• Specific Year
    Any

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:

  (i)   workers' compensation; or

  (ii)   compulsory third party compensation.

  (3)   In this regulation:

"contents" , in relation to a residential building, means any of the following items:

  (a)   furniture, furnishings and carpets (whether fixed or unfixed);

  (b)   household goods;

  (c)   clothing and other personal effects;

  (d)   a picture;

  (e)   a work of art;

  (f)   a fur;

  (g)   a piece of jewellery;

  (h)   a gold or silver article;

  (i)   a document of any kind;

  (j)   a collection of any kind;

  (k)   swimming pools that:

  (i)   are not fixtures; and

  (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.

"residential building" means:

  (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:

  (a)   a hotel; or

  (b)   a motel; or

  (c)   a boarding house; or

  (d)   a building that is in the course of construction; or

  (e)   a temporary building or structure or a demountable or moveable structure.

Download

No downloadable files available