Glossary

Important terms explained

A | B | C | D | E | F | H | I | L | M | N | O | P | S | T | U | V | W

Here are some definitions to help you better understand your insurance policy. The following are a selection of terms that you can find in our Product Disclosure Statements.

A
Meaning
Applies to
Accident An incident you did not intend or expect to happen. All products
Accessories An accessory is an addition to your car which does not enhance the performance or change the structure of the car. Car Insurance
Advertising liability a. Any infringement of copyright or passing off of title or slogan; or
b. Unfair competition, piracy, idea misappropriation contrary to an implied contract; or
c. Invasion of privacy committed or alleged to have been committed during the period of insurance in any advertisement, publicity article, broadcast or telecast and caused by or arising out of your advertising activities.
Business Insurance
Business Insurance for Professionals
Trade Insurance
Air conditioner An appliance, system, or mechanism designed to extract heat from an area via a refrigeration cycle. Its purpose in a building is to provide comfort during either hot or cold weather. Business Insurance
Business Insurance for Professionals
Trade Insurance
Aircraft Anything made or intended to fly or move in or through the air or space other than model aircraft. Aircraft includes hovercraft. Business Insurance
Business Insurance for Professionals
Trade Insurance
Amount covered

It is the maximum amount we will pay for loss or damage to your insured car/ boat/ caravan/ motorcycle caused by an incident less any deductions that apply, unless we say otherwise in your policy. It includes the value of any accessories or modifications. Your amount covered will be shown on your certificate of insurance. The amount covered includes GST.

For further information please refer to the Product Disclosure Statement (PDS).

Car Insurance
Boat Insurance
Caravan Insurance
Motorcycle Insurance
Animal(s) Any living creature including but not limited to livestock, birds, fish, vermin, insects. Business Insurance
Business Insurance for Professionals
Trade Insurance
B Meaning Applies to
Breakdown Breakdown does not mean:
a.depletion, deterioration, corrosion or erosion of material;
b.wear and tear;
c.vibration or misalignment;
d.the functioning of any safety device or protective device; or
e.the failure of a structure or foundation supporting the equipment or a part of the equipment.
Business Insurance
Business Insurance for Professionals
Trade Insurance
Building(s) Building(s) includes:
a. sheds with a concrete floor and fixed to foundations at the situation;
b. customised and modified shipping containers or transportable buildings permanently located at the situation used as workshops, lunchrooms or storage which are permanently fixed to the ground with electrical or plumbing services as necessary at the situation;
c.shipping containers in which the stock your business distributes is delivered to your situation and from which merchandise is either being loaded into, unloaded from or stored in before dispatch, provided the container doors are secured when unattended with
padlocks with a security rating under AS 4145.4 (or any subsequent amendment) of 6 or above and the padlocked container is fully enclosed by a cyclone fence with locked gates at the situation after hours;
d.walls, foundations, storage tanks, awnings, exterior lights, masts, antennae and aerials, fixed external signs, walls, gates, fencing, pavements, roads and other structural improvements pertaining to the building(s); or
e.property owner’s fixtures and fittings, floor coverings, plant, plumbing or wiring services that are within the building.

Building(s) do not include land, including topsoil and fill and dams, landscaping, reservoirs or canals.
Business Insurance
Business Insurance for Professionals
Trade Insurance
Burglary a. Theft or any attempt at theft following actual forcible and violent entry to the building;
b.Theft or any attempt at theft by a person concealed in the building during business hours and, who after hours, breaks out of the building;
c.Theft following threat of immediate violence or violent intimidation (including armed holdup); or
d.Theft or attempted theft following the violent breaking into of display cabinets or store rooms that are part of the building.
Business Insurance
Business Insurance for Professionals
Trade Insurance
Business The business(es) shown and described on the schedule. Business Insurance
Business Insurance for Professionals
Trade Insurance
Business activity A business, trade, profession, occupation or any income-earning activity where that income needs to be declared to the Australian Taxation Office. A business activity also includes farming, grazing, agistment of stock or agriculture that earns you money. It does not mean the tenancy of your Home. All products
Business hours The normal working and office hours of the business (including overtime) during which you, your directors, officers, partners or employees are in the building for the purposes of the business. Business Insurance
Business Insurance for Professionals
Trade Insurance
C Meaning Applies to
Car

Your car is described on your certificate of insurance. It includes the following that are fitted to your car

  • options, including standard manufacturer’s options;
  • accessories; and
  • modifications.

For further information please refer to the Product Disclosure Statement (PDS).

Car Insurance
Caravan and trailer

Caravan, trailer or horse float described on your certificate of insurance. It includes the standard manufacturer’s options and any options, accessories and modifications that have been fitted to your caravan, trailer or horse float that you have told us about and are shown on your certificate of insurance. This includes:

  • any of its fixtures and fittings;
  • standard equipment fitted by the original manufacturer for the particular make and model of caravan;
  • manufacturer supplied tools and spare parts; 
  • gas cylinder(s);
  • for on-site only cover: tropical and free standing roofs and garden sheds located on the site of the insured unregistered on-site caravan.

For further information please refer to the Product Disclosure Statement (PDS).

Caravan Insurance
Catastrophe A large scale destructive event, in the area where the situation is located, which either:
a.the Insurance Council of Australia has declared to be an ‘insurance catastrophe event’; or
b. as a consequence of the event, the relevant government authority has declared a state of emergency.
Business Insurance
Business Insurance for Professionals
Trade Insurance
Certificate of Insurance The latest Certificate of Insurance including your Insurance Account, we have given you. It is an important document as it shows the covers you have chosen and other policy details. All products
Compensation Money you are legally liable to pay as a result of:
  • a judgement made against you by a court of law or
  • a settlement by us of legal action against you.
It does not include fines, penalties, punitive, aggravated or exemplary damages.
All products
Contents

Contents are your household items that you own or are responsible for and use primarily for domestic purposes. Contents are items which are not permanently attached to your home or insured address such as, but not limited to furniture, furnishings, clothing, home computers and printers, unfixed electrical goods and appliances not housed in a cabinet, internal blinds, drapes and curtains, carpets and plants in pots, medical equipment and aids.

For further information please refer to the Product Disclosure Statement (PDS).

Home & Contents Insurance
Contents of your Business Business and office furniture, tools of trade and equipment used by you in the business.
Business contents includes:
a.unused stationery and printed books;
b.where you are a tenant of a leased or rented situation:
i. property owner’s fixtures and fittings, window blinds and floor coverings for which you are liable under the terms of a lease or similar agreement;
ii. fixtures and fittings installed by you for your use in the business; and
iii. installed fixtures and fittings, window blinds, cool rooms, awnings, CCTV and other
security systems, exterior lights, masts, antennae and aerials, fixed external signs and air conditioning units including external compressors and pipes at your situation;
c.money up to $500;
d.plant and machinery, unregistered forklifts and hoists, communications systems, fixturesand fittings, signs and awnings;
e.computers, word processors, printers, scanners and other peripheral equipment and other
electronic equipment or electronic data processing systems;
f.digital or analogue telecommunication transmission and receiving equipment, lighting
facilities, televisions, audio visual amplification or surveillance equipment and office machines;
g.data, media, records, documents, manuscripts, plans, drawings, designs and business
books, but only for the value of these materials in their unused or uninstalled state or as
blank stationery;
h.current patterns, models, moulds, dies and lasts used in the business but limited, unless
repaired or replaced, to the value stated in your financial records at the time of damage; or
i.works of art, antiques or curios.
 
Business Contents does not include:
a.stock;
b.specified items;
c.directors’ and employees’ tools of trade and personal effects;
d.jewellery, precious metals or stones, bullion or furs;
e.vehicles registered for road use, caravans, trailers, watercraft, aircraft, hovercraft, rolling
stock and locomotives or their accessories;
f.live animals;
g.plants, shrubs, lawns, growing crops, pastures and standing timber; or
h.customers’ goods other than customer’s records and documents held or created by you as part of your business.

 
Business Insurance
Business Insurance for Professionals
Trade Insurance
Customers’ goods Goods that do not belong to you, but:
a.belong to your customers and are in your physical or legal control because the business
repairs, services, maintains, or stores those goods before or after it repairs, services or maintains the goods;
b.have been purchased by your customers and are in your physical or legal control awaiting delivery; or
c.items at the situation that you have accepted responsibility to insure under a formal consignment agreement.
Business Insurance
Business Insurance for Professionals
Trade Insurance
D Meaning Applies to
Damage or Damaged Sudden and unforeseen physical damage or destruction Business Insurance
Business Insurance for Professionals
Trade Insurance
Data Facts, concepts and information converted to a form usable for communications, display, distribution, interpretation or processing by electronic and electromechanical data processing or electronically controlled equipment and includes programmes, software and other coded instructions for such equipment. Business Insurance
Business Insurance for Professionals
Trade Insurance
Designated tax Any tax assessable in accordance with the provisions, as amended, of the:
a.Income Tax Assessment Act 1936 (Cth);
b. Income Tax Assessment Act 1997 (Cth);
c.Fringe Benefits Tax Assessment Act 1986 (Cth);
d. A New Tax System (Goods and Services Tax) Act 1999 (Cth);
e.Superannuation Guarantee (Administration) Act 1992 (Cth);
f.Termination Payments Tax (Assessment and Collection Act ) 1997 (Cth);
g.Sales Tax Assessment Act 1930 (Cth);
h. Sales Tax Assessment Act 1992 (Cth); or
i.any legislation of an Australian State or Territory relating to payroll tax.
Business Insurance
Business Insurance for Professionals
Trade Insurance
Duty of Disclosure You have a Duty of Disclosure to tell us everything you know or should know, that is relevant to our decision to insure anyone under the policy, including you, and on what terms.
It includes matters we specifically ask about when you apply for a policy, or renew or alter your policy, and any other matters which might affect whether we insure you and on what terms.
The information you tell us can affect:
  • the amount of your premium
  • if we will insure you
  • if special conditions will apply to your policy.
You do not need to tell us of anything which:
  • reduces the chances of you making a claim or
  • we should know about because of the business we are in or
  • we tell you we do not want to know.
If you are unsure it is better to tell us. If you do not tell us something which you know or should know is relevant, we might reduce a claim, refuse to pay a claim, cancel your policy or, if fraud is involved we can treat the policy as if it had never existed.
All Products
E Meaning Applies to
Electronic equipment Any electronic equipment including, but not limited to mobile phones, laptops, palm pilots, computers, scanners, printers, word processors, electronic processing systems, photocopiers, facsimile machines, electronic cash registers, electronic scales and electronic testing or analysing equipment used by you in the business. Business Insurance
Business Insurance for Professionals
Trade Insurance
Employee Employee does not include:
a. Any broker, factor, consignee or contractor;
b. Any member of your family; or
c. Any partner, director or trustee unless that person is also your employee.
Business Insurance
Business Insurance for Professionals
Trade Insurance
Endorsement Documentary evidence of an alteration to the policy which forms part of the policy. Business Insurance
Business Insurance for Professionals
Trade Insurance
Event or events One incident or all incidents of a series consequent on, or attributable to, one source or original cause. Business Insurance
Business Insurance for Professionals
Trade Insurance
Excess An excess is the amount you have to pay for each incident when you make a claim. Sometimes you might have to pay more than one type of excess. The amount and types of excess are shown on your certificate of insurance and are described in the relevant Product Disclosure Statement. All Products
F Meaning Applies to
Family or your family

Family means:

  • your spouse, partner or de facto;
  • your parents, parents-in-law, grandparents;
  • your children, grandchildren, brothers and sisters, including their respective spouse, partner or de facto;
  • the children, parents, parents-in-law, grandparents, grandchildren, brothers and sisters of your spouse, partner or de facto; and
  • people who provide care or services to you.

For further information please refer to the Product Disclosure Statement (PDS).

Home & Contents Insurance
Flood

'Flood’ means the covering of normally dry land by water that has escaped or been released from the normal confines of any of the following:

  • a lake (whether or not it has been altered or modified);
  • a river (whether or not it has been altered or modified);
  • a creek (whether or not it has been altered or modified);
  • another natural watercourse (whether or not it has been alteredor modified);
  • a reservoir;
  • a canal;
  • a dam. 

For further information please refer to the Product Disclosure Statement (PDS).

All Products
Forcible entry or forced entry Unlawful entry into your home, including entry by using stolen keys or picking locks. It does not mean opening an unlocked door or window. Home & Contents Insurance
G Meaning Applies to
Glass a. fixed glass forming part of or fixed to the exterior of the building including glass in fixed signs; or
b. fixed internal glass including fixed glass in furniture, counters, shelving and showcases, fixed and hanging mirrors, fixed washbasins, sinks, toilet pans and cisterns, contained within the building.
Business Insurance
Business Insurance for Professionals
Trade Insurance
H Meaning Applies to
Home

Your home that you own or are responsible for and use primarily for domestic purposes including the following at the insured address:

  • garages, carports, outbuildings, outdoor walls, gates, fences (limits apply, see page 15) and any structural improvements on land;
  • decks, pergolas, pagodas, verandas and balconies, fixed water tanks, fixed swimming pools and spas and their accessories, granny flats, sheds, tennis courts;
  • garden borders, pathways and paved or concreted floor areas;
  • driveways or sealed roads (limits apply);
  • retaining walls which are located within the boundaries of the insured address;
  • services, both above and below ground that are your property and you are responsible for;
  • any permanently housed, connected or wired electrical appliances;
  • any permanently fixed outdoor items, including solar panels, satellite dishes, play equipment, clothes lines, animal housing and outdoor lights;
  • gas appliances permanently plumbed to a gas supply;
  • any permanently attached fixtures including wall, ceiling and floor coverings;
  • lino installed, whether permanently attached or not;
  • sewer storage tanks or treatment tanks permanently plumbed to your home;
  • boat jetties, pontoons, mooring poles and their attachments and accessories which are located within the boundaries of the insured address or where part of their structure begins or terminates on the insured address;
  • any uninstalled building fittings, fixtures and materials (limits apply) but only when kept in a locked and secured building at the insured address.

For further information please refer to the Product Disclosure Statement (PDS).

Home & Contents Insurance
Home office equipment Any office equipment kept at your home for personal or business use and which is of a clerical nature only. Home & Contents Insurance
I Meaning Applies to
Incident A single occurrence or series of occurrences arising from the one event which is not intended or expected to happen by you. All products
Insured equipment Any of the following equipment provided it is owned, leased, operated or controlled by you in your business:
a. any boiler, fired or unfired pressure vessel normally subject to vacuum or internal pressure other than static pressure of contents, any refrigerating or air conditioning vessels (but only to the extent that the schedule shows that air conditioners are covered) and piping or any other piping and its accessory equipment, but not including:
i. any boiler foundation, any refractory or insulating material;
ii. any part of a boiler or fired pressure vessel that does not contain steam or water; or
iii. any buried piping, any drainage piping, any sprinkler piping and its accessory equipment;
b.any mechanical or electrical equipment that generates, transmits or utilises mechanical or
electrical power, but not including:
i. any vehicle or mobile equipment;
ii. any watercraft or aircraft; or
iii. any elevator or escalator but not excluding any electrical or electronic equipment used with such apparatus;
c.any electronic machine, device or instrument used for research, diagnosis, treatment, communication, word processing, data processing, duplicating, monitoring or scanning.
Business Insurance
Business Insurance for Professionals
Trade Insurance
Input tax credit The amount you are entitled to claim as a credit against GST that you have paid. Business Insurance
Business Insurance for Professionals
Trade Insurance
Insured/you/your ‘You’ refers to the person or people shown as the insured on your certificate of insurance and members of your family who normally live with you at the insured address. Home & Contents Insurance
Insured address or at the insured address

We cover your home and contents (including contents in the open air) at the insured address. The insured address is the address/location shown on your certificate of insurance.

For further information please refer to the Product Disclosure Statement (PDS).

Home & Contents Insurance
Insured property a.Your property; or
b. property not belonging to you but in your care, custody or control and for which you are legally liable.
 
Specified items and/or unspecified items, as shown in your schedule.
Business Insurance
Business Insurance for Professionals
Trade Insurance
In transit The period of time starting from the time the goods leave a warehouse or place of storage in Australia for transportation, during the ordinary course of transportation anywhere in Australia, until either:
a.delivery to the buyers or other final warehouse or place of storage in Australia; or
b.delivery to any other warehouse or place of storage in Australia, whether prior to or at the final destination, which you have elected to use:
i. for storage other than in the ordinary course of transit; or
ii. for allocation or distribution,
whichever occurs first.
Business Insurance
Trade Insurance
Intentional acts Your insurance policy does not insure:
a. any intentional or wilful act or omission by you, your family members or your employees with
your connivance; or
b. fraudulent or dishonest acts committed by you, your family members or your employees acting alone or in collusion with others.
Business Insurance
Business Insurance for Professionals
Trade Insurance
L Meaning Applies to
Listed driver The person or people shown on your certificate of insurance as Listed Drivers. Car Insurance
Loss/losses/lost Sudden or unforeseen physical loss Business Insurance
Business Insurance for Professionals
Trade Insurance
M Meaning Applies to
Machinery Any mechanical or electrical equipment, that generates, transmits or utilises mechanical or
electrical power, any electronic machine, device or instrument, but not including;
a. any vehicle or mobile equipment;
b. any watercraft or aircraft;
c. any elevator or escalator but not excluding any electrical or electronic equipment used
with such apparatus; or,
d. any buried piping, any drainage piping, any sprinkler piping and its accessory equipment
Business Insurance
Business Insurance for Professionals
Trade Insurance
Market value The amount that the market would pay for the car (or hire car) or damaged parts we consider to be obsolete. The market value of the car (or hire car) includes many factors such as age, make, model, kilometres travelled and general condition of the car (or hire car). We may use recognised industry publications to assist us in calculating the amount.     Car Insurance
Media Material on which data is recorded or stored, such as magnetic tapes, hard drives, cartridges, dongles, CD’s, DVD’s, USB’s, flash drives, memory cards or floppy disks. Business Insurance
Business Insurance for Professionals
Trade Insurance
Modifications Modifications are alterations made to the manufacturer's standard body, engine, suspension, wheels or paintwork of your car which may affect its performance, value, safety or appearance. Car Insurance
Money Cash, bank notes, currency notes, negotiable cheques, negotiable securities, traveler’s cheques, debit and credit card vouchers, discount house vouchers, money orders, postal orders, unused postage stamps, revenue stamps, lottery tickets, stored value cards, public transport boarding tickets, authorised gift vouchers, valuable documents (but limited to certificates of stock, bonds, coupons and all other types of securities) and the contents of franking machines.
 
Business Insurance
Business Insurance for Professionals
Trade Insurance
N Meaning Applies to
New for old

If your home is damaged beyond repair or your contents are damaged beyond repair or stolen and we decide to rebuild your home or replace your contents, we will rebuild or replace on a new for old basis, regardless of age. 

For further information on what ‘new for old’ means please refer to the Product Disclosure Statement (PDS).

Home & Contents Insurance
O Meaning Applies to
Obsolete stock Stock (as defined in the applicable section of the policy) which can no longer be sold for its full value, for example stock which is out-of-season fashion, superseded computers or perishable goods beyond their used by date. Business Insurance
Business Insurance for Professionals
Trade Insurance
Occurrence An event neither expected nor intended from your standpoint including continuous or repeated exposure to substantially the same general conditions. Business Insurance
Business Insurance for Professionals
Trade Insurance
Option or Optional cover Cover other than is already included in the standard policy.
 
You can ask us to add one or more optional covers to your policy usually for an extra premium. Sometimes an option might not be available. We will tell you if this is the case.
 
If you choose and pay for an option:
  • that option will be shown as covered on your Certificate of Insurance and
  • you will be covered for loss, damage or injury:under that option and caused by an accident or incident in the period of insurance.
Most Products
P Meaning Applies to
Partial disablement The inability of the named person to engage in a substantial part of their occupation or business duties while they are under the regular care of and acting in accordance with the instructions or advice of a doctor. Personal Accident and Illness/business-insurance
Period of insurance When this insurance cover starts to when it ends. It is shown on your Certificate of Insurance. All Products
Personal injury a.bodily injury, death, sickness, disease, disability, shock, fright, mental anguish, mental injury or loss of consortium;
b.false arrest, false imprisonment, wrongful eviction, wrongful detention or malicious prosecution;
c.libel, slander, defamation of character or invasion of right of privacy; or
d.assault and battery not committed by you or at your direction unless committed for the purpose of preventing or eliminating danger to persons or property.
Business Insurance
Business Insurance for Professionals
Trade Insurance
Policy Your insurance contract. It consists of the PDS, your application for insurance and your latest Certificate of Insurance. All Products
Pollutants Any solid, liquid, gaseous or thermal irritant or contaminant, including, but not limited to, smoke, vapour, soot, fumes, acids, alkalis, chemicals and waste materials. Waste includes material to be recycled, reconditioned or reclaimed. Business Insurance
Business Insurance for Professionals
Trade Insurance
Premium The amount you pay us for insurance. You also pay stamp duty, GST and any additional government charges and Fire Services Levy (FSL) if applicable. All Products
Product Disclosure Statement (PDS) PDS is the name of this document and contains the terms of your insurance cover. It includes information that would have previously been available in the insurance policy booklet. It tells you what cover we provide, details of costs, fees and charges and other important information. It should be read together with your Certificate of Insurance. If there are changes to your PDS, we will send you a Supplementary PDS, or a new PDS. All Products
Property insured The property as described on the schedule in respect of each policy section. Business Insurance
Business Insurance for Professionals
Trade Insurance
R Meaning Applies to
Rate of gross profit The rate of gross profit earned on the turnover during the financial year immediately before the date of the damage. Business Insurance
Business Insurance for Professionals
Trade Insurance
Road Any surveyed or unsurveyed land dedicated to public use, according to law, as a road (including a footpath or median strip). It also includes a toll road or a bridge which is open to the public and used as a road. Business Insurance
Business Insurance for Professionals
Trade Insurance
S Meaning Applies to
Safe or strong room A safe is not:
a. an ATM;
b.a cash tin;
c.a locked drawer in a filing cabinet or desk; or
d.a burglary resistant container weighing less than 20 kilograms that is not fixed by ‘Dynabolts’ to the wall or floor of the situation.
Business Insurance
Business Insurance for Professionals
Trade Insurance
Seasonal increase period Any period of time during the period of insurance that has stock levels at least 35% higher than stock levels at other times during the period of insurance.
 
The total number of days we will allow as seasonal increase periods is 120 days during any one period of insurance unless a different period is shown in the schedule. You do not have to tell us what the dates of the periods are, but ,if you make a claim under this section then your financial records over at least the previous 2 years must substantiate the period as a seasonal increase period.
 
If the business is less than 2 years old, you can use the financial records of your business from the date of commencement until the date of the loss or damage to substantiate your claim.
Business Insurance
Trade Insurance
Schedule The record of the particulars of your insurance which forms part of this policy. The schedule is issued when we have accepted your insurance.
 
At each renewal of your policy, the renewal schedule becomes your current schedule. Updated schedules or endorsements may also be sent to you showing alterations to your policy.
Business Insurance
Business Insurance for Professionals
Trade Insurance
Situation The places listed in the schedule at which and from which you operate your business. The situation includes buildings and land within the legal boundaries. Business Insurance
Business Insurance for Professionals
Trade Insurance
Stock Merchandise, stock in trade, raw materials or work in progress and packing materials used by you in the business.

Stock also includes customers’ goods.
Stock includes items of property at your situation under a ‘sales or return’ consignment agreement.
 
Stock does not include consigned items of property under an ‘agency’ arrangement where you make a commission on a sale.
Business Insurance
Business Insurance for Professionals
Trade Insurance
Stock in trade Merchandise and customers’ goods for which you are legally responsible including the value of the work done and containers or packaging materials used in connection with the business. Business Insurance
Business Insurance for Professionals
Trade Insurance
Sum insured The most you can claim for any one incident unless stated otherwise in the PDS. The amount is shown on the Certificate of Insurance and includes GST. Business Insurance, Home & Contents Insurance, Landlord Insurance
Supplementary Product Disclosure Statement (SPDS) An SPDS updates or adds to the information in the PDS. Business Insurance
Business Insurance for Professionals
Trade Insurance
T Meaning Applies to
Tax agent Any person who is recognised by the authority as a registered tax agent, as appropriate to the type of designated tax, who prepares returns and statements required by that authority in respect of your liability to pay a designated tax, including supervision of the preparation of, and review prior to dispatch of, those returns and statements.
 
Tax agent does not mean you or a person working for you under a contract of employment.
Business Insurance
Business Insurance for Professionals
Trade Insurance
Tax audit a.The audit of a tax return submitted by you or on your behalf in respect of your liability to pay any designated tax (including the amount of tax payable) following lodgement of a tax return for that designated tax; or
b. Any official inquiry, investigation, examination or review in respect of your liability to pay any designated tax (including the amount of tax payable) following lodgement of a tax return for that designated tax.
If an official inquiry, investigation, examination or review referred to in paragraph (b) above escalates or results in an audit as referred to in paragraph (a) above, then this would be viewed as one tax audit for the purposes of the Tax Audit policy section.
 
For the purpose of the Tax Audit policy section:
a.the tax audit commences at the time you or your professional adviser first receive notice of the proposed tax audit.
b.the tax audit is complete when:
i. the auditor has given written notice to that effect;
ii.the auditor notifies us that it has made a concluded decision about your returns;
iii.when the auditor has issued an assessment or amended assessment of your returns; or
iv.in the absence of i, ii or iii where your professional adviser declares in writing that such an audit has been concluded.
Business Insurance
Business Insurance for Professionals
Trade Insurance
Terrorism An act, including but not limited to the use of force or violence (or threat of force or violence) by any person or group of people acting alone, or on behalf of or in connection with any organisation or government, that from its nature or context are done for, or in connection with, political, religious, ideological ethnic or similar reasons with the intention to influence any government or put the public or any section of the public in fear. Business Insurance
Business Insurance for Professionals
Trade Insurance
Tools of trade Tools or equipment used for any business activity except for home office equipment. Home & Contents Insurance
Total declared value The total declared value shown on your schedule, or adjusted in accordance with this policy section, whichever is the higher. The total declared value does not include any amount for specified items. Business Insurance
Business Insurance for Professionals
Trade Insurance
Total disablement The inability of the named person to engage in or attend any occupation or business for which they are reasonably qualified by reason of education, training or experience.  
Turnover The money paid or payable to you for goods sold and delivered, work done and services rendered in the course of the business at the situation. Business Insurance
Business Insurance for Professionals
Trade Insurance
U Meaning Applies to
Unit A unit, villa, townhouse or apartment in a strata title development. It does not include common property. Home & Contents InsuranceLandlord Insurance
W Meaning Applies to
What it costs us
  • For repairs, it means what it costs us to repair the item.
  • For replacement, it means the retail price of the item as if it were new at the time of the loss or damage less any discount available to us.
All Products
Y Meaning Applies to
Your products Anything (including any component, packaging or container of or for such thing) after it has ceased to be in your possession or control which has been manufactured, grown, extracted, produced, processed, assembled, constructed, erected, installed, repaired, serviced, treated, sold, supplied, resupplied or distributed by you in the course of your business. The term includes anything (including any component, packaging or container of or for such thing) which by operation of a law of the Commonwealth of Australia you are deemed to have manufactured. Business Insurance
Business Insurance for Professionals
Trade Insurance