Commonwealth Consolidated Regulations

AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION REGULATIONS 2001 - REG 12C

    An add - on comprehensive motor vehicle or vessel insurance product is an add - on insurance product that provides insurance cover (whether or not the cover is restricted):

  (a)   to a consumer who:

  (i)   wholly or partly owns a designated vehicle or vessel; or

  (ii)   has the use of a designated vehicle or vessel under a lease of at least 4 months' duration; and

  (b)   in respect of all of the following (whether or not the product also provides insurance cover in respect of other matters):

  (i)   loss of, or damage to, the designated vehicle or vessel resulting from an accident;

  (ii)   loss of, or damage to, property of another person resulting from an accident in which the designated vehicle or vessel is involved;

  (iii)   loss of, or damage to, the designated vehicle or vessel caused by fire, theft or malicious acts;

but does not include an add - on insurance product that is covered by section   12DW of the Act (about comprehensive motor vehicle insurance).