CORPORATIONS REGULATIONS 2001 - REG 7.1.13 Meaning of retail client and wholesale client : home contents insurance product
CORPORATIONS REGULATIONS 2001 - REG 7.1.13
Meaning of retail client and wholesale client : home contents insurance product(1) For subparagraph 761G(5)(b)(iii) of the Act, a home contents insurance product is a contract or part of a contract that provides insurance cover (whether or not the cover is limited or restricted in any way) in respect of loss of or damage to the contents of a residential building.
(2) A home contents insurance product does not include:
(a) insurance to or in relation to which the Marine Insurance Act 1909 applies; or
(b) insurance entered into, or proposed to be entered into, for the purposes of a law (including a law of a State or Territory) that relates to:
(ii) compulsory third party compensation.
"contents" , in relation to a residential building, means any of the following items:
(a) furniture, furnishings and carpets (whether fixed or unfixed);
(c) clothing and other personal effects;
(ii) are owned by the insured or by a member of the insured's family ordinarily residing with the insured;
but does not include an article or thing to which the definition of residential building applies.
(a) a building used principally and primarily as a place of residence on the site; and
(b) out - buildings used for domestic purposes, being purposes related to the use of the principal residence on the site.
(4) A residential building does not include:
(d) a building that is in the course of construction; or
(e) a temporary building or structure or a demountable or
moveable structure.