Page 14 - Hollard Private Portfolio - Version 3.4

– If your policy schedule details are no longer accurate, for example you change your address or if you purchase new insured property.
– If you run a business from your home.
– If you are charged or convicted of a criminal offence.
– If another insurer declines to provide insurance, cancels or refuses to renew a life insurance or short- term insurance policy for you, anyone living with you or anyone who is covered under this policy.
– If you start working again after you told us that you are retired.
○ If any material information is incomplete or incorrect at any time, our decision was based on incorrect information. This means we may not have agreed to cover, or continue to cover your property on your current premium, limits or conditions.
– We may cancel your cover from the date that you gave us incorrect information or from the date that there was a change in the risk that you did not tell us about. If we cancel, you will lose your right to claim and we will pay back all the premiums we have received after the date of cancellation, less any claims we may have paid.
– If we do not cancel your cover, we may then apply special conditions, a reduced sum insured, a reduced limit, an increase in premium or a higher excess.
You must be honest
All dealings about this policy must be done honestly and in good faith. If you are involved in fraudulent behaviour, we will cancel your policy from the date of the fraud. You will lose your right to claim and we will not pay back any premiums we have received. We may also take legal steps and to recover any expenses from you.
Example: Intentionally giving us false information to reduce your premium or exaggerating the amount of a claim. You must maintain your property and prevent loss or damage
○ You must maintain your insured property and take all reasonable steps to prevent loss or damage, and to minimise the cost of a claim.
○ After an event, you must take reasonable steps to protect your property from further loss or damage.
○ Do not leave keys to your home, vehicles or safes at an unsecure place, or with any person who does not share your responsibility for your insured property.
○ You must prevent injury to other people and prevent damage to their property. You must have an insurable interest
In order for an insurance policy to be valid, you must have an insurable interest in all the insured property throughout the period of insurance. Having an insurable interest in an item means that any loss or damage to the item will cause a financial loss to you. If your insurable interest in your insured property changes, you must tell us.
Understanding your policy
The term ‘retired’ means that you are not actively working on a daily basis, you do not earn a regular income, and you are not gainfully employed.
Example: You must make sure that the gutters of your home are cleaned regularly to prevent your home being flooded by overflowing gutters during a storm.
Example: If a pipe leak causes your home to flood, you have a responsibility to call in a plumber to turn off the flow of water to prevent further flooding and damage to your property.
Example: A parent does not have an insurable interest in their child’s vehicle if all of the following applies:
• The vehicle is registered in the child’s name.
• The vehicle is paid for by the child.
• The child is not financially dependent on the parent.
12 Hollard Private Portfolio – Version 3.4 – 17 Aug 2023