Page 30 - Bay Union - Platinum Policy Wording
P. 30

How we se le your claim
How we settle your claim
○ Claims prepara on costs
The insurance of each sec on of this policy is extended to include costs reasonably incurred by you in producing and cer fying any par culars required by us to substan ate the amount of any claim, limited to the amount stated in the schedule. These costs can be incurred only with our written permission.
○ Claim settlement basis
– We may decide to compensate you by:
• repairing
• replacing
• paying cash, or
• any combina on of these.
– Our maximum compensa on is limited to the amount stated in the schedule, less any excess stated in the schedule. If we replace or repair, we will not be obliged to do so exactly but only as circumstances reasonably allow. If we repair or replace any loss or damage we may use any supplier or repairer of our choice.
– In the event of a jewellery or watch loss, we may use a manufacturing jeweller to replace the item; should you choose the cash settlement, our indemnity to you would not exceed the amount for which they are able to replace the item.
– Before we  nalise or settle any claim we may require you to sign an agreement of loss.
– If any item claimed for is  nanced, our responsibility may be to pay the  nance company  rst.
– If we have paid a claim all salvage and recoveries will become our property.
○ Dealing with defects
– –
– –
We do not pay for loss or damage caused by defec ve workmanship or materials, structural faults or design faults at your home that you knew about and did not  x before the loss or damage occurred.
If an unknown defect is the cause of the damage:
• we do not pay for loss or damage caused by defec ve workmanship or materials, but
• if the loss or damage was caused due to a structural fault or design fault we will pay for the resul ng damage only.
When we accept a claim we do not pay to rec fy defec ve workmanship or materials, structural faults or design defaults that existed at your home before the damage occurred.
Once you become aware of defec ve workmanship, a structural fault or design fault at the home, you must rec fy it as soon as possible because there is no cover for loss or damage due to such defects. If you do not rec fy the defect or fault to acceptable standards at your expense or cost, we will not cover you or might not o er to renew your policy.
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Bay Union – Pla num Policy Wording – 24 October 2016


































































































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