Page 12 - Bay Union - Platinum Policy Wording
P. 12

General terms and condi ons
General de ni ons
The words and phrases below have the same special meaning throughout this policy and are de ned below or within the cover part of this policy wording where they are used or have a separate meaning. Throughout the policy, any words with a speci c meaning will be in bold type.
○ Accident/accidental damage means an incident that is sudden and unforeseen which you did not intend to happen, for example accidentally breaking kitchen  les or breaking a window.
○ At the home or insured address means within the home’s domes c land boundaries located at the insured address stated in your schedule.
○ Average means that if the amount required to replace or to reinstate all your property with similar new property amounts to more than the sums insured, you will be your own insurer for the di erence. You will bear a propor onate share of the loss or damage.
Average under the contents sec on will be waived only if:
– an asset inventory has been conducted; and
– if the calculated loss or damage amount does not exceed more than 10% of the contents sum insured; and
– you have accepted the annual in a on protec on increase.
○ Collec on means a number of items that, by being gathered together according to some underlying principle, has a greater value than the total value of all the individual items.
○ Common areas mean anywhere on the common property according to the strata, body corporate, unit  tle or similar law in the region or territory in which the insured address is located.
○ Computer means any computer, data-processing equipment, microchip, integrated circuit or similar devices in computer or non-computer equipment or any so ware, tools, opera ng system or any computer hardware or peripherals or otherwise-stored in or on any of the above, whether it is your property or not.
○ Domes c employee means domes c workers, sta , nannies, au pairs, drivers, gardeners or the like (full- me or casual) whom you employ in a domes c capacity at the insured address stated in your schedule.
○ Forced entry means unlawful entry into your home by a person/s using force, including entry by using stolen keys or remote controls or picking locks. It does not mean opening an unlocked door or window. Violence or threats of violence to persons to gain entry are regarded as evidence of violent and forced entry.
○ Incident or event means a single occurrence which is not intended or expected to happen.
○ Limit means the most you can claim for any one incident. It includes VAT.
○ Loss or damage means physical damage to your items insured which happens by accident and is sudden and unexpected/unforeseen and does not include wear and tear or reduc on in value due to the passing of  me.
○ Material fact means any piece of informa on which might a ect either decision to provide insurance or the condi ons of the insurance.
Bay Union – Pla num Policy Wording – 24 October 2016

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