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[Pages:192]BUSINESS INSURANCE POLICY

Product Disclosure Statement and Policy Wording

Business Insurance Policy

Welcome to AAMI Business Insurance

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Who is the insurer?

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How to contact us

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About your insurance policy

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About this Product Disclosure Statement and Policy Wording

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Communicating with you electronically

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Part 1: Policy summary

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Part 2: Your rights and responsibilities

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Your duty of disclosure

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Cooling off period

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Cancellations

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The amount of your premium

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Paying your premiums

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Overdue monthly instalments

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Claims made and notified basis of cover

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Excess

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Complaints resolution

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What if you are not satisfied with our final IDR decision?

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Other information

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Fraudulent claims

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Part 3: Information for some policyholders

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Policy section 1 ? Property damage

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Policy section 2 ? Theft

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Policy section 3 ? Glass

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The amount you pay for Policy sections 1, 2 or 3 (home building) or Policy section 11 (vehicles)

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How various factors may affect your premium for Policy sections 1, 2 and 3 (home building)

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How various factors may affect your premium for Policy section 11 (vehicles)

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Why the cost of insurance can change

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Premium discounts

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Your excess

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Policy sections 1, 2 and 3: Excesses

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Policy section 11: Excesses

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Part D: Your AAMI Business Insurance Policy Wording

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Policy section 1 ? Property damage

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Policy section 2 ? Theft

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Policy section 3 ? Glass

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Policy section 4 ? Money

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Policy section 5 ? Back in Business

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Policy section 6 ? Public and products liability

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Policy section 7 ? Management liability

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Policy section 8 ? Portable and valuable items

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Policy section 9 ? Equipment breakdown

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Policy section 10 ? Tax Probe

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Policy Section 11 ? Commercial motor

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Part 1 ? Loss or damage to your vehicle

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Extra covers

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Additional benefits

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How we settle a claim under Part 1

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Partial loss ? Your choice of repairer (and our parts policy)

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Part 2 ? Legal liability

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Additional benefits

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How we settle a claim under Part 2

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Policy section 12 ? Goods in transit

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Part 5: Privacy statement

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Welcome to AAMI Business Insurance

Thank you for considering to buy your business insurance direct. You've probably been dealing direct for your home or car insurance, so it makes sense to do the same for your business insurance. AAMI Business Insurance specialises in providing direct insurance solutions to small businesses in Australia. AAMI Business Insurance offers: ? the option to pay by the month ? the option to customise cover ? hassle-free claims lodgement ? plain language policy documentation AAMI Business Insurance is part of the Suncorp Group of companies.

Who is the insurer?

AAI Limited ABN 48 005 297 807 AFSL 230859, trading as AAMI Business Insurance is the insurer and issuer of this product.

How to contact us

You may contact us by: ? Phone us on: ? Fax us on: ? To lodge or discuss a claim on: ? By email: ? Our website on:

13 22 44 1300 305 111 13 22 44 businessinsurance@.au .au

About your insurance policy

Your policy is a legal contract between you and us. The contract is based on the information you gave us when you applied for the insurance and any subsequent information which you have supplied.

Your policy is made up of the Product Disclosure Statement (PDS) and Policy Wording, any Supplementary PDS (SPDS) we may send you, any endorsements and the policy schedule. You should read all these documents together to tell you what we cover, what we exclude, what we pay to settle claims and other important information.

We will provide cover under those Policy sections shown on the policy schedule and for those Optional covers shown on the policy schedule for the period of insurance. The commencement date and expiry date of the period insurance is shown on your policy schedule.

You must pay the premium by the due date and comply with all of the policy conditions.

The General policy conditions listed on pages 18 to 20, General claims conditions listed on pages 20 to 23 and General exclusions listed on pages 23 to 24 apply to the whole policy. Unless otherwise expressly stated these apply to each of the Policy sections, including any Extra covers, Additional benefits or Optional covers in those Policy sections. Specific conditions, definitions and exclusions also apply to individual Policy sections and any Extra covers, Additional benefits or Optional covers in those Policy sections.

Some of the words used in this PDS have a special defined meaning. These words are in bold in this PDS and Policy Wording. Most of the words we have defined are listed in the General definitions on pages 25 to 30 or the Definitions of the applicable Policy section. The words may appear without bold type in endorsements.

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About this Product Disclosure Statement and Policy Wording

We are required to give you a PDS if you are insuring: ? a home building under Policy section 1 - Property damage, Policy section 2 - Theft or Policy section 3 ? Glass; or ? vehicles (not exceeding 2 tonnes) under Policy section 11 ? Commercial motor, and you are: ? an individual; or ? a small business, having:

?? in the case of a non-manufacturing business, less than 20 employees; or ?? in the case of a manufacturing business, less than 100 employees. This PDS and Policy Wording has 5 parts: ? Part 1 contains the Policy summary. You can use this summary to decide which Policy sections you require. ? Part 2 contains information about your rights and responsibilities, including how to contact us if you have a complaint. Part 2 applies to all Policy sections and should be read by all persons who take out this insurance. ? Part 3 contains information that only applies to some policyholders. This part only applies to you if you are insuring vehicles (not exceeding 2 tonnes) under Policy section 11 ? Commercial motor; or a home building under Policy section 1 ? Property damage, Policy section 2 - Theft or Policy section 3 ? Glass; and you are an individual or a small business. ? Part4 contains your AAMI Business Insurance Policy Wording. It applies to all persons who take out this insurance. ? Part 5 contains our privacy statement. To understand the terms and conditions of your policy, you must read `About your insurance policy' and Parts 1, 2 and 4 of the PDS and Policy Wording. If you are an individual or a small business and you are insuring vehicles under Policy section 11 ? Commercial motor; or a home building under Policy section 1 - Property damage, Policy section 2 - Theft or Policy section 3 ? Glass, you should also read the relevant sections of Part 3.

Communicating with you electronically

We may agree to send your policy documents and policy related communications electronically. This will be by email and/or other types of electronic communication methods. Policy documents and policy communications will be provided to you in this way until you tell us otherwise or we tell you it is no longer suitable. If we agree to communicate with you electronically, you will need to provide us with your current email address and your Australian mobile phone number. You must contact us if any of these contact details change. Each electronic communication will be deemed to be received by you at the time it leaves our information system.

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Part 1: Policy summary

The AAMI Business Insurance Policy offers a range of covers for your business. These are listed below. Not all covers are available on their own and some are dependent on you taking out another cover as well. For covers you have selected please refer to what `What we cover' and `What we exclude' in the relevant Policy section.

Cover type Policy section 1 ? Property damage

Policy section 2 ? Theft Policy section 3 ? Glass Policy section 4 ? Money

Policy section 5 ? Back in Business Policy section 6 ? Public and products liability

Policy section 7 ? Management liability Policy section 8 ? Portable and valuable items Policy section 9 ? Equipment breakdown Policy section 10 ? Tax Probe

Policy section 11 ? Commercial motor Policy section 12 ? Goods in transit

Summary of covers (see relevant Policy section for details including limits, specific terms and conditions and exclusions that apply)

This Policy section provides cover for loss of, or damage to, your property from specified insured events such as fire, lightning and explosion, and provides a number of Extra covers and Additional benefits.

This Policy section provides cover for loss of, or damage to, your contents, stock and specified items due to theft and provides some Extra covers and Additional benefits.

This Policy section provides cover for glass at your premises (including internal glass, external glass and sanitary fittings) and provides an Extra cover and Additional benefit.

This Policy section provides cover for your business's money while at your premises, in a safe or strongroom, in transit to or from your premises, in your personal custody, or custody of a trusted employee.

This Policy section provides cover for a reduction in your business revenue arising from interruption of your business by damage caused by specified insured events. Extra covers are also provided.

This Policy section provides cover for your legal liability to pay compensation for personal injury, property damage, or advertising liability caused by an occurrence in connection with the business or products.

This Policy section provides cover for the management liability of you, your directors, officers and employees.

This Policy section provides cover for portable or valuable items that you usually carry around with you in the course of your business anywhere in the world.

This Policy section provides cover for the breakdown of insured equipment at the premises and loss of, or damage to, property insured caused directly by the breakdown. You have a choice of two types of cover in this Policy section.

This Policy section provides cover for the professional fees incurred in connection with a tax audit of the business's financial or tax affairs by an authority authorised to do so; for example, the Australian Taxation Office.

This Policy section provides cover for vehicles with a choice of Comprehensive, Legal liability, fire and theft, or Legal liability only covers.

This Policy section provides cover for loss of, or damage caused to, goods you sell, buy or use in your business when they are in transit. You have a choice of two types of cover in this Policy section.

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Part 2: Your rights and responsibilities

This part of the PDS and Policy Wording applies to all Policy sections described in Part 4 of your PDS. All policyholders need to read this Part 2.

Your duty of disclosure

Before you enter into an insurance contract, you have a duty to tell us anything that you know, or could reasonably be expected to know, may affect our decision to insure you and on what terms.

You have this duty until we agree to insure you.

You have the same duty before you renew, extend, vary or reinstate an insurance contract.

You do not need to tell us anything that:

? reduces the risk we insure you for; or

? is common knowledge; or

? we know or should know as an insurer; or

? we waive your duty to tell us about. If you do not tell us something If you do not tell us anything you are required to, we may cancel your contract or reduce the amount we will pay you if you make a claim, or both.

If your failure to tell us is fraudulent, we may refuse to pay a claim and treat the contract as if it never existed.

Cooling off period

You have the right to cancel and return the insurance policy or a section of the policy by notifying us within 30 days of the date it was issued to you ("cooling off period") unless you wish to make or have made a claim under the policy within the cooling off period. If you cancel your policy or a section of the policy during the cooling off period, we will return the amount you have paid and you will have no cover.

In addition, if you vary your policy (for example by adding a Policy section, endorsement or increasing an insured amount), you have the right to cancel that variation within 30 days of the date it was added by notifying us in writing ("additional cooling off period") unless you wish to make or have made a claim under that variation within the additional cooling off period. If you cancel the variation during the additional cooling off period, we will return the amount you have paid for that variation.

To cancel your policy at other times (including when a claim has been made during the cooling off period), see "Cancellations" below.

Cancellations

How you may cancel

You can cancel your policy at any time by telling us you want to cancel it. The cancellation takes effect on the date we receive your request. If you cancel your policy, we will refund the proportion of your premium for the unexpired period of insurance less any non-refundable government charges if the refund is more than $10. If you pay by instalments, on cancellation you agree to pay us any portion of the premium that is owing but not yet paid and that amount is immediately due and payable.

How we may cancel

We can cancel your policy at any time according to law. If we cancel your policy we will refund the proportion of your premium for the unexpired period of insurance less any non-refundable government charges if the refund is more than $10. If we cancel your policy due to fraud, we will not refund any money to you.

If you pay your premium by monthly instalments and your payment is overdue we can refuse to pay a claim if payment is 14 days (or more) late, and we can cancel your policy if an instalment is 1 month (or more) overdue. We will notify you of the cancellation.

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If we pay out a claim for the full insured amount of your building, that cover ends. Any Policy section, Extra cover, Additional benefit or Optional cover for that cover also ends. If we pay out a claim for a total loss (as defined in Policy section 11) of your vehicle, that cover ends. Any Policy section, Extra cover, Additional benefit or Optional cover for that cover also ends. When your policy ends as a result of us paying out a claim for the full insured amount of your building or total loss (as defined in Policy section 11) of your vehicle, we will not refund any premium for an unexpired period of insurance. If you have been paying your premium by monthly direct debit instalments, we will deduct the remaining instalment premiums due for the unexpired period of insurance from the amount we pay for the claim.

The amount of your premium

The premium is the amount you pay us for this insurance. It reflects what we consider is the likelihood of you making a claim on the policy and other factors related to our cost of doing business. The premium includes stamp duty, Goods and Services Tax (GST), other government charges and any fire services levy (FSL) that applies. Your premium is shown on your policy schedule. In addition to the factors we use to calculate your premium, the discounts you qualify for also affect your premium. Your premium includes any discounts you qualify for and these are applied before adding applicable government charges. We can withdraw a discount at any time.

Paying your premiums

You can pay in one annual payment or, if we agree, by instalments. We will tell you how much you have to pay and how much time you have for payment. You must pay the premium by the due date to obtain this insurance cover. Any payment reminder we send you does not change the expiry or due date, unless we tell you otherwise. If you do not pay the premium in full, we may reduce the period of insurance so it is in line with the amount you paid. Where you do not pay your premium by the due date for the first period of insurance with us, we can cancel your policy. Where you do not pay the premium for renewal by the due date, then the renewal policy will not commence and your cover will end at the expiry of the previous period of insurance. If we accept your late payment, we may recommence your cover from the date we received your payment. If so, you will not have any cover from the expiry of the previous period of insurance until the date of payment. If you change your policy you may be required to pay an additional premium. Where a change to your policy results in a premium increase, you will have to pay the amount by which your premium has increased by the due date to obtain the varied insurance cover.

Overdue monthly instalments

If you pay your premium by monthly instalments and your payment is overdue we can refuse to pay a claim if payment is 14 days (or more) late. We can cancel your policy if an instalment is one month (or more) overdue. We will notify you of the cancellation.

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