work experience protection insurance · 2019. 8. 16. · 1 . product disclosure statement (pds) and...
TRANSCRIPT
Work Experience Protection Insurance
Contents Product Disclosure Statement (PDS) and Policy Wording ........................................................................... 1
Broker contact details .................................................................................................................................. 1
Significant benefits and features ................................................................................................................. 1
Understanding this insurance ...................................................................................................................... 8
Words with special meaning applying to all sections .................................................................................. 8
General exclusions applying to all sections ................................................................................................. 9
Section 1 - Personal Accident..................................................................................................................... 11
Words with special meaning in this section .............................................................................................. 11
What we cover in this section .................................................................................................................... 13
What we do not cover in this section ........................................................................................................ 13
Table of events ........................................................................................................................................... 14
Special provisions ....................................................................................................................................... 17
Special conditions ..................................................................................................................................... 18
Section 2 - Personal Liability ...................................................................................................................... 20
Words with special meaning in this section .............................................................................................. 20
What we cover in this section .................................................................................................................... 20
What we don’t cover in this section .......................................................................................................... 20
Special conditions ..................................................................................................................................... 21
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Product Disclosure Statement (PDS) and Policy Wording
About this Product Disclosure Statement
The PDS and Policy Wording is issued by Liberty Specialty Markets, ABN 61 086 083 605 (Liberty).
Broker contact details
Work Health Alternatives Pty Ltd ABN 62 169 275 92, trading as Work Health Options (WHO) is an Authorised Representative (AR 00123443) of Steadfast Group Limited (AFSL 254928), Level 4, 99 Bathurst Street, Sydney, NSW, 2000.
Address: Unit 315, 14-16 Lexington Drive, Bella Vista NSW 2153 Telephone: 1300 423 111 Email: [email protected]
This PDS is a legal document that contains important information to assist you in understanding the coverage provided by the policy and to help you make an informed choice about purchasing it.
This PDS and the policy contains general information only. Please read this PDS and the policy carefully to ensure the policy meets your needs before deciding to purchase it.
This PDS, the policy and any other documents we tell you of all form part of the legal contract between you and us, and together form your Liberty Work Experience Protection Insurance.
The preparation date for this PDS is 21 June, 2019.
Updating the PDS
From time to time and where permitted or required by law, we may change parts of the PDS. If this happens, a new PDS or a supplementary PDS will be sent to you to update the relevant information.
Your cover
If you experience loss resulting from an accident that occurs whilst you are participating in listed work experience placement(s), or if you are subject to personal liability arising out of your participation in listed work experience placement(s), then subject to the terms and conditions of our agreement with you, this insurance provides cover up to the sum insured as shown on the insurance certificate for the cover or section you are claiming under, less any applicable excess, or as otherwise provided in this PDS.
Significant benefits and features
The significant benefits of this insurance are that it provides, in accordance with the terms and conditions of the PDS and policy:
• cover for losses resulting from an accident that occurs whilst you are participating in listed workexperience placement(s); and
• personal liability cover, whilst you are participating in listed work experience placement(s).
The policy contains general exclusions which detail what is not covered on page 9, and specific exclusions relevant to each section on pages 13 and 20.
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You can select various cover options against a range of events:
Insurance Cover Benefit Section 1 Cover A – capital benefits Compensation for injury which results in
your death, permanent disablement or permanent total loss of a limb.
Cover B – weekly benefits Compensation for injury resulting in your temporary total disablement.
Cover C – non-Medicare medical expenses Compensation for specified non-Medicare medical expenses incurred as a result of injury.
Cover D – home/motor vehicle modification expenses
Covers the costs you incur to make necessary modifications to your home and/or motor vehicle, if your injury results in paraplegia or quadriplegia.
Section 2 Personal Liability Covers you for your legal liability whilst participating in the listed work experience placement(s).
About the issuer and insurer, Liberty
Liberty Specialty Markets (Liberty) is the issuer and insurer of this policy. Liberty is a trading name of Liberty Mutual Insurance Company (ABN 61 086 083 605) (LMIC), a leading global insurer incorporated in Massachusetts, USA, established in 1912 (the liability of members is limited). Headquartered in Sydney, Liberty began its operations in Australia in 1999, and has since established offices in Brisbane, Melbourne, Adelaide and Perth. Liberty is authorised by the Australian Prudential Regulation Authority (APRA) to conduct general insurance business in Australia. Throughout this PDS, references to 'we', 'our' or 'us' means Liberty. Our contact details are as follows: Sydney: Level 38, Governor Phillip Tower 1 Farrer Place Sydney NSW 2000 Phone: +61 2 8298 5800 Fax: +61 2 8298 5888 Melbourne: Level 20, 600 Bourke Street Melbourne VIC 3000 Phone: +61 3 9619 9800 Fax: +61 3 9619 9888 Adelaide: Level 12, 25 Grenfell Street Adelaide SA 5000 Phone: +61 8 8124 8500 Fax: +61 8 8124 8588 Brisbane: Level 17, AMP Gold Tower, 10 Eagle Street Brisbane QLD 4000 Phone: +61 7 3235 8800 Fax: +61 7 3235 8888
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Perth: Level 46, Central Park Tower 152-158 St Georges Terrace Perth WA 6000 Phone: +61 8 6188 9500 Fax: +61 8 6188 9588 More information can be found at our website: libertyspecialtymarkets.com.au
Liberty Mutual AGM General Condition
LMIC is an indirect subsidiary of Liberty Mutual Holding Company Inc. (LMHC), a Massachusetts USA mutual holding company. Notice is hereby given that the annual meeting of LMHC is held on the second Wednesday in April of each year at ten o’clock in the morning, local time, at LMHC’s office at 175 Berkeley Street, Boston, Massachusetts USA. This notice is for members of LMHC only. One becomes a member of LMHC by virtue of being a policyholder of LMIC. Membership rights terminate when one ceases to be a policyholder of LMIC. Members of LMHC may request a copy of LMHC’s annual financial statements, which are posted on Liberty Mutual’s website at www.libertymutual.com, by writing to Liberty Mutual Holding Company Inc., 175 Berkeley Street, Boston, Massachusetts 02116. All other terms and conditions of this policy remain unchanged.
Your Insurance Broker
We distribute Liberty Work Experience Protection Insurance solely through WHO. Please do not hesitate to contact your insurance broker should you have any questions or concerns about whether this PDS or the policy is right for you. Your insurance broker will help you determine the insurance that is right for you and will guide you through the purchase process and the claims process if you need to make a claim. Your insurance broker acts as your agent when dealing with us. The insurance certificate and Financial Services Guide (FSG) contain details about your insurance broker. Your duty of disclosure You have a duty of disclosure to tell us everything you know, or could reasonably be expected to know, is relevant to our decision to insure anyone under the policy, including you, and on what terms. It includes matters we specifically ask about when you apply for a policy, or renew or alter your policy, and any other matters which might affect whether we insure you and on what terms. The information you tell us can affect: • the amount of your premium; • if we will insure you; • if special conditions will apply to your policy. You do not need to tell us of anything which: • reduces the chances of you making a claim; or • we should know about because of the business we are in; or • we tell you we do not want to know. If you are unsure, it is better to tell us. If you do not tell us something which you know or should know is relevant, we might reduce a claim, refuse to pay a claim, cancel your policy or, if fraud is involved we can treat the policy as if it never existed.
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Applicable Law
We may be prohibited by law from providing cover where economic or trade sanctions or other laws or regulations apply to us, our parent company or its ultimate controlling entity.
Medicare or Private Health Insurance
We are prohibited by law from providing cover where an insured person is eligible for benefits under Medicare or private health insurance laws or regulations in Australia.
Tax Implications
If you are a business and registered for GST, you will need to disclose to us your: 1. Australian Business Number (ABN); and 2. The percentage of any input tax credit you are entitled to for your premium and/or for things covered
by this policy when making a claim. If we agree to pay a claim under the policy, we will adjust the settlement amount to allow for your input tax credit entitlement.
If you become aware of the fact that you are required to be registered for GST, you will disclose this fact to us before the settlement of any claim. If you are not a business and are making a personal claim on the policy it is your or the insured person’s responsibility to declare any benefits received that should be declared when completing your personal tax return (for example, loss of income benefits). Please see your tax advisor for information relating to your specific circumstances.
All policy limits and sums insured set out in the insurance certificate are inclusive of GST unless we have specifically told you otherwise.
Cooling-Off Period
Your cooling-off period is the period of twenty-one (21) days from the date cover under this policy commences. Provided a claim has not been made on the policy, you have the right to cancel the policy within the cooling-off period and obtain a full refund of the premium paid within the cooling-off period.
To exercise this right, you must notify us in writing within the cooling-off period.
After the cooling-off period, please refer to the section below headed “Cancelling Your Policy Before It Expires” to understand your policy cancellation rights.
Cancelling Your Policy Before It Expires
By you
You may cancel this policy at any time by notifying us in writing. The cancellation will take effect from 4:00pm on the day we receive your written notice of cancellation or such time as may be otherwise agreed. If you cancel the policy outside the cooling off period, we will refund the unexpired portion of the premium. However, we will not refund any premium if we have paid a claim or benefit to you under the policy.
By us
We may cancel the policy in accordance with the provisions of the Insurance Contracts Act 1984. If we cancel this policy outside the cooling-off period, you will be refunded the unexpired portion of the premium, less any non-refundable government taxes and charges. If we cancel your policy due to fraud, we will not refund any money to you.
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Premium
When a policy of insurance is purchased a premium is required to be paid. In calculating the premium for the policy we take into account a range of factors including, but not limited to:
• the number of persons to be insured; • occupation of the insured and insured persons; • number of days on work experience placement; • previous insurance history; • the limits, terms and conditions and excesses chosen.
The premium will vary depending on the information you give us in relation to the risks and any additional options to be covered. The higher the risk and the more cover required, the higher the premium.
Your premium will also include applicable government taxes and charges (e.g. GST and Stamp Duty) in relation to your policy. These amounts will be set out separately in the insurance certificate as part of the total premium payable.
We will tell you what premium is payable, when it needs to be paid and how it can be paid when you apply for the Liberty Work Experience Protection Insurance.
To ensure your policy provides the cover you have requested the premium we charge must be paid on time. In the event you don’t pay the premium on time we have the right to cancel your policy.
If a valid claim is made on the policy prior to payment of your premium, we reserve the right to deduct any outstanding premium from your claim payment.
Policy Excesses Some sections of our policy may have an excess which is the amount you must first contribute towards each claim that is made under the policy. Elimination Period In Cover B – weekly benefits - under Section 1, an elimination period may apply. This is the time that an insured person must wait after seeing a medical practitioner before we pay any claim for weekly benefits. The elimination period will be noted on the insurance certificate. The most we will pay The most we will pay for a claim is the sum insured set out in the insurance certificate for the cover or section you are claiming under, less any applicable excess.
Making a claim If you need to make a claim, please send details to: Work Health Options: By Email: [email protected] By Phone: 1300 423 111 By Fax: 1300 423 748 Certain types of claims require you or an insured person to provide documentary evidence in support of the claim (for example, medical certificates, proof of earnings). Please ensure you retain copies of all documents that may be relevant to a claim in a safe place in case we or WHO need them to settle a claim with you.
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How we will settle your claim If we agree to pay your claim, we will pay compensation to you based on the sum(s) insured shown on your insurance certificate for capital benefits or weekly benefits. In the event of your death, we will pay your estate.
Important Information Regarding Claims Tell us within 30 days If an event occurs which may give rise to a claim under this policy, it should be reported to WHO as soon as reasonably possible or in any event in writing within thirty (30) days after the event occurs. Failure to furnish WHO with notice within the time provided in the policy will not invalidate any claim but a failure to do so may result in us being prejudiced and may mean we can reduce any payments under the policy by the amount we are prejudiced. Proving there is a claim Written proof of loss is required for us to consider any claim under the policy. This includes ensuring we receive original copies of all relevant documentation, including, at your or the insured person’s expense, certificates, receipts and any other information or evidence that we may require, in the format we require. Investigations We or our emergency assistance provider may need to investigate the circumstances of any claim. If we do, the insured person must cooperate fully with us. Failure to cooperate may result in the claim being declined.
Privacy Notice
We are bound by the Privacy Act 1988 (Cth) and its associated Australian Privacy Principles when we collect and handle your personal information. This notice provides some key information about our privacy practices in relation to personal information. For full details, please see our privacy policy. We collect personal information in order to provide our services and products, manage claims and for purposes ancillary to our business. We may collect, use and disclose your personal information for those purposes. Your personal information may include sensitive information such as information or opinion about your health and/or medical records. Personal information is in some circumstances collected from third parties, such as health providers and insurance brokers. We may disclose personal information to third parties involved in this process such as our related companies, reinsurers, agents, loss adjusters, health providers and other service providers. We may store your information with third party cloud or other types of networked or electronic storage providers. Third party providers may be located overseas including in the United States, Canada, United Kingdom, Singapore, Hong Kong and Malaysia. Your information may be transferred to countries without comparable privacy laws if it is reasonably necessary to provide you with the products or services you seek from Liberty. If you do not provide all of the personal information Liberty or other relevant third parties require to offer or provide you with specific products or services, Liberty may not be able to provide the appropriate type or level of service. If you wish to gain access to or correct your personal information, make a privacy complaint, or if you have any query about how Liberty collects or handles your personal information please write to Liberty’s Privacy Officer at:
Level 38, Governor Phillip Tower 1 Farrer Place, Sydney NSW 2000; or
Email: [email protected]
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To obtain a copy of Liberty’s privacy policy go to Liberty’s website (www.libertyspecialtymarkets.com.au) or request a copy from Liberty’s Privacy Officer at the above email or postal address.
Dispute Resolution Process We are committed to achieving the highest level of client service and satisfaction. If you are dissatisfied with the way in which your claim is handled or the service that you receive, please tell us. To ensure that we can respond to your concerns, Liberty has established a Dispute Resolution Process by which we strive to resolve all complaints in a fair, open and timely manner. Our Dispute Resolution Process is divided into three (3) stages: First Review; Internal Dispute Resolution, and External Dispute Resolution. Stage 1 – First Review Should you wish to make a complaint, you can contact us in the following ways: Email: [email protected] Phone: + 61 2 8256 1770 By Mail: Liberty Claims Complaints
C/O Fullerton Health Corporate Services Liberty Specialty Markets GPO Box 4276 Sydney NSW 2001
Your relationship contact or relevant claims manager will respond to your complaint as soon as possible but will aim to respond within 15 business days of receipt of your complaint provided we have all the necessary information we need to complete any investigation required. If we are unable to respond within 15 business days of receipt of your complaint, we will contact you to explain why. More complex complaints may take a longer period of time to resolve. Should we need more information or time to resolve your complaint, we will contact you to let you know. After our first contact, we will keep you informed about the progress of your complaint at least every 10 business days during this Stage 1, unless you agree to extend that period. Stage 2 - Internal Dispute Resolution If your relationship contact or relevant claims manager is unable to resolve your complaint, or it has not been resolved to your satisfaction, you may request that the complaint be referred to our Internal Dispute Resolution Service for an independent internal review of your complaint. This can be done by contacting us at: Email: [email protected] Phone: 02 8298 5800 By Mail: Internal Dispute Resolution Liberty Specialty Markets Level 38, Governor Phillip Tower 1 Farrer Place Sydney NSW 2000 Our Internal Dispute Resolution Representatives will have the appropriate experience, knowledge and authority to consider and resolve your complaint. They will aim to respond within 15 business days of the complaint being referred to them or if additional time is required to investigate or resolve your complaint, they will discuss with you a reasonable alternative timeframe. After our first contact during Stage 2, we will keep you informed about the progress of your complaint at least every 10 business days during this
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Stage, unless you agree to extend that period.
If our decision at Stage Two does not resolve your complaint to your satisfaction, or if we do not resolve your complaint within 45 calendar days of the date we first received your complaint, you may refer your complaint to the Australian Financial Complaints Authority (AFCA).
Stage 3 External Dispute Resolution AFCA provides a fair and independent financial services complaint resolution service that is free to consumers if the complaint is one which falls within AFCA’s terms of reference. Website: www.afca.org.au Email: [email protected] Telephone: 1800 931 678 (free call) In writing to: Australian Financial Complaints Authority, GPO Box 3, Melbourne VIC 3001
Financial Claims Scheme In the unlikely event of Liberty becoming insolvent and not being able to meet its obligations under your policy, you may be entitled to access the Financial Claims Scheme (FCS), provided you meet the eligibility criteria. APRA is responsible for the administration of the FCS. For further information, please contact APRA online at: www.apra.gov.au; or by phone: 1300 558 849 Important information Our agreement with you Upon payment of the premium, our agreement with you is made up of:
• This PDS and policy wording; • The FSG which your broker will give to you; • The insurance certificate, and • Any Supplementary PDS which we may send to you.
Understanding this insurance Your insurance has two available covers:
• Section 1 - personal accident cover, and • Section 2- personal liability cover.
Each cover has its own words with special meaning, an explanation of its scope and how it operates, exclusions and relevant conditions. Additionally, there are definitions and exclusions that are relevant to both covers. Words with special meaning applying to all sections Some words used in this insurance have special meaning. Where the meaning of the word applies to a single section, that meaning will appear at the start of that section. benefit means the maximum sum insured that may be paid to you or the insured person as shown on the insurance certificate or as may be indicated within the policy.
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insured person(s)/insured/you/your means any person shown as being covered on the insurance certificate. In this insurance we will refer to the insured person as ‘you’ or ‘your’.
insurance certificate is the latest insurance certificate we send you which forms a part of our contract with you and sets out the types and amount of cover you have selected.
period of insurance means the period of your insurance with us, with the dates shown on your insurance certificate. The expiry date is when your insurance coverage finishes, unless ending sooner in accordance with this insurance or relevant law. If your insurance is cancelled, the period of insurance terminates when the cancellation becomes effective. Unless otherwise stated, the period of insurance commences and ends at 4pm on the days shown on your insurance certificate.
policy means this policy wording, the insurance certificate and any endorsements attaching thereto.
premium means the premium shown on the insurance certificate that is due and payable by the insured.
terrorism means an act or acts: a) that are violent in nature or are dangerous to human life; or b) that are a violation of the criminal laws of the United States of America or Australia or of any State of the United States of America or State or Territory of Australia or that would be a criminal violation if committed within the jurisdiction of the United States of America or Australia or in any State of the United States of America or State or Territory of Australia and that have the apparent intent of:
i) Intimidating or coercing any civilian population; ii) Influencing the policy of any government by intimidation or coercion; or iii) Affecting the conduct of any government by mass destruction, assassination or kidnapping,
or; c) that result in:
i) the denial of access to or services from web sites, computer networks or telecommunication equipment; or
ii) the malfunction or degradation of web sites, computer networks, telecommunications equipment, mechanical equipment or the interruption to the functioning of web sites or such properties, and
iii) which have the apparent intent of intimidating or coercing any civilian population or influencing the policy of any government by intimidation or coercion.
we/us/our/Liberty means Liberty Specialty Markets. Liberty Specialty Markets is a trading name of Liberty Mutual Insurance Company (ABN 086 083 605). Incorporated in Massachusetts, U.S.A. (the liability of members is limited). work experience placement(s) means a recognised work experience and/or work trial in accordance with the relevant state or territory legislation where a person is not deemed an employee, is not covered by the Fair Work Act 2009 (Cth), and is not receiving remuneration from or on behalf of the host employer.
General exclusions applying to all sections We will not pay claims directly or indirectly caused by, arising out of or in any way connected with:
1. War and military action which includes without limitation the following:
a. war, including undeclared or civil war, invasion, acts of foreign enemies, hostilities (whether war be declared or not), military or usurped power or confiscation, nationalisation, requisition, destruction of or damage to property by or under the order of any government or public or local authority;
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b. warlike action by military force, including action in hindering or defending against an actual or expected attack, by any government, sovereign or other authority using military personnel or other agents; or
c. insurrection, rebellion, revolution, usurped power, or action taken by governmental authority in hindering or defending against any of these.
2. Any actual or threatened act of domestic or international terrorism committed by a person or persons acting:
a. alone or on behalf of or in connection with any organisation; or b. with the goal of furthering any political, social, religious, ideological or similar
objective. c. action taken to prevent or defend against an act of terrorism.
i) If an act of terrorism involves chemical or biological weapons, this terrorism exclusion will still apply.
ii) If an act of terrorism involves nuclear reaction, nuclear radiation or radioactive contamination, this terrorism exclusion will apply to liabilities that result from such nuclear reaction or nuclear radiation or radioactive contamination in place of exclusion 3.
3. Ionising radiations or contamination from any nuclear fuel or from any nuclear waste from the combustion of nuclear fuel. Combustion shall include any self-sustaining process of nuclear fission or fusion; or nuclear weapons material.
4. Asbestos. Asbestos means: - That group of natural fibrous silicate minerals that comprises Actinolite, Amosite, Anthophyllite, Chrysotile, Crocidolite and Tremolite; or
- That group of man-made mineral fibres that comprises mineral wool, rockwool, glass fibre, ceramic fibres and superfine fibres,
- And includes asbestos products and products containing asbestos. 5. The presence of the insured person in Cuba, Iran, Sudan, Syria or North Korea. 6. A claim to the extent that trade or economic sanctions or other laws or regulations
prohibit us, our parent company or its ultimate controlling entity from providing the insurance.
7. Any claim where the payment of any benefit or amount would be in contravention of any Medicare or private health insurance laws or regulations in Australia including the Health Insurance Act 1973 (Cth), National Health Act 1953 (Cth), Private Health Insurance Act 2007 (Cth) and Private Health Insurance (Health Insurance Business) Rules 2016, Private Health Insurance (Prudential Supervision) Act 2015 (Cth), the Medicare Australia Act 1973 or any successor or amending legislation or regulations.
8. Any claim that would result in us contravening any workers’ compensation legislation, transport accident legislation, or similar.
9. Any fraudulent, dishonest, illegal or criminal act committed by the insured or an insured person or any person you or an insured person authorises to carry out such fraudulent, dishonest, illegal or criminal act.
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Section 1 Personal Accident
Words with special meaning in this section accident means a sudden, unexpected, unusual, specific event that occurs at an identifiable time and place. This does not include any event that results in sickness or disease.
elimination period means the period for which no compensation is payable. This period commences from the first day of total disablement for which medical treatment was sought in respect of injury.
excess means the amount you must first contribute towards a claim that is made under the policy as detailed in the insurance certificate.
income means:
- if the insured person is employed elsewhere, the average gross weekly earned income derived through employment of the insured person during the twelve months immediately preceding the date of accident or over any shorter period that they have been continuously employed.
- if the insured person is not employed elsewhere, the average gross weekly earned income less any expenses incurred in earning that income of the insured person during the twelve months immediately preceding the date of accident or over any shorter period that the insured person has been engaged in his or her current occupation. It will in no way include any income that will not be reduced or diminished by the insured person’s disablement.
- If the insured person has not been in gainful employment or in receipt of an earned income for a period of 14 days or longer immediately prior to suffering a disability, then they will be considered to have an income of nil, unless the insured person’s earned income varies within strictly defined seasonal periods, in which case the insured person’s income is as defined above.
injury / bodily injury means an injury caused as a result of an accident and which occurs solely and independently of any other cause and whilst the person is an insured person under the policy. It does not mean:
1. a sickness or illness of any kind; or
2. any pre-existing condition. medical specialist/medical practitioner means specialist appropriately qualified, and registered in the country in which they operate, in a particular branch of medicine for the treatment of bodily injury or sickness. non-Medicare medical expenses means expenses:
- that are not subject to any full or partial Medicare rebate nor are they recoverable by you or the insured person from any other source and are incurred within twelve (12) calendar months of you sustaining injury;
- paid by you or on your behalf and for treatment certified necessary by a legally qualified medical practitioner, to a registered private hospital, physiotherapist or chiropractor (limited to $500 in respect of any one injury), osteopath, nurse or similar provider of medical services; or
- relating to your emergency transportation and/or treatment by ambulance.
Note: Non-Medicare medical expenses do not include:
- any or part of any expenses for which a Medicare benefit is paid or is payable, nor does it
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include the balance of monies due or payable by you after deduction of any Medicare benefit or rebate. (Commonly known as the "Medicare Gap"); or
- the cost of dental treatment unless it is necessarily incurred to sound and natural teeth, other than first teeth or dentures, and is caused by injury.
Note: We will not make any refund in respect of:
- any expense recoverable by you from any other insurance scheme or any plan providing
medical/physiotherapy or similar coverage or from any other source except for the excess of the amount recoverable from such other insurance plan or source;
- any expense to which Section 67 of the National Health Act 1953 (as amended) or any of the regulations made under it apply;
- more than the specified percentage, as stated in Section C, of each claim less all deductions and the insurance excess; or
- Any expense which we are prohibited by law from paying.
paraplegia means total and permanent paralysis of both legs and part or whole of the lower half of the body. permanent means having lasted twelve (12) consecutive months from the date of the bodily injury and at the end of that period being without hope of improvement.
permanent disablement means disablement continuing for twelve consecutive months and at the expiry of that period considered, in the opinion of the majority of medical referees (one appointed by you, one by us and those two to appoint a third if consensus cannot be reached) to be beyond hope of improvement.
permanent psychological/psychiatric injury means a recognised psychological/psychiatric condition in the opinion of the majority of medical specialist (one appointed by you, one by us and a third that we agree to if consensus cannot be reached) to be beyond hope of improvement.
permanent total loss of a limb or limbs means:
- loss by permanent physical separation of a hand or hands at or above the wrist or of a foot or feet at or above the ankle; or
- total and irrecoverable loss of use of a hand or hands or foot or feet.
pre-existing condition means any illness, disease, syndrome, disability or other condition or any symptoms or side effects of such conditions:
1. of which the insured person is aware, or a reasonable person in the circumstance would be expected to have been aware; or
2. for which the insured person has sought or received medical attention, undergone tests or taken prescribed medication in the three (3) months prior to that insured person’s effective date of coverage under this policy.
quadriplegia means total and permanent paralysis of both legs and both arms. sickness means any illness, disease or syndrome suffered by the insured person first manifesting itself during the period of insurance and after the insured person becomes eligible under this policy, but does not include any pre-existing condition.
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temporary partial disablement means that in the opinion of a medical specialist means disablement resulting from an injury that prevents you from engaging in 60% or more of your regular hours for the work for which you are qualified for or studying to become qualified.
temporary total disablement means disablement resulting from an injury that in the opinion of a medical specialist entirely prevents you from engaging in paid work for (which you are qualified for or studying to become qualified) for a period up to 12 months.
What we cover
We will cover you for bodily injury or death caused by an accident which occurs within Australia and its external territories. This accident must occur during the period of insurance and arise while you are undertaking the listed work experience placement(s) described on your insurance certificate. The cover will be restricted to the payment of capital or weekly benefits as shown on your insurance certificate and as detailed in this cover and will be subject to any excess, or elimination period shown on your insurance certificate.
The maximum number of days where cover is provided for Liberty Work Experience Protection Insurance is listed on your insurance certificate.
What we do not cover We will not pay claims directly or indirectly caused by, arising out of or in any way connected with:
1. An insured person being under the influence of alcohol or drugs; or 2. An insured person taking part in a riot or civil commotion; or 3. pregnancy or childbirth, even if the childbirth may have been accelerated or induced by an
accident or illness; or 4. intentional or attempted self-injury or suicide; or 5. any sexually transmitted disease; or 6. any pre-existing condition
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Table of events
Cover A – capital benefits The compensation for these events will be payable as a percentage of the capital sum insured shown on the insurance certificate.
The event(s) The compensation
Injury resulting in:
1. Accidental Death 100%
2. Permanent total quadriplegia 100%
3. Permanent total paraplegia 100%
4. Permanent total loss of sight of both eyes 100%
5. Permanent total loss of sight of one eye 100%
6. Permanent total loss of use of two limbs 100%
7. Permanent total loss of use of one limb 100%
8. Permanent total loss of the lens of both eyes 100%
9. Permanent total loss of the lens of one eye 70%
10. Permanent psychological/psychiatric injury 100%
Permanent total loss of hearing in 11.
(a) both ears 100%
(b) one ear 25%
12.
Third degree burns and/or resultant disfigurement received from fire or chemical reactions which extend to cover more than 40% of the entire external body.
60%
13. Permanent total loss of use of four fingers and thumb of either hand 100%
14. Permanent total loss of use of four fingers of either hand 60%
Permanent total loss of one thumb of either hand involving
15. (a) both joints 35%
(b) one joint 18%
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Permanent total loss of use of fingers of either hand involving
16. (a) three joints 12%
(b) two joints 9%
(c) one joint 6%
Permanent total loss of use of toes of either foot involving
17. (a) all toes – one foot 18%
(b) great toe 6%
(c) other than great toe, each toe 2%
18. Fractured leg or knee cap with established non-union
12%
19. Shortening of leg by at least 5cm 9%
Loss of at least 25% of all sound and
20. natural teeth, including capped or crowned teeth, but excluding first teeth
Per tooth 15%
and dentures
Such percentage of the sum insured
21.
Permanent Disablement not otherwise provided for under Insured Events 1 to 20 inclusive (available only to persons sixty- five (65) years and under)
that we in our absolute discretion determine and being in our opinion not inconsistent with the compensation provided under insured events 1 to 20 inclusive. The
maximum amount payable is $50,000.
The benefit payable in the case of death by accident will be reduced by any capital benefit paid, if applicable, for any other injury or disablement sustained in the same accident. If you suffer more than one injury or you die as a result of the same accident, we will only pay the highest capital benefit that you qualify to receive. You can only claim one capital benefit for any one accident.
Cover B – weekly benefits
Cover under this section is included only if specified in the insurance certificate.
The event(s) The compensation
Injury resulting in:
22.
Temporary total disablement if you are an income earner. Compensation is payable for no longer than the aggregate period specified in the insurance certificate and is
subject to an elimination period of:
100% of the actual loss of or reduction in income or the maximum amount specified in the insurance certificate, whichever is the lesser.
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(a) The period of time equal to the total of any accrued sick leave at the time of injury or any similar entitlement. PLUS (b) The period specified in the insurance
certificate.
Temporary total disablement if you are not 85% of the actual cost of domestic help an income earner. Compensation will be and/or child minding services certified as payable for no longer than the aggregate necessary for the duration of total
23. period specified in the insurance disablement by a legally qualified medical certificate and is subject to an elimination practitioner OR the maximum amount period as specified in the insurance specified in the insurance certificate, certificate. whichever is the lesser.
Temporary total disablement if you are a 85% of the actual cost of home tutorial by full-time student. Compensation is a qualified tutor which has been certified payable for no longer than the aggregate as necessary for the duration of total
24. period specified in the insurance disablement by a legally qualified medical certificate and is subject to an elimination practitioner OR the maximum amount period as specified in the insurance specified in the insurance certificate, certificate. whichever is the lesser.
Temporary partial disablement caused
45% of the amount payable for Insured Event 22.
directly or solely by injury. Compensation
will be payable for no longer than the
25. aggregate period specified in the insurance
certificate and is subject to an elimination
period as specified in the insurance
certificate.
Broken bones caused directly and solely by
injury.
26. a. Neck or spine (full break)
$2,500
b. Any other broken bone $500 c. Finger, thumb, toe $200
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Cover C – non-Medicare medical expenses
Cover under this section is included only if specified in the insurance certificate.
The event(s) The compensation
Injury resulting in:
27.
You incurring non-Medicare medical expenses.
The lesser of 85% of the actual non- Medicare medical expenses after deduction of recoveries from any other source including private health funds and deduction of the excess or the maximum amount specified in the insurance certificate.
Cover D – home and/or motor vehicle modification expenses
If as a result of an injury covered under this insurance you are diagnosed with paraplegia or quadriplegia we will cover the costs of resultant necessary modifications to your home or motor vehicle. The most we will pay under this benefit is $25,000.
Special provisions
1. The compensation payable under event 1 in Cover A (page 14) will be payable to your estate. All other compensation will be payable to you.
2. a. Compensation will not be payable for more than one of the events listed in Cover A in
respect of the same injury. b. Any compensation payable for events 2-21 listed in Cover A will not be reduced by any
compensation already paid under any events in Cover B (page 15) in respect of the same injury.
c. If you sustain an injury which results in a claim being accepted for any one of events 2, 3, 4, 6 or 8 described in Cover A, there will be no further liability under the insurance for injury sustained thereafter.
d. Compensation will not be payable for more than one of the events listed in Cover B in respect of the same injury.
In respect of 2a, 2b, 2c, and 2d provided always that if you become entitled to compensation under any one of the events listed in Cover A (other than event 1), you may elect to receive compensation either under that benefit or under the events listed in Cover B.
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3. Compensation will not be payable: a. For any disability caused by, arising out of, or in any way related to or connected with a pre-
existing condition. b. Under any event described in Cover B in excess of the aggregate period shown against such
events in respect of any one injury. c. Unless you have as soon as possible after the happening of any injury giving rise to a claim
under this insurance, obtained and followed proper medical advice from a legally qualified medical practitioner.
4. The compensation payable under event 22 in Cover B is limited to the lesser of the amount stated in the insurance certificate or your weekly income. Then compensation payable under event 22 will be reduced by: a. Weekly or periodical disability benefits under any other insurance of insurance; and/ or b. Weekly or periodical disability benefits under any WorkCover Compensation Act or other
statutory body having a similar effect, or under relevant Wrongs Act, or under any Compulsory Third Party or Motor Vehicle Act, or Transcover or Transport Accident Act or other Statutory body having similar effect; and/or
c. Earned income from any other occupation. 5. If, as a result of injury, compensation is payable under Cover B and if, while the insurance is in
force, you suffer recurrence of total disablement from the same or related cause or causes, the subsequent period of total disablement will be deemed a continuation of the prior period unless between these periods you have performed the duties of your usual occupation for at least six consecutive months, in which event the total disablement will be deemed the result of a new injury and subject to a new elimination period or aggregate period.
6. If you suffer an injury which requires physiotherapy or chiropractic treatment(s), you must obtain, and provide to us, a referral from a legally qualified medical practitioner prior to seeking such treatment(s). Compensation for physiotherapy and chiropractic treatment(s) is limited to $500 in respect of any one injury.
Special conditions
Claims
You must notify WHO (or as otherwise instructed by us) as soon as you are aware that a claim will be made under this insurance or that an accident has occurred which may result in a claim being made under this insurance.
We will require you to:
1. obtain and follow medical advice from a qualified medical practitioner; 2. obtain a certificate from a qualified medical practitioner confirming the nature and extent of
the injury or disability; 3. furnish us with evidence that we may require in relation to your health, level of disability and
medical history; 4. undergo any medical examination requested and arranged by us at our expense; and 5. give us details of any other insurance covering the same accident.
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Change of work experience placement(s)
We only cover you for the listed work experience placement(s) shown in your application for this insurance and shown on your insurance certificate. You must immediately notify us if there is any change in your work experience placement(s). We will then decide whether to extend coverage for this new placement(s) and if so on what terms. Compensation from other sources
We will reduce the amount we have to pay under this insurance if you or your estate has been paid, or is entitled to be paid, compensation for your injury or death by another party who is legally liable to compensate you. This will not apply if this compensation is payable under another accident or life insurance policy taken out by you.
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Section 2 Personal Liability
Words with special meaning in this section accident means an event you did not intend or expect to happen.
event means any single occurrence resulting in loss or damage.
What we cover We will cover you for legal liability to pay compensation as a result of an accident caused by your negligence which causes death, bodily injury or loss or damage to others’ property. The accident must occur within Australia and its external territories during the period of insurance and arise while you are undertaking a listed work experience placement(s) detailed on your insurance certificate.
Your insurance certificate will indicate the most that we will pay in total for any event(s) arising directly or indirectly from the one original accident, source or cause. In addition to this amount we will pay all legal costs and expenses incurred with our consent for which you have a legal liability to pay. If we agree to pay your claim, we will pay the costs of compensation awarded by a court or a settlement agreed to by us together with your reasonable legal fees and costs that we incur on your behalf or that you incur with our written consent. You can only claim for legal fees and expenses if we have agreed to them in writing before you incur them.
We do not cover you
1. Where you are entitled to be indemnified under the coverage of a liability policy held by the employer, for who you are undertaking the listed work experience placement;
2. If you are entitled to be wholly or partly insured by any compulsory statutory insurance or accident compensation scheme, or would have been, but for failure to:
• register the vehicle or • apply for cover under the insurance or scheme or • comply with a term or condition of the insurance or scheme.
3. In relation to or in respect of fines, penalties, punitive damages, exemplary damages, multiplication of compensatory damages, liquidated damages and/or aggravated damages.
4. For the cost of performing, completing, correcting or improving any work undertaken by you. 5. For the rendering of or failure to render professional advice or service by you or any error or
omission connected therewith; or advice, design, formula or specification. 6. For any alleged or actual fraudulent, dishonest, malicious, wilful or criminal act or omission of you
or any person covered by this policy. 7. For the use of a motor vehicle, motorcycle, mini-bike, aircraft or watercraft, other than:
• unregistered motorised golf carts, ride-on mowers, mobility scooters and wheelchairs; • model or toy aircraft; • a surfboard, sailboard or surf ski; • watercraft less than 8 metres long.
8. For the use of a caravan or trailer when the caravan or trailer is attached to a motor vehicle or motorcycle;
9. For bodily injury to you, or any member of your family who normally lives with you, or any other person who normally lives with you;
10. For damage to or loss of property that belongs to you, or any member of your family who normally lives with you, or any other person who normally lives with you;
11. For bodily injury, or loss or damage to property belonging to any person you employ and that injury, loss or damage arises out of their employment with you;
12. For any disease that is transmitted by you; 13. For the supply of any alcohol or drugs; 14. For any business, profession, trade or occupation carried on by you; 15. For negligent misstatement, advice or treatment;
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16. For any agreement or contract you enter into however we will pay for your liability if you would have been liable without the agreement or contract;
17. If gaining a personal profit or advantage that is illegal; 18. For a conflict of duty or interest; 19. For any actual alleged or threatened contamination or pollution of any property, land, the
atmosphere or any watercourse or body of water (including groundwater) other than arising from an occurrence which is neither reasonably expected or intended by you and is a consequence of a sudden cause which takes place at a clearly identifiable time and place during the period of insurance; or
20. For actions brought against you in a court outside Australia or a court that applies law that is not Australian law.
Special conditions
Claims 1. You shall give written notice to WHO (or as otherwise directed by us) as soon as possible of any
claim under this policy and shall give all such additional information as WHO or we may require. 2. No admission, offer, promise, or payment shall be made or given by or on behalf of the Insured
without the prior written consent of Liberty who shall be entitled but not obligated to take over the conduct in the name of the Insured of the defence or settlement of any claim or to prosecute in the name of the Insured for their own benefit any claim for indemnity or damages or otherwise and shall have full discretion in the conduct of any proceedings and in the settlement of any claim and the Insured shall give all such information and assistance as Liberty shall require.
3. We may at any time discharge our total liability to you in respect of any one claim or series of claims arising from one accident by paying to or on behalf of you:
a. The total amount in respect of such claim to which you are entitled to indemnity under this policy;
b. The total amount sought by the claimant for such claim; or c. The total amount for which such claim can be settled,
And in addition to such payment we will pay all legal costs and expenses incurred up to the date of payment. Upon such payment, we shall relinquish conduct or control of such claim and be under no further liability under this policy in connection with such claim including but not limited to legal costs and expenses.
Version 1.0 - Dated: 17 May 2019 1
Financial Services Guide
The financial services referred to in this financial services guide (FSG) are offered by:
Work Health Alternatives Pty Ltd (ABN 62 169 275 923) trading as Work Health Options (WHO) Address: Unit 315, 14-16 Lexington Drive Bella Vista NSW 2153
PO Box 6886 Baulkham Hills NSW 2153
Telephone: 1300 423 111
Facsimile: 1300 423 748
Email: [email protected]
WHO is the Authorised Representative of:
Steadfast Group Ltd ABN 98 073 659 677 Level 3, 97-99 Bathurst Street, Sydney, NSW 2000 Telephone 02 9495 6500
Steadfast Group Ltd holds a current Australian Financial Services Licence No. 254928 and is responsible for the
financial services that WHO provides to you. WHO’s Authorised Representative No. is 001234443.
Steadfast Group Ltd is also responsible for the content and distribution of this FSG. The distribution of this FSG by
WHO is authorised by Steadfast Group Ltd (Steadfast).
This FSG sets out the services that we can offer you. It is designed to assist you in deciding whether to use any
of those services and contains important information about:
• the services we offer you.
• how we and others are paid.
• any potential conflict of interest we may have.
• our internal and external dispute resolution procedures and how you can access them.
• arrangements that are in place to compensate clients for losses.
Product disclosure statement
If we offer to arrange the issue of an insurance policy to you, we will also provide you with, or pass on to you, a
product disclosure statement (PDS), unless you already have an up to date PDS from the insurer. The PDS will
contain information about the particular policy, which will enable you to make an informed decision about purchasing
that product.
From when does this
FSG apply?
This FSG applies from 17 May 2019 and remains valid unless a further FSG is issued to
replace it. We may give you a supplementary FSG. It will not replace this FSG but will cover
services not covered by this FSG.
How can I instruct you? You can contact us to give us instructions by post, phone, facsimile or email on the contact
number or details mentioned on page 1 of this FSG.
Who is responsible for the
financial services
provided?
Steadfast Group Ltd is responsible for the financial services that will be provided to you or
through you to your family members, including the distribution of this FSG.
Steadfast Group Ltd holds a current Australian Financial Services Licence No. 254928. The
contact details for Steadfast Group Ltd are on the front of this FSG.
What kinds of financial
services are you
Work Health Alternatives Pty Ltd trading as Work Health Options (WHO) is authorised to
provide advice and deal in general insurance products to wholesale and/or retail clients under
Version 1.0 - Dated: 17 May 2019 2
authorised to provide to
me and what kinds of
financial product/s do
those services relate to?
Steadfast Group Ltd's Australian Financial Service Licence. We will do this on your behalf
unless we tell you otherwise.
Sometimes we will act under a binder or agency that we or Steadfast Group Ltd has from an
insurer. When we act under a binder or agency, we will be acting as the agent of the insurer.
This means that we represent and act for the insurer, not for you. We will tell you when we act
under a binder or agency to arrange your insurance or advise you about your insurance needs.
Unless you tell us otherwise, we will automatically renew your insurance to ensure you
continue to be covered. At that time we will send you an offer to renew the insurance policy
and invoice you for the cost of renewal. If there is a change to your circumstances or if you
want to change the details of the cover, contact us as soon as you receive the renewal offer.
This will allow us to assess whether your insurance is appropriate for your circumstances.
Will I receive tailored
advice?
WHO is authorised to provide you with general advice only and not with tailored advice.
However, we may need information about your personal objectives, details of your current
financial situation and any relevant information, so that we can arrange insurance policies for
you, issue insurance policies to you or to give you advice about your insurance needs. We will
ask you for the details that we need to know.
In some cases, we will not ask for any of this information. If we do not ask, or if you do not
give us all of the information we ask for, any advice you receive may not be appropriate to
your needs, objectives and financial situation.
You should read the warnings that we give you carefully before making any decision about an
insurance policy.
Where we provide you with advice about your insurance arrangements, that advice is current at
the time that we give it. We will review your insurance arrangements when you inform us
about changes in your circumstances.
Contractual Liability and
your insurance cover
Many commercial or business contracts contain clauses dealing with your liability (including
indemnities or hold harmless clauses). Such clauses may entitle your insurers to reduce cover,
or in some cases, refuse to indemnify you at all. You should seek legal advice before signing
and accepting contracts. You should inform us of any clauses of this nature before you enter
into them.
What information do you
maintain in my file and
can I examine my file?
Steadfast Group Ltd maintains a record of your personal profile, including details of insurance
policies that we arrange or issue for you. Steadfast Group Ltd may also maintain records of
any recommendations or advice given to you. Steadfast Group Ltd will retain this FSG and
any other FSG given to you as well as any PDS that we give or pass on to you for the period
required by law.
Steadfast Group Ltd and WHO are committed to implementing and promoting a privacy
policy, which will ensure the privacy and security of your personal information.
A copy of Steadfast Group Ltd's privacy policy is available on request. A copy is also
available on Steadfast Group Ltd's website, www.steadfast.com.au/Privacy-Policy.
A copy of WHO’s privacy policy is available on request. A copy is also available on WHO's
website, http://www.workhealthoptions.com.au/privacy.
If you wish to look at your file, please ask us. We will arrange for you to do so.
How will I pay for the
services provided?
For each insurance product, the insurer will charge a premium that includes any relevant taxes,
charges and levies. We often receive a payment based on a percentage of this premium
(excluding relevant taxes, charges and levies) called commission, which is paid to us by the
insurers. However, in some cases we will also charge you a fee. The fee will be shown on the
invoice that we send you. Payments for the service we provide to you are payable to WHO.
Version 1.0 - Dated: 17 May 2019 3
You can choose to pay by any of the payment methods set out in the invoice. You are required
to pay us within the time set out on the invoice. If you pay by credit card, we will charge you a
non-refundable credit card fee as shown on the Tax Invoice. This reimburses us for the bank
interest and extra bank charges, and internal time generated for credit card use.
If there is a refund or reduction of your premium as a result of a cancellation or alteration to a
policy, or based on a term of your policy (such as a premium adjustment provision), we will
retain any fee we have charged you. We will also retain commission depending on our
arrangements with the insurer, or charge you a cancellation fee equal to the reduction in our
commission.
When you pay us your premium, it will be banked into our trust account. We retain the
commission from the premium you pay us and remit the balance to the insurer in accordance
with our arrangements with the insurer. We will earn interest on the premium while it is in our
trust account or we may invest the premium and earn a return. We will retain any interest or
return on investment earned on the premium you pay us and remit the balance to the insurer in
accordance with Steadfast Group Ltd's arrangements with the insurer.
How are any
commissions, fees or other
benefits calculated for
providing the financial
services?
Our commission will be calculated based on the following formula:
X = Y% x P
In this formula:
X = Our commission
Y% = the percentage commission paid to us by the insurer. Our commission varies between
0% and 30%.
P = the amount you pay for any insurance policy (less any government fees or charges
included in that amount).
Any fees that we charge you will be disclosed on the Tax Invoice and you can ask for details of
our remuneration before we arrange the insurance.
We may pay commissions, fees or benefits to others who refer you to us or refer us to an
insurer. If we do, we may pay them up to 20% of the commission and fees.
Our employees that will assist you with your insurance needs will be paid a market salary or
performance bonus.
See below for information on Steadfast’s association and commission.
Do you have any
relationships or
associations with the
insurers who issue the
insurance policies or any
other material
relationships?
Steadfast Group Ltd has exclusive arrangements with some insurers and premium funders
(Partners) under which Steadfast will receive between 0 – 1.5% commission for each product
arranged by Steadfast Group Ltd’s network members with those Partners. We may receive a
proportion of that commission from Steadfast at the end of each financial year (or other agreed
period).
Steadfast Group Ltd holds a shareholding in WHO and some of our directors may also be
directors or officers of Steadfast.
As an Authorised Representative of Steadfast, we have access to member services including
model operating and compliance tools, procedures, manuals and training, legal, technical,
banking and recruitment advice and assistance, group insurance arrangements, product
comparison and placement support, claims support and group purchasing arrangements. These
member services are either funded by Steadfast, subsidised by Steadfast or available
exclusively to Steadfast network members for a fee.
You can obtain a copy of Steadfast's FSG at www.steadfast.com.au.
If we arrange premium funding for you, we may be paid a commission by the premium funder.
We may also charge you a fee (or both). The commission we are paid by the premium funder is
Version 1.0 - Dated: 17 May 2019 4
usually calculated as a percentage of your insurance premium (including government fees or
changes). If you instruct us to arrange or issue a product, then we are become entitled to the
commission.
Our commission rates for premium funding are in the range of 0 to 3% of funded premium.
When we arrange premium funding for you, you can ask us what commission rates Steadfast
Group Ltd are paid for that funding arrangement compared to the other arrangements that were
available to you. The amount of our commission and any fee that we charge will be set out in
the premium funding contract.
At the end of the financial year, we may receive a profit share commission from insurers,
depending on the performance and profitability of the portfolio we place with the insurer(s).
Some insurers give us benefits such as football tickets, race tickets or dinner. These benefits
may change from year to year. We do not permit our advisers to accept this type of benefit
where the value is greater than $400 in any one event.
What should I do if I have
a complaint?
1. Contact WHO at the address noted at the beginning of this FSG and tell us about your
complaint. We will do our best to resolve it quickly.
2. If your complaint is not satisfactorily resolved within 15 days, please contact Allan
Reynolds on (02) 9495 6500 or put your complaint in writing and send it to him at the
address noted at the beginning of this FSG. Steadfast Group Ltd will try to resolve your
complaint quickly and fairly.
3. Steadfast Group Ltd is a member of the Australian Financial Complaints Authority
(AFCA). If your complaint cannot be resolved to your satisfaction by us, you have the
right to refer the matter to the AFCA. AFCA provides fair and independent financial
services complaint resolution that is free to customers. The AFCA can be contacted at:
Mailing address - Australian Financial Complaints Authority, GPO Box 3, Melbourne,
VIC 3001
Ph - 1800 931 678
Email - [email protected]
Website - www.afca.org.au
What arrangements are
in place to compensate
clients for losses?
Steadfast Group Ltd has a professional indemnity insurance policy (PI policy) in place.
The PI policy covers Steadfast Group Ltd and its representatives (including authorised
representatives) for claims made against them by clients as a result of their conduct in the
provision of financial services.
WHO also has a PI policy in place that covers us (and our employees) for claims made against
us (or our employees) as a result of conduct in the provision of financial services. The PI
policy covers us for claims relating to the conduct of former representatives/employees who no
longer work for us.
These policies satisfy the requirements for compensation arrangements under section 912B of
the Corporations Act.
Any questions? If you have any further questions about the financial services WHO or Steadfast Group Ltd
provides, please contact us.
Please retain this document for your reference and any future dealings with WHO or Steadfast
Group Ltd.
Version 1.0 - Dated: 17 May 2019 5
IMPORTANT NOTICES
Your duty of disclosure
Before you enter into or renew an insurance contract, you have a duty of disclosure under the
Insurance Contracts Act 1984. You have this duty until the insurer agrees to insure you or to
renew the policy.
Before you enter into an “eligible” class of insurance, if the insurer asks you questions that are
relevant to their decision to insure you and on what terms, you must tell them anything that
you know and that a reasonable person in the circumstances would include in answering the
questions.
Before you renew an “eligible” contract of insurance, if the insurer asks you questions that are
relevant to their decision to insure you and on what terms, you must tell them anything that
you know and that a reasonable person in the circumstances would include in answering the
questions. Also, the insurer may give you a copy of anything you have previously told them
and ask you to tell them if it has changed. If they do this, you must tell them about any change
or tell them that there is no change. If you do not tell them about a change to something you
have previously told them, you will be taken to have told them that there is no change.
For other classes of insurance, you must tell the insurer anything that you know, or could
reasonably be expected to know, may affect their decision to insure you and on what terms.
You have the same duty before you renew, extend, vary or reinstate an insurance contract. You
do not need to tell the insurer anything that reduces the risk they insure you for, is common
knowledge, that the insurer should know as an insurer or where the insurer waives your duty.
The “eligible” classes of insurance are motor vehicle, home buildings or contents, sickness and
accident, consumer credit or travel.
If you do not tell the insurer something
If you do not tell the insurer anything you are required to, they may cancel your contract or
reduce the amount they will pay you if you make a claim, or both.
If your failure to tell them is fraudulent, they may refuse to pay a claim and treat the contract
as if it never existed.
Duty of Good faith
Both parties to an insurance contract, the insurer and the insured, must act towards each other
with the utmost good faith. If you fail to do so, the insurer may be able to cancel your
insurance. If the insurer fails to do so, you may be able to sue the insurer.