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AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION REGULATIONS 2001 - REG 12E

Meaning of add - on home and contents insurance product

  (1)   Subject to subregulation (3), an add - on home and contents insurance product is an add - on insurance product that provides insurance cover (whether or not the cover is restricted) in respect of the destruction of, or damage to:

  (a)   a building used, or intended to be used, principally and primarily as a place of residence (other than a building of a kind specified in subregulation (2)); and

  (b)   any of the following things on the site specified in the add - on insurance product as the site on which the building is situated (the relevant site ):

  (i)   out - buildings, fixtures or structural improvements used for purposes related to the use of the building;

  (ii)   fixed wall coverings, fixed ceiling coverings or fixed floor coverings (other than carpets);

  (iii)   services (whether underground or not) that are the property of a person insured under the add - on insurance product or that, under the add - on insurance product, the insured person is liable to repair or replace or pay the cost of repairing or replacing;

  (iv)   fences and gates wholly or partly on the relevant site; and

  (c)   the designated contents of the building and any out - building covered by subparagraph   (b)(i).

  (2)   The following kinds of building are specified for the purposes of paragraph   (1)(a):

  (a)   a hotel;

  (b)   a motel;

  (c)   a boarding house;

  (d)   a building that:

  (i)   is in the course of construction; and

  (ii)   is being constructed by a person insured, or to be insured, under the add - on insurance product in the course of a construction business;

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

  (3)   An add - on insurance product is not an add - on home and contents insurance product if the product is 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 building or construction work.


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