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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. Motor Vehicle 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
Agreed value The amount we agree to insure your vehicle for. This can change when you renew your policy. Your certificate of insurance will show this amount. As the agreed value is the maximum amount that we will pay for your vehicle in the event of a claim, it is important that the agreed value accurately reflects the value of your vehicle. All products
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
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 A passenger motor vehicle with a carrying capacity up to 2 tonnes, including 4WDs, utilities and vans. Motor Vehicle Insurance
Caravan and trailer Caravan, camper trailer and trailer described on your certificate of insurance and its fixtures and fittings. This includes:
  • annexes which are not in use and are locked in your caravan or camper trailer
  • retractable awnings permanently attached to your caravan or camper trailer
  • tropical and free standing roofs and garden sheds located on the site of the insured unregistered on-site caravan.
 Caravan & Trailer 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 we have given you. It includes your Insurance Account. 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' means your unfixed household goods and valuables and personal effects that you own including:
  • carpets - fixed and unfixed internal blinds and curtains
  • furniture and furnishings
  • electrical appliances such as TVs, stereos, computers, washing machines, dryers, refrigerators, freezers, portable heaters, plug-in lamps
  • wheelchairs and medical equipment
  • household tools and gardening equipment including ride-on mowers
  • firearms legally registered and store
  • plants in pots
  • portable and above-ground swimming pools and spas in a temporary site and their accessories
  • surfboards, sailboards, canoes, kayaks and non-motorised surf skis
  • remote-control, model or toy: motor vehicles; aircraft (with a wingspan up to 1.5 metres); watercraft
  • items that you are legally responsible for under a written contract (but not a rental agreement).
 
Your fixtures and fittings in a unit
If you insure Contents in a unit, Contents includes fixtures and fittings in the unit which are not legally part of the unit building for insurance purposes such as:
  • light fittings, wall paint, wall paper, wall coverings, floor coverings eg floating floors, lino etc, a heater or air-conditioning unit that you own.
  • Make sure your Contents sum insured includes these fittings.
 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
Contents in your caravan Contents you own in your caravan or annexe or garden shed or annexe (located on the site of the insured unregistered on-site caravan) that are not fixtures or fittings and are described on your certificate of insurance. Contents do not include:
  • food and beverages
  • money, negotiable documents, cheques, credit cards, financial transaction cards, stamps, title deeds, passports, uncut gems or stones
  • any collections or memorabilia
  • mobile phones
  • information stored electronically or any other way
  • animals or plants
  • musical instruments
  • items used for business purposes
  • motor vehicles, bikes and scooters (motorised or not), hang gliders, aircraft, aerial devices and their equipment
  • watercraft, including surfboards, surf or water skis, sailboards and accessories.
 Home & Contents 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 The excess:
  • is the amount you have to pay for each incident if you make a claim,
  • is deducted from the amount of cover provided by your policy.
The amount and type of excess that applies to your policy is shown on your Certificate of Insurance. We will deduct the excess from the amount of cover under your policy and then pay you, or we will ask you to pay the excess to a supplier, repairer or us.		 All Products
F Meaning Applies to
Family or your family Your spouse, your partner or your de facto who lives with you, your parents and parents-in-law, your or your spouse's children, your brothers and your sisters. Home & Contents Insurance
Flood The covering of normally dry land by water that has escaped or been released from the normal confines of any:
a.lake river, creek or other natural watercourse (whether or not any of them are altered or modified); or
b.reservoir, canal or dam		 Business Insurance
Business Insurance for Professionals
Trade Insurance
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 'Home' means your residential building and its domestic fixtures and domestic structural improvements, at the insured address, including:
- barbecues
- clothes lines
- external blinds, fixed shade sails
- awnings and fixed shade umbrellas
- aerials, fixed satellite dishes and
- masts
  • garages and other domestic outbuildings
  • pergolas, patios, verandas, decking and fixed gazebos
  • wallpaper, paint and coverings on walls or ceilings
  • fixed floor coverings including linoleum (glued down or not), timber floor coverings but not carpets (whether secured to the floor or not) or floor rugs
  • insulation for roofs or walls
  • electrical and gas appliances, light fittings and alarm systems but only if these appliances are permanently connected or plumbed to the electricity or gas supply
  • dishwashers that are housed in a purpose-built cupboard or bench
  • swimming pools and spas in a permanent site and their accessories
  • fixed:
  • garden borders, driveways, paths and paving
  • walls, gates and up to 2 kilometres of fencing
  • service pipes and cables that you own or are legally responsible for
  • tennis courts
  • boat jetties and pontoons
  • unfixed home building materials and uninstalled home fittings.
 Home & Contents Insurance
Home office A room or part of the Home used as an office for business activities. Home & Contents Insurance
Home office equipment The following office equipment if used for a business activity (part time or full time):
  • computers, including laptops, electronic diaries, palm or pocket PCs, printers and scanners (but not software, games or stored media information)
  • filing cabinets
  • fax machines and photocopiers
  • phones
  • chairs, tables, desks and other office furniture
  • office stationery.
 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
In the Home At the insured address and entirely enclosed by a roof and walls in your:
  • Home, home garage or other residential outbuildings
  • unit or unit garage.
It also includes being on a:
  • veranda or
  • home unit balcony.
 Home & Contents 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 Any person, company or legal entity shown on the schedule as the insured Business Insurance
Business Insurance for Professionals
Trade Insurance
Insured address or at the insured address For your Home, it means within your Home's domestic land boundaries located at the address shown on your Certificate of Insurance.
For a strata title or community title unit, it means in the unit you own or occupy.		 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 the open air At the insured address but not fully enclosed by walls and a roof, such as:
  • in a carport, under a pergola or similar structure or
  • in or on any vehicle (whether locked or not)
It does not mean on a veranda or on a home unit balcony.		 Home & Contents 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
Interim cover Insurance cover we give you before your Certificate of Insurance is issued. When we issue your Certificate of Insurance, it will include the period of interim cover. All Products
L Meaning Applies to
Landlord's Fixtures and Fittings These Landlord's Fixtures and Fittings:
  • floor coverings
  • light fittings
  • window coverings and
  • other fixtures and fittings shown on your Certificate of Insurance.
 
Your fixtures and fittings in a unit
If you insure Landlord's fixtures and fittings in a unit, it includes:
  • light fittings, wall paint, wall paper, wall coverings, floor coverings, e.g. floating floors, lino etc, a heater or airconditioning unit that you own.
  • Make sure your Landlord's fixtures and fittings sum insured includes these fittings.
 Investor Home & Contents Insurance
Listed driver The person or people shown on your certificate of insurance as Listed Drivers. Motor Vehicle 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
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 Vehicle 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. Motor Vehicle 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 This is:
  • replacing or repairing with new items or new materials that are available at the time of replacement or repair from Australian suppliers an
  • new for old regardless of age, with no allowance for depreciation and of the same type, standard and specification as when new.
If the same is not available, it means of a similar type, standard and specification when new. New for old does not mean of a better standard, specification or quality than when new.
 
For obsolete electrical appliances
For obsolete electrical appliances, such as outdated computers or TVs, new for old means replacing or repairing to an equal specification.
If this is not available, it means to the nearest better specification available. It can be a different brand.
 
For paintings, pictures, works of art, sculptures, art objects, collections, memorabilia and antiques
For these items, new for old means that if the item cannot be replaced or repaired new for old, we will pay you what it would have cost to buy the item immediately before the loss or damage occurred, but we will not pay more than its sum insured for that item.		 All Products
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 Extra cover than is already included in the standard policy.
 
You can ask us to add one or more optional covers to your policy 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 this 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. The amount is shown on the Certificate of Insurance or in this PDS. The sum insured includes GST. All Products
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 Home unit, flat, villa or townhouse subdivided according to state or territory strata or unit title laws, or similar laws. Home & Contents Insurance
V Meaning Applies to
Vehicle The vehicle described on your certificate of insurance. It includes caravans and trailers. It also includes the following accessories if they are in or on your vehicle:
  • baby capsule/car seats
  • bicycle carriers
  • bonnet protector
  • cargo barrier
  • cruise control
  • dash mats
  • decorative wheel rims and tyres
  • fire extinguisher
  • floor mats
  • headlamp guards
  • motor cycle helmets, gloves, or associated riding clothes up to a maximum of $500 in total (if we pay a claim covering your motor cycle)
  • mud flaps
  • panel/rust protection
  • paint protection
  • pinstriping
  • protective mouldings
  • rear louvre sunshade
  • commercial or vehicle-related signage (up to $300)
  • spare wheel cover
  • registration plate covers
  • seat covers
  • side steps for a 4WD
  • standard sound systems (fitted as standard by manufacturer)
  • steering locks
  • tools supplied as standard by the vehicle manufacturer or similar replacements
  • tow bars
  • weather shield
 
It also includes the following caravan and trailer fixtures and fittings:
  • stoves and ovens
  • electrical or gas appliances
  • air conditioners
  • furniture
  • fly screens
  • curtains and their fittings
  • water tanks and pumps
  • generator plant and bottled gas cylinders
  • solar panels
 
Other vehicle accessories or modifications are included if we have agreed to insure them as part of your vehicle and they are shown on your certificate of insurance.		 Motor Vehicle Insurance
Vehicle use Use can be:
  • private - if not used in connection with earning an income, or if the only such use is driving to and from work and/or occasional use in connection with work
  • goods carrying/trade - if used in connection with a recognised trade
  • business - if used in connection with an occupation or business in a way not listed above
 Motor Vehicle Insurance
W Meaning Applies to
Watercraft Any vessel designed for use on or in water. Boat Insurance
Watercraft Anything made or intended to float or travel on or through water other than model boats. Business Insurance
Business Insurance for Professionals
Trade Insurance
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		 


            

            
          	
          

			
		


        

		

	
  

    

	
		
Glossary