an additional premium. For full details, see page 24.

Investor Basic and Investor Plus These products are for investors (landlords) who rent out or tenant their property.

Investor Basic provides a comprehensive cover for a tenanted property and includes cover for loss of rent as a result of an insured event.

Investor Plus provides a superior level of cover for tenanted properties and includes cover for default of rent and malicious damage by tenants. Additional benefits provided under the Investor Plus product are shown at the end of each section throughout the PDS.

The type and level of cover you have selected will be shown on your current schedule.

Please refer to ‘Getting started’ on page 3 for further information about the cover provided by each of these products.

Limits and exclusionsThe cover we provide is subject to monetary limits, conditions and exclusions. You should read this PDS carefully in conjunction with your current schedule.

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Getting StartedTo get you started, here’s a quick guide:

BASIC PLUS

Cover BUILDING CONTENTS BUILDING CONTENTS

Insured EventsStormFloodEscape of WaterLightningExplosionTheft Theft by tenants or their guestsMalicious Damage Malicious Damage by tenants or their guestsImpactDamage by an animalLeakage of OilRiot or civil commotionTerrorismEarthquake

Additional coverIncidental expensesExploratory costsGlass BreakageDamage caused by power surgeLoss of Rent caused by an Insured EventLoss of Rent caused by prevention of accessDefault of RentLegal costs to recover unpaid rentLandlords fittingsAutomatic adjustment to the Sum InsuredSafety netLegal liabilityUnoccupancyBuilding work/renovations

Optional benefits you can add to your policyDamage to electric motorsStorm damage to gates and fences

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Contents

Investor BuildingInvestor Insurance .............................. 2

Limits and exclusions ....………………2

Getting started ................................... 3

Claim on your policy .......................... 6

Excesses ............................................. 6

When your building has been damaged ............................................ 7

Repairing or rebuilding – new for old cover ............................................... 7

Choice of replacement ................... 7

Repair guarantee ............................ 8

What we cover as your building ......... 9

Your Sum Insured ............................. 10

Insured Events you are covered for

Storm ............................................ 10

Flood ............................................ 11

Escape of water ............................ 11

Lightning ...................................... 11

Fire ............................................... 12

Explosion ...................................... 12

Theft ............................................ 12

Malicious damage ........................ 12

Impact .......................................... 13

Damage by an animal .................. 13

Leakage of oil ............................... 13

Riot or civil commotion ................. 14

Terrorism ...................................... 14

Earthquake ................................... 14

Additional cover

Incidental expenses ...................... 15

Exploratory costs .......................... 15

Glass breakage ............................. 16

Damage caused by power surge .. 16

Loss of rent .................................. 16

Landlord’s fittings ......................... 17

Automatic adjustment to the Sum Insured ......................................... 17

Safety net ..................................... 17

Legal liability ................................ 18

Unoccupancy ............................... 19

Building work/renovations ............. 19

Optional benefits

Damage to electric motors ........... 20

Storm damage to gates and fences 20

What you are also covered for if you have Investor Plus

Theft by tenants or their guests ... 21

Malicious damage by tenants or their guests.…… ...............………..21

Default of rent .............................. 22

Legal costs to recover unpaid rent 22

Loss of rent caused by damage to a nearby building preventing access 23

Investor ContentsWhat we cover as your contents ...... 24

Your Sum Insured ............................. 25

When your contents have been damaged .......................................... 25

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Contents inside your building .......... 25

Contents outside your building but at the site ......................................... 26

Insured Events you are covered for

Storm ............................................ 26

Flood ............................................ 27

Escape of water ............................ 27

Lightning ...................................... 27

Fire ............................................... 28

Explosion ...................................... 28

Theft ............................................ 28

Malicious damage ........................ 28

Impact .......................................... 29

Damage by an animal .................. 29

Leakage of oil ............................... 29

Riot or civil commotion ................. 30

Terrorism ...................................... 30

Earthquake ................................... 30

Additional cover

Glass breakage ............................. 31

Damage caused by power surge .. 31

Automatic adjustment to the Sum Insured ......................................... 31

Unoccupancy ............................... 31

Building work/renovations ............. 32

Optional benefits

Damage to electric motors ........... 33

What you are also covered for if you have Investor Plus

Theft by tenants or their guests ... 34

Malicious damage by tenants or their guests ........................................... 34

Sections that apply to both building and contents

Your policy does not cover............ 35

We may refuse to pay a claim and cancel your policy if ...................... 36

About your premium ..................... 36

Definitions .................................... 37

When you make a claim ............... 39

Why the cost of insurance can change ......................................... 39

Special offers ................................ 40

Paying your premium .................... 40

Payment in full .............................. 40

Payment by instalments ................ 40

Important general information ...... 42

Your Duty of Disclosure ................ 42

Cooling-off period ........................ 43

Cancelling your policy ................... 43

Co-operation ................................ 43

Goods and Services Tax ............... 44

Updating our PDS ........................ 44

The General Insurance Code of Practice ........................................ 44

How we resolve complaints about our policies and services ............... 44

Financial Claims Scheme .............. 46

Privacy of personal information .... 46

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Claim on your policy by calling us on 13 27 22We understand that having your investment property damaged is a stressful experience - we can answer all your questions and help you with everything that needs to be done.

Call us as soon as possible if your property has been:

• damaged; or

• any loss has resulted from an insured event covered by this policy.

When you are making a claim, we may require proof of ownership or evidence as to the extent of loss or damage. To assist with this, we suggest you keep things such as receipts or valuations as well as model and serial numbers. If you cannot prove that you owned an item, we may not pay you for it.

ExcessesAn excess is the amount you must contribute towards each claim. The excesses we apply are:

• Excess – your policy has a default excess and a number of optional excesses you can choose from. The excess shown on your current schedule will apply to all claims.

• Additional Excess – may be applied when some aspects of the property or owner to be insured fall outside our normal underwriting guidelines.

• Earthquake Excess – this excess is in addition to any other excess applicable under the policy.

• Unoccupancy Excess – this excess is in addition to any other excess applicable under the policy.

• Theft by tenants or their guests Excess – this excess is in addition to any other excess applicable under the policy.

• Malicious damage by tenants or their guests Excess – this excess is in addition to any other excess applicable under the policy.

The amount and types of excesses that may apply are shown on your current schedule. You may have to pay more than one excess.

We will advise you if an excess is payable to us, or to a builder, repairer or supplier, or whether we will deduct it from the amount we pay you.

When you have both your building and contents insured with us, and you claim for loss or damage caused to both by the same incident, only one excess is payable. If the excess amounts are different, the higher amount is payable.

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Investor BuildingWhen your building has been damagedWhen your building has been damaged in an event covered by your policy, at our option we will:

• repair your building;

• rebuild your building;

• pay you the cost of repairing or rebuilding your building.

Repairing or rebuilding - new for old coverWhen your building has been damaged by an insured event, we will pay the reasonable costs to restore your building with new materials to the same specifications as when it was built or last renovated. Any part of your building that we rebuild or repair will comply with current building standards.

You must:

• make your property available to us if we require it;

• not carry out or have any repair work carried out without our prior authorisation.

We will choose the repairer and ensure that the repair is properly completed.

If repairing your building, we will endeavour to match building materials to ensure a uniform appearance and return the damaged part of your building to its former style and finish.

We will pay up to $1,000 if undamaged areas of your building need to be replaced or altered to create a uniform appearance.

Choice of replacementIf we agree to repair or rebuild your building, you may rebuild or repair your building in any way you like. You may change the materials, plan, specifications, size or site.

We will not pay any additional costs resulting from making these changes.

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Repair guaranteeThis guarantee applies whilst you own your building.

When we repair your building, we guarantee the quality of materials and workmanship of repairs where we have authorised, arranged and paid the builder directly for the repairs.

We will rectify any problems arising from the repair we have authorised that we agree have been caused by faulty or incorrect materials or poor quality workmanship.

This guarantee does not apply to:

• loss, damage or failure of any electrical or mechanical appliances or machines;

• wear and tear consistent with normal gradual deterioration of your building;

• repairs you authorise or make yourself; or

• if you have subsequently altered, modified or renovated the materials and workmanship authorised and arranged by us.

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What we cover as your buildingYour building means the building(s) at the site specified on your current schedule used as a domestic dwelling.

Including:

• garages and other domestic outbuildings;• fixed floor coverings including linoleum and timber flooring other than carpets;• pergolas, patios, verandas, decking and fixed gazebos;• walls, gates and up to two kilometres of fencing;• light fittings, alarm systems, stoves, heat pumps and other electrical appliances

permanently connected to the power supply;• solar panels permanently fixed to the building;• boat jetties and pontoons;• permanently installed swimming pools, spas and their accessories;• fixed external barbeques, clothes lines, external blinds, shade sails, awnings, shade

umbrellas, aerials, satellite dishes and masts;• tennis courts;• permanently installed under-bench or in-cupboard dishwashers;• wallpaper, paint and coverings on walls and ceilings;• insulation installed in your building;• garden borders, driveways, paths and paving;• service pipes, cables, poles and wires you own or are legally responsible for;• unfixed building materials and uninstalled fittings up to $500;• fixed landscaping (including trees, plants, lawns and landscaping structures) up to $500.

But not including:• more than two kilometres of fencing;• more than 500 metres of driveways and roads; • a new building being built;• carpets (fixed or unfixed) or floor rugs;• vehicles, caravans, trailers, mobile homes, tents, rail carriages, trams, aircraft or

watercraft;• mobile dishwashers or dishwashers not installed in a cupboard or under-bench;• non-permanent swimming pools and spas that are capable of being moved from the

site, and their accessories;• any of your contents;• any part of your building used as a motel, bed and breakfast, boarding or guest house;• any part of your building used for any business, trade or profession, unless you have

told us before hand and we have agreed to cover this;• dams or waterholes.

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Your Sum InsuredYou are responsible for deciding the amount of your building Sum Insured. You should therefore check that you are adequately covered for any potential loss and that the cover suits your needs. If you have inadequate cover, you may bear the uninsured portion of any loss yourself.

If you are unsure of values, you can use an expert such as a professional valuer or home builder to assist you.

Alternatively, you can call us on 13 27 22 or visit one of our branches to obtain a copy of our easy to use calculator that covers both building and contents. You can also go to our website where you will find a copy of the calculator.

Insured events you are covered forYou are covered for loss or damage caused to your building by the following insured events.

StormWe cover: Loss or damage caused by a storm, accompanied by one or more of

the following: heavy rain, strong winds, lightning, snow or hail.

Limit: The most we will pay is the Sum Insured.

We do not cover: Damage to:

• the interior of your building caused by water entering through an opening that has resulted from:– a lack of or poor maintenance; – faults or defects.

• gardens, garden borders;• outbuildings inadequately secured to their foundations;• loose or compacted materials such as gravel, pebbles, bricks, sand

or earth on roads, driveways or paths;• roads, driveways or paths which do not have adequate drainage;• gates, fences, retaining walls or freestanding walls. (Note: we will

cover storm damage to gates and fences if you have paid for this optional cover, and it is stated on your current schedule).

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FloodDefinition: Flood is the covering of normally dry land by water that has escaped

or been released from the normal confines of:

• any lake, or any river, creek or other natural watercourse, whether or not altered or modified; or

• any reservoir, canal, or dam.


We do not cover: • flood for the first 48 hours after the start of your policy unless:– you purchased your building in the 24 hours before the policy

commenced; or– your policy commenced immediately after another policy

covering the same risk expired, without a break in cover. • any increases in the Sum Insured for the first 48 hours when the

loss or damage is due to flood. • damage:

– caused by tidal wave, tsunami, high tide or actions of the sea;– to loose or compacted materials such as gravel, pebbles, bricks,

sand or earth on roads, driveways or paths.

Escape of waterWe cover: • escape of water from a water main, pipe, guttering, refrigerator,

freezer, dishwasher, washing machine, or stormwater channel, stormwater canal or stormwater pipe;

• escape of water from baths, basins, sinks, toilets or aquariums.


We do not cover: • wear, tear, loss or damage as a result of a gradual process of leaking, dripping, splashing or overflowing over a period of time when you could reasonably be expected to be aware of this condition;

• loose or compacted materials such as gravel, pebbles, bricks, sand or earth on roads, driveways or paths.

LightningLimit: The most we will pay is the Sum Insured.

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FireLimit: The most we will pay is the Sum Insured.

We do not cover: • bushfire for the first 48 hours after the start of your policy, unless:– you purchased your building in the 24 hours before the policy



loss or damage is due to bushfire;• scorching or burn marks where there has been no flame, for

example, cigarette burns.

ExplosionLimit: The most we will pay is the Sum Insured.

TheftLimit: The most we will pay is the Sum Insured.

We do not cover: Theft or damage:• by you or a tenant, or by someone who entered the site with your

consent or the consent of a tenant;• without forced entry from common areas, garages, storage areas

or parking areas of residential flats, units, townhouses or villas.

Malicious damage Limit: The most we will pay is the Sum Insured.

We do not cover: • loss or damage caused by you or a tenant or by someone who entered the site with your consent or the consent of a tenant;

• accidental or unintended damage;• the cost of cleaning, repairing or restoring the investment property

caused by neglect, or untidy, unclean or unhygienic habits of tenants or their guests, such as the cost of cleaning, repairing or removing:– liquid or food stains;– drawings or paintings on walls;– water damage and stains caused from watering plants, or by

water splashing from showers, basins, sinks or baths; – abandoned items or rubbish.

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ImpactWe cover: The impact of:

• an aircraft, vehicle or water-borne craft;• space debris or debris from an aircraft, rocket or satellite;• an aerial or satellite dish;• falling power poles or communication poles, towers or lines;• a falling tree or branch.


We do not cover: • loss or damage caused by tree-felling or lopping at the site;• the removal and disposal of trees or branches that have not

caused damage to your building;• the removal of tree stumps or tree roots still in the ground;• impact caused by the roots of trees, plants, shrubs or hedges.

Damage by an animalWe cover: • damage to your building caused by the acts of an animal;

• damage to your building caused by an animal accidentally trapped inside your building when the animal does not belong to you or anyone living with you;

• the resultant fire damage or water damage caused by the actions of vermin or insects.


We do not cover: Damage caused by:

• animals or birds kept at the site;• animals or birds pecking, biting, clawing or chewing your building;• vermin or insects (but we will cover the resultant fire or water

damage they cause).

Leakage of oilWe cover: The leakage of oil from a fixed heating system inside your building.


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Riot or civil commotionWe cover: Loss or damage caused as a result of riot, civil commotion, industrial

or political disturbance.


We do not cover: Loss or damage:• arising after 72 hours from the commencement of any riot, civil

commotion, industrial or political disturbance;• caused by you or a tenant, or by someone who entered the site

with consent from you or a tenant.

TerrorismLimit: The most we will pay is the Sum Insured.

We do not cover: Loss or damage directly or indirectly caused by, contributed to by, resulting from or arising out of or in connection with biological, chemical, radioactive, or nuclear pollution, nuclear contamination or nuclear explosion.

EarthquakeLimit: The most we will pay is the Sum Insured.

We do not cover: Loss or damage caused by a tsunami.

Note: An earthquake excess of $500 applies to all claims. This is in addition to any other excess that applies to the claim.

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Additional coverIncidental expensesWe cover: We will pay the reasonable costs of:

• demolition and removal of debris; • engaging an architect, engineer or surveyor in connection with

repairing or rebuilding your investment property;• planning and approval (for example, Council approval costs).


We do not cover: • extra costs to meet statutory requirements (these costs are included in your Sum Insured);

• incidental expenses incurred for any part of your building which has not suffered loss or damage covered by this policy. (We will only pay the extra costs you incur in repairing or rebuilding the damaged part);

• extra costs resulting from any notice a statutory authority serves on you, or of which you had notice, before your building was damaged.

Note: This benefit is paid in addition to the total Sum Insured.

Exploratory costsWe cover: The reasonable costs to find the cause of damage at the site if we

agree the loss or damage was caused by an insured event.


We do not cover: • costs which do not relate directly to the part of your building that suffered the loss or damage;

• costs which involve exploratory work outside the site;• costs which we do not agree to pay unless arrangements have

been made with us prior to incurring them.


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Up to 15% of the Sum Insured.

Reasonable costs up to 10% of the Sum Insured.

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Glass breakageWe cover: The cost of replacing any of the following items which suffer

accidental breakage:

• glass which forms a part of your building;• glass in a light fixture; • glass which forms part of your cooktop or stove;• fixed sinks, toilets, shower bases or baths.

We do not cover: • glass in a greenhouse;• items already in a damaged condition;• scratches or chipping.

Damage caused by power surgeWe cover: If a domestic appliance which forms a part of your building is

damaged as a result of a power surge, we will pay to repair or replace that item.

Limit: Up to:

• $1,000 per item;• $3,000 for all items damaged as a result of a single power surge.

Note: These limits do not apply if the damage was a direct result of an insured event.

Loss of rentWe cover: If we agree your building cannot be lived in because it has been

damaged as a result of an insured event, we will pay the amount of rent lost while your building is being rebuilt or repaired.

Limit: Up to 10% of the Sum Insured.

We do not cover: Loss of rent:• because the building is damaged and you do not intend to repair

or rebuild the damaged building;• beyond the time it should reasonably have taken to repair,

rebuild or replace and reoccupy, if you or a builder you engage unreasonably delays repair or rebuilding;

• if the building was not occupied by a tenant paying rent (but we will pay if you satisfy us that the building would have been occupied by a paying tenant had the damage not occured).


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Landlord’s fittingsWe cover: If you are a landlord and you do not reside in your building, we will

cover your fittings, furniture, furnishings, carpet, electrical appliances that are not wired in, and portable and above-ground swimming pools and spas that are not permanently installed at the site and their accessories, which are at your investment property for the use of your tenant and which suffer loss or damage by one of the Insured Events.

We may choose to:

• repair or replace these items;• pay you the reasonable cost of repairing or replacing them.

Limit: Up to $10,000 of the Sum Insured.

Automatic adjustment to the Sum InsuredWe cover: When your policy is due for renewal, we may increase your Sum

Insured to allow for any increase in building costs. We will use industry building cost guides as a reference.

The schedule that we provide you at renewal will show the new Sum Insured.

Note: You do not have to accept the revised Sum Insured and can ask us to change this at any time.

Safety netWe cover: If your building is damaged because of an insured event and the cost

of repairing or rebuilding exceeds the Sum Insured, we will pay up to a further $50,000 in addition to your Sum Insured to:

• repair damage; • rebuild the building.

Limit: Up to a further $50,000 above the Sum Insured.

Note: This benefit does not apply to the amounts that may be payable under your claim for additional and/or optional cover and benefits.

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Legal liabilityWe cover: We will cover you and your family’s legal liability arising from

occurrences at the site that result in:

• death or bodily injury to any person, or• damage to property which you do not own or control.We will also cover your liability for legal costs when our lawyers act in connection with a claim.

Limit: We will pay up to $20,000,000 for all claims or losses, or series of claims or losses arising out of one accident or event. This amount includes the legal costs of defending any claims against you and any costs awarded against you, provided we appoint the lawyers.

We do not cover: • liability if the person against whom the claim is made holds or was required by law to hold compulsory worker’s compensation or third party personal injury insurance which would provide cover for the claim in whole or part;

• liability to you or any other person (other than a tenant or boarder) who lives with you;

• claims arising from the use of any vehicle, aircraft or water-borne craft;

• claims arising from the use of your building for any business purposes;

• claims arising from erosion, subsidence or landslide;• claims for liability which you have by words or acts, directly or

indirectly admitted;• liability directly or indirectly related to:

– inhalation of or exposure to asbestos;– loss or cost associated with cleaning up or removing asbestos;– damage to or loss of any property due to the presence of any

asbestos.

Note: When the site specified on your current schedule is an individual lot of a strata scheme, we will extend cover to indemnify you as an equitable owner of the common property, but limited to the sum that represents your proportion of ownership in the common property as a lot owner.

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UnoccupancyWe cover: If your building is unoccupied for more than 60 consecutive days,

any claims made will have a $1,000 excess applied in addition to any other excess(es) payable.

We do not cover: No cover will be provided if the building is unoccupied for more than 180 consecutive days.

Note: Unoccupied means the building has not been continuously lived in.

Building work/renovationsWe cover: We will cover you for any insured event whilst you carry out minor

cosmetic renovations on your building under $50,000.

We do not cover: Your building for the following when the exterior walls or roof are opened or removed (even if temporarily covered) during the renovation:

• legal liability for accidents arising from the work being undertaken, unless the value of the work is less than $50,000;

• damage caused by water entering your building through openings in the walls, roof or other unfinished parts of your building;

• storm damage or malicious damage to unfinished parts of your building;

• theft by someone who enters or leaves through an open or unfinished wall, roof, door or window;

• theft of building materials or fixtures before they are installed.

Note: If the building work or renovations exceed $50,000 we may agree to cover you if you tell us about it beforehand.

If we agree to cover you, we will send you written confirmation noting this cover.

An additional premium may be required and a higher excess may be applicable to any claims.

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Optional benefits you can add to your building policy You can add any or all of these benefits to your policy by paying us the additional premium(s). When you add them to your policy they will be shown on your current schedule.

Damage to electric motorsWe cover: We cover you for the repair or replacement of a burnt out or fused

household electric motor which forms part of the building or its fittings and fixtures.

We do not cover: • any motor or sealed unit over 7 years old;• the cost of extracting or reinstalling a submersible pump;• damage that is covered by a new product guarantee or warranty.

Note: We will deduct any amount you can recover under a manufacturer’s guarantee or warranty.

Storm damage to gates and fencesWe cover: We cover you for the cost to repair or replace your gates and fences

located at the site if they are damaged by storm.

Limit: When we accept a claim for repair or replacement of a boundary fence, we will only pay for the share you are legally responsible for.

We do not cover: The cost:

• to repair or replace storm damage to any gates or fences that:– have missing parts or are in need of repair;– contain rot, rust or corrosion;– are not structurally sound; – is a timber fence older than 15 years;

• of repairing or replacing more than 2 kilometres of fencing.

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Investor Plus – Building cover When you have selected Investor Plus, you are also covered for the following:

Theft by tenants or their guestsWe cover: Loss or damage to your building resulting from theft by tenants or

their guests.


We do not cover: Theft or damage without forced entry from common areas, including garages, storage areas or car parking lots or parking areas of residential flats, units, townhouses or villas.

Note: A ‘Theft by tenants or their guests’ excess of $500 applies to all claims. This is in addition to any other excess that applies to the claim.

Malicious damage by tenants or their guestsWe cover: Loss or damage to your building resulting from malicious acts of

tenants or their guests.


We do not cover: • accidental or unintended damage;• the cost of cleaning, repairing or restoring the investment property

caused by neglect, or untidy, unclean or unhygienic habits of tenants or their guests, such as the cost of cleaning, repairing or removing:– liquid or food stains;– drawings or paintings on walls;– water damage and stains caused from watering plants, or by

water splashing from showers, sinks or baths; – abandoned items or rubbish.

Note: A ‘Malicious damage by tenants or their guests’ excess of $500 applies to all claims. This is in addition to any other excess that applies to the claim.

Plus

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Default of rentWe cover: If you have a rental agreement for a fixed period and the tenant does

not pay any rent for at least 4 consecutive weeks, we will pay you the unpaid rent caused by the tenant:

• not paying or refusing to pay;• vacating the home without giving the notice required by the rental

agreement; or• being evicted before the rental agreement term finishes.

Limit: Up to $4,000.

We do not cover: Unpaid rent:

• owing to you for the first 4 consecutive weeks that the tenant does not pay any rent;

• if the tenant has paid some but not all of the rent owing;• if you do not have a signed rental agreement in place with your

tenant;• beyond the term stated in the rental agreement;• if you or your managing agent have not made reasonable attempts

to collect unpaid rent or find a replacement tenant.

Legal costs to recover unpaid rentWe cover: If you have made a claim for unpaid rent under ‘Default of rent’ and

obtained our permission in writing before incurring legal costs trying to recover the unpaid rent, we will pay:

• agreed legal costs to recover the rent owed to you;• reasonable costs charged by a managing agent for attending a

court or tribunal to try to recover the unpaid rent.You must repay us any rent you recover that you previously claimed under ‘Default of rent’.


We do not cover: Legal costs:

• for which you have not first obtained our written permission;• not related to recovering rent from the tenant;• if we have not paid a claim under ‘Default of rent’.

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Loss of rent caused by damage to a nearby building preventing accessWe cover: If we agree your investment property cannot be lived in because a

nearby building is so damaged that your tenant cannot access the property, we will pay the amount of rent lost for the time the tenant cannot access the property.


We do not cover: Loss of rent if the investment property was not occupied by a tenant paying rent (but if you satisfy us that the investment property would have been rented during the time taken to allow access again, we will pay subject to the limit).


Nearby means within 500 metres of the insured address.

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Investor ContentsWhat we cover as your contentsYour contents means the household goods that you own or are legally responsible for, which are normally kept at the site for the use of your tenant. This cover is in addition to the $10,000 Landlord’s fittings cover provided under your building policy.

Including• carpets whether fixed or not;• internal curtains and blinds;• furniture and furnishings;• electrical appliances not permanently wired or not permanently fixed to

the electricity supply, such as televisions, stereo systems, computers, fridges and lamps;

• domestic tools and gardening equipment (including ride-on mowers);• portable and above-ground swimming pools and spas not permanently installed

at the site, and their accessories.

But not including• any item forming part of your building that would be covered under an Investor

Building policy, including:– electrical appliances, light fittings and alarm systems permanently wired to

the electricity supply;– permanently installed swimming pools, spas and their accessories;

• portable battery operated appliances, including cameras, mobile phones, iPods and MP3 players;

• computers or their monitors, keyboards, printers, software or data, including portable computers such as laptops, notebooks and tablets;

• lawns, trees, plants, shrubs or hedges;• vehicles, trailers, ride-on vehicles including, but not limited to, All Terrain

Vehicles, Recreational Terrain Vehicles and quadbikes (but we will cover ride-on lawn mowers);

• tractors, backhoes, bob-cats, earth dozers, or front-end loaders or their accessories or spare parts;

• unfixed building materials and uninstalled fittings;• business equipment or tools of trade;• household goods and property belonging to your tenant.

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Your Sum InsuredYou are responsible for deciding the amount of your Sum Insured. You should therefore check that you are adequately covered for any potential loss and that the cover suits your needs. If you have inadequate cover, you may bear the uninsured portion of any loss yourself.

If you are unsure of values, you can use an expert such as a professional valuer to assist you.

Alternatively, you can call us on 13 27 22 or visit one of our branches to obtain a copy of our easy to use calculator that covers both building and contents. You can also go to our website where you will find a copy of the calculator.

When your contents have been damagedWhen your contents have been damaged in an event covered by your policy, at our option we will:

• repair or replace the contents;

• pay you the cost of repairing or replacing the contents;

• pay you the sum insured.

We will not pay to repair or replace undamaged contents or undamaged parts of contents.

If an item is no longer available we will:

• replace with the nearest equivalent; or

• pay you the last known cost of the item.

Contents inside your building We cover: When an insured event causes loss or damage to contents inside

your building, we provide new for old cover.


Note: If damage to carpets is not repairable, we will pay the cost of replacement carpets in the room, passageway or stairwell where the damage occurred.

A room is an area which starts and finishes at:

• its nearest walls;• nearest doorway, archway or similar opening;• a change in the wall or floor covering.

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Contents outside your building but at the siteWe cover: When an insured event causes loss or damage to contents outside

your building but at the site, we provide new for old cover.

Limit: • up to 20% of the Sum Insured if the loss or damage is caused byany of the insured events, except storm or theft;

• up to 5% of the Sum Insured if the loss or damage is caused bystorm;

• up to 5% of the Sum Insured if the loss or damage is caused bytheft.

We do not cover: • theft from common areas or car parks of buildings;• theft from vehicles parked in common areas of residential flats,

units or similar buildings;• items insured under a Personal Effects Policy;• cash;• business equipment or tools of trade;• contents outside the site:

– in storage;– on a person;– in transit; or– in a vehicle, caravan, tent, boat or aircraft.

Insured Events you are covered forYou are covered for loss and damage caused to your contents by the following insured events.

StormWe cover: Loss or damage caused by storm, accompanied by one or more of

the following: heavy rain, strong winds, lightning, snow or hail.


We do not cover: Damage to the your contents caused by water entering through an opening in the building that has resulted from:

• a lack of or poor maintenance;

• faults or defects.

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FloodDefinition: Flood is the covering of normally dry land by water that has escaped

or been released from the normal confines of:

• any lake, or any river, creek or other natural watercourse, whetheror not altered or modified; or

• any reservoir, canal, or dam.


We do not cover: • flood for the first 48 hours after the start of your policy unless:– you purchased your building in the 24 hours before the policy


covering the same risk expired, without a break in cover.• any increases in the Sum Insured for the first 48 hours when the

loss or damage is due to flood;• damage caused by tidal wave, tsunami, high tide or actions of the

sea.

Escape of waterWe cover: • escape of water from a water main, pipe, guttering, hot water cylinder,

water tank, refrigerator, freezer, dishwasher, washing machine, orstormwater channel, stormwater canal or stormwater pipe;

• escape of water from baths, basins, sinks, toilets or aquariums.


We do not cover: • wear, tear, loss or damage occurring as a result of a gradualprocess of leaking, dripping, splashing or overflowing over a periodof time.

LightningLimit: The most we will pay is the Sum Insured.

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FireLimit: The most we will pay is the Sum Insured.

We do not cover: • bushfire for the first 48 hours after the start of your policy, unless:– you purchased your building in the 24 hours before the policy

commenced; or – your policy commenced immediately after another policy


loss or damage is due to bushfire;• scorching or burn marks where there has been no flame, for

example, cigarette burns.

ExplosionLimit: The most we will pay is the Sum Insured.

TheftLimit: The most we will pay is the Sum Insured.

We do not cover: Theft or damage:• by you or a tenant, or by someone who entered the building with

your consent or the consent of a tenant;• without forced entry from common areas, garages, storage areas

or parking areas of residential flats, units, townhouses or villas.

Malicious damageLimit: The most we will pay is the Sum Insured.

We do not cover: • loss or damage caused by you or a tenant or by someone who entered the building with your consent or the consent of a tenant;

• accidental or unintended damage;• the cost of cleaning, repairing or restoring the contents caused by

neglect, or untidy, unclean or unhygienic habits of tenants or their guests, such as the cost of cleaning, repairing or removing:– liquid or food stains;– water damage and stains caused from watering plants, or by


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ImpactWe cover: The impact of:

• an aircraft, vehicle or water-borne craft;• space debris or debris from an aircraft, rocket or satellite;• an aerial or satellite dish;• falling power poles or communication poles, towers or lines;• a falling tree or branch.


We do not cover: • loss or damage caused by tree-felling or lopping at the site;• the removal and disposal of trees or branches that have not

caused damage to your contents;• the removal of tree stumps or tree roots still in the ground;• impact caused by the roots of trees, plants, shrubs or hedges.

Damage by an animalWe cover: • damage to your contents caused by the acts of an animal;

• damage to your contents caused by an animal accidentally trapped inside your building when the animal does not belong to you or anyone living with you;

• the resultant fire damage or water damage caused by the actions of vermin or insects.


We do not cover: Damage caused by:• animals or birds kept at the site;• animals or birds pecking, biting, clawing or chewing your contents;• vermin or insects (but we will cover the resultant fire or water

damage they cause).

Leakage of oilWe cover: The leakage of oil from a fixed heating system inside your building.


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Riot and civil commotionWe cover: Loss or damage caused as a result of riot, civil commotion, industrial

or political disturbance.


We do not cover: Loss or damage:• arising after 72 hours from the commencement of any riot, civil

commotion, industrial or political disturbance;• caused by you or a tenant, or by someone who entered the site

with consent from you or a tenant.

TerrorismLimit: The most we will pay is the Sum Insured.

We do not cover: Loss or damage directly or indirectly caused by, contributed to by, resulting from or arising out of or in connection with biological, chemical, radioactive, or nuclear pollution, nuclear contamination or nuclear explosion.

EarthquakeLimit: The most we will pay is the Sum Insured.

We do not cover: Loss or damage caused by a tsunami.

Note: An earthquake excess of $500 applies to all claims. This is in addition to any other excess that applies to the claim.

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Additional coverGlass BreakageWe cover: The cost of replacing glass that forms part of an item of furniture,

light fitting or household appliance.

We do not cover: • glass in a television, radio, portable or handheld electronic deviceor computer equipment;

• items already in a damaged condition;• scratches or chipping.

Note: This benefit does not cover non-glass materials such as ceramics or marble.

Damage caused by power surgeWe cover: Damage to a domestic appliance caused by a power surge. We will

pay to repair or replace that item, if it is part of your contents.

Limit: Up to:

• $1,000 per item;• $3,000 for all items damaged as a result of a single power surge.

Note: These limits do not apply if the damage was a direct result of an insured event.

Automatic adjustment to the Sum InsuredWe cover: When your policy is due for renewal, we may increase your Sum

Insured to allow for increases in replacement costs of your contents. The schedule that we provide you at renewal will show the new Sum Insured.

Note: You do not have to accept the revised Sum Insured and can ask us to change this at any time.

UnoccupancyWe cover: If your building is unoccupied for more than 60 consecutive days any

claims made after this period will have a $1,000 excess applied in addition to any other excess(es) payable.

We do not cover: No cover will be provided if the building is unoccupied for more than 180 consecutive days.

Note: Unoccupied means the building has not been continuously lived in.

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Building work/renovationsWe cover: We will cover your contents for any insured event whilst you carry out

minor, cosmetic renovations to your building under $50,000.

We do not cover: The contents of your building for the following when the exterior walls or roof are opened or removed (even if temporarily covered) during the renovation:

• damage caused by water entering your building through openings in the walls, roof or other unfinished parts of your building;

• theft by someone who enters or leaves through an open or unfinished wall, roof, door or window;

• theft of building materials or fixtures before they are installed.

Note: If the building work or renovations exceed $50,000 we may agree to cover you if you tell us about it beforehand.

If we agree to cover you, we will send you written confirmation noting this cover.

An additional premium may be required and a higher excess may be applicable to any claims.

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Optional benefits you can add to your contents policy You can add the following optional benefit to your policy by paying us the additional premium. Any optional benefit you add will be shown on your current schedule.

Damage to electric motorsWe cover: We cover you for the repair or replacement of a burnt out or fused

household electric motor which forms part of the contents.

We do not cover: • any motor or sealed unit over 7 years old;• the cost of extracting or reinstalling a submersible pump;• damage that is covered by a new product guarantee or warranty.Motors in any:• radio;• television, video recorder, DVD player or recorder;• computer, printer or computer equipment;• microwave oven;• stereo, hi-fi or other sound equipment;• motor or unit that is used for a business activity.

Note: We will deduct any amount you can recover under a manufacturer’s guarantee or warranty.

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Investor Plus – Contents cover When you have selected Investor Plus, you are also covered for the following:

Theft by tenants or their guestsWe cover: Loss or damage to your contents resulting from theft by tenants or

their guests.


We do not cover: Theft or damage without forced entry from common areas, including garages, storage areas or car parking lots or parking areas of residential flats, units, townhouses or villas.

Note: A ‘Theft by tenants or their guests’ excess of $500 applies to all claims. This is in addition to any other excess that applies to the claim.

Malicious damage by tenants or their guestsWe cover: Loss or damage to your contents resulting from malicious acts of

tenants or their guests.


We do not cover: • accidental or unintended damage;• the cost of cleaning, repairing or restoring the contents caused by

neglect, or untidy, unclean or unhygienic habits of tenants or their guests, such as the cost of cleaning, repairing or removing:– liquid or food stains;– water damage and stains caused from watering plants, or by


Note: A ‘Malicious damage by tenants or their guests’ excess of $500 applies to all claims. This is in addition to any other excess that applies to the claim.

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Sections that apply to both building and contentsThe information contained on pages 35 to 46 applies to both building and contents covers including Investor Basic and Investor Plus.

Your policy does not cover:• loss, damage or liability caused by, arising directly or indirectly from or in any way

connected with:

– any decrease in the value of your building or contents after they have been repaired by us;

– consequential loss (financial or non-financial loss) or extra costs following an incident covered by your policy. This could include loss of income, medical expenses, the cost of hiring appliances, professional fees and the cost of your time;

– depreciation, wear, tear, rust, fading, mould, rising damp, mildew, rot or other forms of corrosion;

– erosion, vibration, subsidence, landslip, landslide, mudslide, collapse, shrinkage or any other earth movement;

– faulty design or workmanship;

– actions of the sea or high water;

– an incident outside Australia;

– incidents occurring outside the period of insurance;

– an incident that occurs gradually over time and not as a result of a single event;

– the lawful seizure, confiscation, nationalisation, requisition or destruction of any insured item;

– an intentional act by you, your family or a person acting with your consent;

– the use, existence or escape of nuclear fuel, material or waste;

– any war, invasion, or acts of foreign enemy or hostilities whether war has been declared or not;

– terrorism directly or indirectly caused by, contributed to by, resulting from or arising out of or in connection with biological, chemical, radioactive or nuclear pollution, nuclear contamination or nuclear explosion;

– the cost of reinstalling or replacing electronically stored files;

– items sent by post or courier;

– costs for repair or replacement of boundary fences that you are not legally responsible for.

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We may refuse to pay a claim and cancel your policy if:• you do not fully co-operate with us regarding your claim;

• you are not truthful, accurate and frank in any statement you make in connection with a claim;

• you do not keep your property in good order and repair, including but not limited to watertight, structurally sound, secure and well-maintained;

• you do not take all reasonable care to protect your building and contents;

• any part of your building is used for business purposes unless you have told us and we have agreed to cover this;

• you do not immediately make a report to the police if there has been a theft or attempted theft, or someone has acted maliciously in relation to your building or contents. We may require you to provide proof that a report was made;

• you illegally keep in your building or at the site, explosives or flammable or combustible liquids.

About your premiumWhen we calculate your premium, we may take a number of factors into account, including, but not limited to:

• the period of insurance;

• the address of the insured property;

• the age of the building;

• the age of the insured;

• the type of construction;

• the security measures you have in place;

• the Sum Insured;

• the excess payable by you in the event of a claim;

• your previous insurance and claims history; and

• your other RACT Insurance policies, if any.

The total premium payable by you also includes compulsory government charges (including duties and GST). The details are shown on your current schedule.

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Definitions These words have special meanings:

Accident. An incident you did not intend or expect to happen.

Building. The building(s) and fixtures at the site.

Business. A business, trade, profession, occupation or any income-earning activity where that income needs to be declared to the Australian Tax Office. Business also includes farming, grazing, agistment of stock or agriculture that earns you money. It does not mean the tenancy of your property.

Common Property. That part of a strata site (including buildings, parts of buildings and improvements, services or infrastructure) that are not wholly or partly within your lot or another strata owner’s lot.

Contents. The contents as described on page 24.

Current Schedule. The most recent schedule we have given you.

Insured events. The events described and shown on pages 10 -14 and 26-30 of this PDS.

Investment property. The building(s) or fixtures and/or the contents located at the property specified on your current schedule, depending on whether you have taken out building cover or building and contents cover.

Malicious damage. Deliberate or intentional damage, including vandalism. It also includes damage caused by a person assaulting another person or committing suicide or murder.

New for old. Means:

• replacing or repairing with new items or materials available at the time from Australian suppliers;

• of the same type, standard and specification as when new. If the same is not available, it means a similar type, standard and specification when new. It does not mean a better standard, specification or quality than when the item was new.

Open air. An open area including patios or verandas, in cars, under carports or in open shelter areas at the site.

Period of Insurance. The period for which cover is provided by this policy as shown on your current schedule.

Policy. Your policy consists of:

• this product disclosure statement;

• your application(s) for insurance;

• our record of your verbal responses;

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• your current schedule which sets out the particular details of your policy; and

• any supplementary PDS we may issue.

Rent. The net amount* a tenant pays to occupy the building. If the building is unoccupied, it is the amount a tenant would pay, based on an assessment by a qualified property management agent agreed to by us. *Net amount means the amount of rent you receive after deducting any managing agent’s commission that applies.

Rental agreement. A current written contract between you and your tenant which sets out the term of the rental period and the rent, bond and conditions for occupying the building.

Site. The land at the address stated on your current schedule.

Sum Insured. The maximum amount payable for a claim under your Investor Building or Investor Contents insurance policies. Your Sum Insured is specified on your current schedule.

Terrorism. Includes any act, or preparation in respect of action, or threat of action designed to influence the government de jure or de facto of any nation or any political division thereof, or in pursuit of political, religious, ideological or similar purposes to intimidate the public or a section of the public of any nation 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

• endangers life other than that of the person committing the action; or

• creates a risk to health or safety of the public or a section of the public; or

• is designed to interfere with or to disrupt an electronic system. It includes any action in controlling, preventing, suppressing, retaliating against or responding to any such act, preparation or threat.

Tools of trade. Tools which you or your family use in a business, trade or profession.

Unoccupied. Unoccupied means the building has not been continuously lived in.

We, our and us. RACT Insurance Pty Ltd.

You, your. The insured(s) shown on your current schedule.

Your family. Your spouse, your partner or your de facto, your parents and parents-in-law, your or your spouse’s children, your brothers and your sisters, who normally live with you.

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When you make a claimAdmissions

You or any other person covered by your policy must not make admissions, settle, attempt to settle or defend any claims without our consent. We have the sole right to make admissions, to settle any claims against and to defend you or any other person covered by your policy in any proceedings.

Assessing your claim

Before we make a decision about your claim, we may assess the damage to your property and investigate the circumstances of the claim. If we require it, you must make your property available to us for inspection and, in all cases, co-operate with us and our investigators.

Damaged or recovered property

If we settle a claim, the item(s) that you have claimed for becomes our property. This includes any stolen or lost property that is later recovered. You must notify us if you become aware that any property has been recovered.

We may also take possession of any damaged property and deal with it in a reasonable manner. If, however, this is not done, you or your family may not abandon the damaged property to us.

Payment of Sum Insured

If we pay you the full Sum Insured for your Investor Building, the Investor Building section of your policy comes to an end and no refund of premium is due.

If we pay you the full Sum Insured for your Investor Contents, the Investor Contents section of your policy comes to an end and no refund of premium is due.

Why the cost of insurance can changeEach time you renew your insurance, your premium is likely to change, even if your personal circumstances have not changed. The premiums we charge are affected by factors including:

• the cost of claims we have paid;

• the expected cost of future claims;

• any effect from a claim you have made;

• any changes in government taxes and charges; and

• our business administration costs.

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Special offersThe special offers and benefits we advertise from time to time may not be detailed in this policy. Details are available from us on request. The offers may be withdrawn at any time.

Paying your premiumAt our option, you may pay your premium annually or in instalments.

Payment in fullIf your premium is not paid by the due date, you may not be covered for any claims.

Payment by instalments• We accept payment by instalments at our option.

• At our option, you may pay your premium in instalments by credit card payments or by direct debit from your financial institution.

• If you pay by instalments a surcharge on your premium may apply.

• Your responsibilities include:

– providing us with your account details and an authority to deduct payments; and

– ensuring that sufficient funds are available in your nominated account to pay each instalment.

• You must tell us immediately if you change any of the account details.

• If the account details you provide are incorrect or there are insufficient funds in your account, any additional fees or administration costs incurred because of the non-payment are payable by you.

• If you are paying by instalments, any unpaid portion of the total premium for the current period of insurance must be paid by you before your claim can be settled. We will advise you if we decide to deduct the outstanding premium from your claims settlement.

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Payment schedule

• Your first payment will be withdrawn from your nominated account within five working days of your direct debit arrangement being set up.

• Subsequent payments will be deducted on the nominated day.

• If we are unable to process your payment on the nominated date, we will do so as soon as possible thereafter.

• Where the nominated payment day falls on a non-business day, we will deduct the scheduled payment on the next business day.

Renewal payment by instalments

• If you already have an existing instalment agreement with us and we invite renewal, at renewal time your policy will be automatically renewed and instalments deducted unless you inform us otherwise.

Changing your arrangement with us• If you need to change any details of your direct debit arrangement please let us

know before:

– your next scheduled payment; or

– the due date of the payment to which the changes will apply.

Overdue payments• If your payment is overdue by:

– more than 14 days after its due date, we may refuse any claim made for incidents occurring during the period the policy is unpaid;

– one month, the cover your policy provides will cease unless alternative arrangements have been made directly with us.

• If two or more payment requests are not honoured by your financial institution, we may cancel your policy. We will advise you in writing if we are going to cancel your policy.

• If you cancel your payment arrangements, all outstanding amounts will be due and payable within 14 days from the cancellation date. If payment is not made, your policy will be cancelled and we will confirm the cancellation in writing.

• We may employ an external agency to collect payments owed to us.

• We accept payment by instalments at our option. We may not offer this option on future cover if there is a history of not meeting instalment payment obligations.

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Important general informationOur agreement with you

When we agree to enter into a policy with you, we will provide you with a schedule that sets out the cover. Your current schedule, this PDS and any supplementary PDS we may give you make up your agreement with us.

Please read the current schedule to ensure the details it provides are correct – if anything needs changing please call us. Please keep these documents in a safe place.

More than one insured

If your current schedule shows more than one named insured, any actions including but not limited to, changes, requests, cancellations, omissions, statements, claims or acts generated by one insured will be treated as having come from all those named as insured on your current schedule.

We may agree to make any requested changes without notice to any other person named as insured on the current schedule.

Changes to your policy

If you want to change your policy and we agree to it, the change will become effective when we give you written confirmation of our agreement to the change and you pay any additional premium required.

Notices

We will give you any notice in writing. The notice will be effective if it is delivered to you personally or if it is delivered to your address last known to us.

You will receive a notice at least 14 days before the end of your current period of insurance advising you whether we are prepared to renew your cover.

Your Duty of DisclosureOur decision to insure you is based on the information you provide when entering into and during the contract of insurance. That information will apply to you and anyone else to be covered by this policy. If your answers are not accurate and complete it may result in future claims being reduced or refused and/or your policy being cancelled.

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Cooling-off periodYou have 21 days from the commencement of your policy in which you can cancel it. All you need to do is contact us. You do not need to give us any reason. Provided you have not made a claim under the policy, we will cancel it and provide you with a full refund of the premium you have paid.

Cancelling your policyYou may cancel your policy at any time. The date of cancellation will be the date we receive your request. We will refund any premium you have paid for the period after the date of cancellation, less our cancellation fee. If the refund is less than the cancellation fee, a refund will not be issued.

If you are paying your insurance by instalments, any refund will be credited against your remaining instalments.

We can cancel your policy in any way permitted by law. If we do so, we will:

• give you prior notice in writing; and

• refund any premium you have paid for the period after the date of cancellation, but we will charge a cancellation fee.

Co-operationAny benefits we give you or any other person under the policy depend on you or any other person covered by the policy giving us any information and help that we require, including attending court to give evidence.

You or any other person covered by the policy must assist us even if we have already paid a claim, as we may attempt to recover from a party who caused you to suffer the loss or damage. We may also want to defend you if it is alleged that you caused someone else loss or damage.

If you or any other person covered by any policy receive any letters, notices or court documents relating to any incident that has or might result in a claim, you must send these to us immediately.

If you fail to fully co-operate with us regarding any part of the claim process, including co-operating with our assessors and investigators, we may be entitled to cancel your policy, refuse to pay your claim or be entitled to recover any monies paid under the claim.

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Goods and Services Tax (GST)Any amounts we may pay under this policy include GST.

When claiming, you will need to provide details of any entitlement to input tax credits on your premium if you are registered or should be registered for GST purposes.

When we make a payment to you for repair or replacement of an insured item and you would be entitled to claim an input tax credit for the repair or replacement, we may reduce the settlement amount we pay by the amount of that input tax credit.

Updating our PDSFrom time to time, we may need to update the information contained in this PDS. When we do so, we will issue a Supplementary PDS which should be read in conjunction with this PDS.

The General Insurance Code of PracticeWe support and adhere to the General Insurance Code of Practice. A copy of the code can be obtained from the Insurance Council of Australia by visiting www.insurancecouncil.com.au or by phoning (02) 9253 5100.

How we resolve complaints about our policies and servicesWe are committed to providing outstanding customer service, products and facilities. If you believe that we have not delivered in any one particular area we would like to hear your comments.

Talk to us first

Complaints are an important part of maintaining and improving our standards. If you have a complaint about anything we do, we want to give you every opportunity to find a satisfactory resolution. If you have a complaint, please discuss it with us so we can properly understand your concerns and what we are able to do to help resolve them. Many issues can be resolved at this stage.

If you are not satisfied with our initial response, we will put you in touch with our Team Leaders, Supervisors or Department Manager. Most issues can be resolved in a short time. Provided we have all necessary information required and have completed any investigation we will respond no later than 15 working days unless an alternative timeframe is mutually agreed.

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Claims

Attn: RACT Insurance Claims Complaints Email: [email protected] Phone: 13 27 22 or 1800 005 677 (outside Tasmania) Fax: to (03) 6231 9034 Mail: to the following postage-paid address: RACT Insurance Claims Reply Paid 1292 HOBART TAS 7001

Sales and other matters

Attn: RACT Insurance Complaints Email: [email protected] Phone: 13 27 22 or 1800 005 677 (outside Tasmania) Fax: to (03) 6231 9034 Mail: to the following postage-paid address: RACT Insurance Complaints Reply Paid 1292 HOBART TAS 7001

How our Internal Dispute Resolution (IDR) Process can help

If your complaint is not resolved after talking to our Supervisors or Managers, you can request that the matter be referred to our Internal Dispute Resolution (IDR) process. IDR reviewers have the skills and authority to review the decision, and have had no previous involvement with the issue you are trying to resolve.

Attn: RACT Insurance Internal Dispute Resolution Email: [email protected] Phone: 13 27 22 or 1800 005 677 (outside Tasmania) Fax: to (03) 6231 9034 Mail: to the following postage-paid address: RACT Insurance Internal Dispute Resolution Reply Paid 1292 HOBART TAS 7001

After your request has been received through IDR, we will write to you within 15 working days with the decision and the reasons for it, unless we need further information or evidence, in which case we will notify you and keep you informed of progress.

If we are not able to satisfactorily resolve your complaint within a total of 45 days from the original complaint, we will advise you of your rights to have the matter externally reviewed by the Financial Ombudsman Service (FOS).

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Seeking an external review

If the outcome of the IDR Panel is not to your satisfaction, you can ask the Financial Ombudsman Service (FOS) to review the decision. Contact details are:

Financial Ombudsman Service GPO Box 3 Melbourne VIC 3001 Phone: 1300 780 808 Fax: (03) 9613 6399 Email: [email protected] www.fos.org.au

Any decision FOS makes is binding on us. You do not have to accept any decision we or FOS make and should you wish to, you can utilise consumer or legal dispute resolution services.

Financial Claims SchemeThis policy may be a ‘protected policy’ under the Federal Government’s Financial Claims Scheme (FCS), which is administered by the Australian Prudential Regulation Authority (APRA).

The FCS only applies in the extremely unlikely event of an insurer becoming insolvent and the Federal Treasurer making a declaration that the FCS will apply to that insurer.

The FCS entitles certain persons, who have valid claims connected with certain protected policies issued by that insurer, to be paid certain amounts by APRA.

Information about the FCS can be obtained from APRA at www.apra.gov.au or by calling 1300 558 849.

Privacy of personal informationThe privacy of your personal information is important to us. We collect your personal information to ensure that we are able to provide you with the relevant products and services.

We are subject to the Privacy Act 1988 (Cwlth) and Australian Privacy Principles.

For further details, please refer to our Privacy Policy at www.ract.com.au or ask us for a copy. Our Group Privacy Statement, also on our web page, includes information about how we collect, use and disclose your personal information.

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Apogee Preflight - ract.com.au Insurance... · 1 Investor Building and Investor Contents Insurance This Product Disclosure Statement (PDS) contains information regarding Investor