Commonwealth Numbered Acts

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TERRORISM INSURANCE ACT 2003 No. 43, 2003 - SECT 3

Definitions
In this Act, unless the contrary intention appears:

"Australia" includes Norfolk Island.

Note: See also paragraph 17(a) of the Acts Interpretation Act 1901 (which includes the Territory of Christmas Island and the Territory of Cocos (Keeling) Islands) and section 15B of the Acts Interpretation Act 1901 (which includes the coastal sea).

"Corporation" means the Australian Reinsurance Pool Corporation established by section 9.

"declared terrorist incident" means an act or acts declared under section 6 to be a declared terrorist incident.

"eligible insurance contract" has the meaning given by section 7.

"eligible property" means the following property that is located in Australia:

(a) buildings (including fixtures) or other structures or works on, in or under land;
(b) tangible property that is located in, or on, property to which paragraph (a) applies;
(c) any other property prescribed by the regulations.

Note: Roads, tunnels, dams and pipelines are examples of eligible property.

"eligible terrorism loss" means a loss or liability arising from a declared terrorist incident, but does not include a loss or liability arising from the hazardous properties (including radioactive, toxic or explosive properties) of nuclear fuel, nuclear material or nuclear waste.

"excess" means an amount of an insurance claim that is to be paid or borne by the insured.

"member" means a member of the Corporation, and includes the Chair.

"own", in relation to eligible property, includes:

(a) owning the property together with another person or other persons; and
(b) having an insurable interest in the property.

"reduction percentage" means a reduction percentage specified in a declaration under section 6, and includes such a percentage as varied under that section.

"startup time" means the beginning of 1 July 2003.

"terrorist act" has the meaning given by section 5.


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