Specialist Insurance Glossary of Terms

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Note: The following is a guide only. Please refer to the Product Disclosure Statement for the standard terms, conditions, limits and exclusions of the cover.

  • Accessories

    The accessories noted on your policy schedule.

  • Accident

    An unforeseen or unintended happening.

  • Benefit

    An amount of money paid to you as the result of a successful insurance claim.

  • Benefit Limit

    The total amount your insurer will pay you under your policy for each level of cover selected. Check the PDS and your policy document for details of the benefit limits and conditions that apply to your cover.

  • Bicycle Insurance

    Insurance that protects your bicycle and accessories against malicious or accidental damage, loss or theft in a wide range of circumstances. You can insure bikes and accessories with a total value of between $1k and $20k.

  • Certificate of Insurance (also known as Policy Document or Policy Schedule)

    A document outlining the contract of insurance between you and your insurer, and identifying the policy number, commencement date, cover end date, business address, sum insured and schedule of benefits, including benefit limits.

  • Claim

    Any indemnity that you seek from your insurer in respect to:

    1. your legal liability to compensate others for personal injury and/or property damage
    2. damage to your property
    3. breakdown of your property
    4. theft of your property
    5. lost income or profit
  • Co-Insurance

    Sometimes called 'average'. If the value of the insured property exceeds the amount of insurance, then your Insurer will require you to contribute proportionately to each and every loss.

    It is therefore essential that values are regularly reviewed and sums insured represent the current value.

  • Commencement Date

    The date when your cover first starts, as shown on your policy document.

  • Cooling-off Period

    The period of time after you buy your policy, during which you can cancel your policy and receive a full refund of any premiums you have paid, provided that you have not yet made a claim.

  • Cover

    The insurance cover you have purchased, as shown on your policy document.

  • Damage

    Physical damage, destruction or loss, but not accidental damage of any kind.

  • Deductible

    Also called 'excess'. The amount nominated by you or imposed by your insurer as a deduction from the sum insured or the amount paid by the Insured in response to a partial loss.

  • Duty of Disclosure

    When you apply for insurance you will be asked to provide complete and honest information about the people, animals, assets or events you wish to insure. If you conceal or leave out important information your insurer may cancel your policy and/or may not pay any claim you make.

  • End Date

    The date upon which your policy terminates and benefits cease. The end date is shown on your policy document. If the policy is cancelled, either by you or by your insurer, then the date of cancellation will be deemed to be the end date.

  • Excess

    The amount you must pay for each incident if you make a claim. This will be deducted from the amount your insurer pays to you when settling your claim. The amount and type of excess that applies is shown in your policy document.

  • Exclusion

    Circumstances in which you will not be covered under your insurance policy, for which you are not able to claim any benefit, for example flood damage. Check the PDS and your policy document for details of the exclusions that apply to your policy.

  • Extra Cost of Reinstatement

    Protection for additional costs to comply with Government regulations following your loss, provided you had not been advised of such requirements prior to the loss.

  • Fixed object

    Immobile, permanent or firm items not able to be moved. Stationary registered motor vehicles and/or immobilised trailers qualify as fixed objects.

  • Forcible or Violent

    Where there is physical evidence demonstrating theft or an attempt at theft with an item other than a key.

  • Garaged Address

    The usual place where the vehicle listed in your policy is stored and is shown on your policy document, or any other location, except whilst in transit or at an event whilst stored with your consent.

  • Horse Insurance

    Insurance designed to cover the key risks involved with owning and riding a horse, such as death or loss of use, vet expenses, rider accident and horse-related equipment. It is suitable for horses aged between 1 and 15 years, in good health, and valued at less than $15,000.

  • Immobilised

    Unable to be moved and

    • in respect of a trailer attached to a motor vehicle, the motor vehicle must be stationary and secured.
    • when a trailer is not attached to a motor vehicle, the trailers wheel/s is chained, padlocked, wheel clamped or other similar professionally manufactured anti-theft device.
  • Indemnity

    The principle of 'Indemnity' is to place you in the same financial position after a loss as that which would have applied immediately before the loss. Being insured on this basis is less cover than reinstatement and replacement because you do not receive 'new for old'.

  • Insured Event

    Any of the listed events and circumstances against which you are covered. Check the PDS for full details of what is and isn't covered under your policy.

  • Insured Value

    The market value of your insured property shown on your policy schedule.

  • Market Value

    The value your insurer agrees to insure your vehicle for, inclusive of any modifications or accessories. Your insurer may use industry guides to determine this value.

  • Malicious damage

    Damage intentionally done to your property by someone else without your consent.

  • Modified

    Where alterations have been made to the engine, drive-train, suspension or wheels of your vehicle other than by the manufacturer's design.

  • Off-Road Bike, ATV and Go Kart Insurance

    Insurance package for your off-road bike, ATV or go kart that covers you for theft, damage during transit, and loss or damage due to natural disasters such as fire, storm and lightening, anywhere in Australia.

  • Organised motor sport meeting

    An organised motor sport meeting inclusive of private practice.

  • Partial loss

    Damage or loss less than a total loss.

  • PDS (Policy Disclosure Statement)

    Document setting out in detail the exact terms and conditions of an insurance product, including any exclusions. It is vital that you read and understand the PDS before taking out any form of insurance.

  • Period of Insurance (also known as Policy Period)

    The period during which your insurance policy is current. This is shown on your policy schedule as the dates between inception and expiry of the policy period. If your policy is cancelled, the period of insurance terminates when the cancellation becomes effective.

  • Photographer's Insurance

    Insurance designed to meet the varying risks faced by both amateur and professional photographers, providing up to $20,000 cover for your cameras, lenses and portable photography equipment for accidental loss and damage. Can include $20 million optional public liability cover and optional cover for all the non-portable contents of your office and studio against risks such as fire, storm and accidental damage.

  • Policy

    Your contract with your insurer, which is comprised of:

    • your completed proposal
    • your policy schedule
    • the product disclosure statement and policy wording for your insurance product
    • any variations or changes to the above which occur either before or during the period of insurance with your insurer's written consent
  • Policy Document (also known as a Certificate of Insurance or Policy Schedule)

    A document outlining the contract of insurance between you and your insurer, and identifying the policy number, commencement date, cover end date, business address, sum insured and schedule of benefits, including benefit limits.

  • Policy Period (also known as Period of Insurance)

    The period during which your insurance policy is current. This is shown on your policy schedule as the dates between inception and expiry of the policy period. If your policy is cancelled, the period of insurance terminates when the cancellation becomes effective.

  • Policy Schedule (also known as a Certificate of Insurance or Policy Document)

    A document outlining the contract of insurance between you and your insurer, and identifying the policy number, commencement date, cover end date, business address, sum insured and schedule of benefits, including benefit limits.

  • Premises

    The insured premises shown in your policy document.

  • Premium

    The amount you pay for your insurance cover, including stamp duty, goods and services tax (GST) and other government charges. The cost of your premiums will depend on a number of factors including the types of cover you choose to take out, the sum you wish to insure and your location.

  • Property

    Any physical property at your premises which is owned by you or is in your legal possession and control, unless otherwise excluded under your policy.

  • Reinstatement and/or Replacement

    If property is insured on this basis you will receive settlement representing the cost of replacing the property to the pre-accident condition or restoring the damage with new materials. You receive 'new for old' (i.e. no deduction for depreciation) as long as the sum insured accurately represents the current value.

  • Secure/secured

    The use of a chain, lock or other security device to reasonably immobilise your property.

  • Small Event Insurance

    $20 million public liability insurance for a wide range of small events and functions with up to 2,000 attendees, anywhere in Australia. Offers annual cover for multiple events.

  • Subrogation

    Your insurer may wish to recover their losses from a third party who was responsible for damage to your property. Consequently, the insurer requires you to subrogate (or substitute) your rights to sue in favour of your Insurer who has reimbursed you the cost of the damage.

    Your insurance policy may be conditional that you do not 'waive your rights' or 'hold harmless' other parties such as workmen who come onto your property. Consequently, you should not sign any contract for work etc. without reference to your insurance account director or account broker.

  • Sum Insured

    The amount shown in your policy document.

  • Total Loss

    If your property is damaged beyond an amount your insurer considers is economical to repair.

  • Volunteer Personal Accident Insurance

    Insurance designed for organisations that rely on the valuable contribution of volunteers, also suitable for individuals who volunteer for charities that do not have a volunteer personal accident policy in place. Provides personal accident insurance for volunteers of any age, anywhere in Australia.

  • Working Parents Insurance

    Insurance that protects working parents against the loss of income while you can't attend work, or the extra costs of alternative child care arrangements, if your child is sick or injured and can't attend school.

  • You

    The person or persons named as the insured on the policy schedule.

  • Your Vehicle

    The vehicle described on your policy schedule. It includes accessories and equipment, which were attached, fixed to or inside the vehicle at the time it was sold as new. It also includes any other accessories and equipment attached or fixed to the vehicle, where they are specified as covered in your policy schedule.

1300 Insurance Pty Ltd ABN 50 124 845 727 AR Number 327609 is authorised to refer you to the insurer Allianz Australia Insurance Limited ABN 15 000 122 850 AFSL No. 234708 (Allianz) and to provide written general advice on this insurance as the insurer’s agent. We do not provide any advice based on any consideration of your objectives, financial situation or needs. Terms, conditions, limits and exclusions apply. Before making a decision, please consider the Product Disclosure Statement available here.

If you purchase this insurance, we will receive a commission that is a percentage of the premium. We will also receive a percentage of the profit which exceeds the profit threshold on Home (excluding flood), Landlord (excluding flood), Motor, Caravan and Trailer and Commercial policies referred by us to Allianz (or renewed with Allianz) in each calendar year, provided that the relevant premium threshold is met. From 1 September 2018, we will also receive an annual marketing allowance from Allianz for promoting its products. This is calculated as a percentage of the premium on Home, Landlord, Motor, Caravan and Trailer and Commercial policies referred by us to Allianz in the previous 12-month period. Ask us for more details before we provide you with services.