Commonwealth Consolidated Regulations Commonwealth Consolidated Regulations(1) For subparagraph 761G(5)(b)(vi) of the Act, a travel insurance product is a contract or part of a contract that provides insurance cover (whether or not the cover is limited or restricted in any way) in respect of one or more of the following:
(a) financial loss in respect of:
(i) fares for any form of transport to be used; or
(ii) accommodation to be used;
in the course of the specified journey in the event that the insured person does not commence or complete the specified journey;
(b) loss of or damage to personal belongings that occurs while the insured person is on the specified journey;
(c) a sickness or disease contracted or an injury sustained by the insured person while on the specified journey;
(d) loss, damage or compensation for an event occurring to the insured person during a specified journey that ordinarily forms a part of insurance commonly regarded as travel insurance, including
(i) loss of cash or credit cards; and
(ii) legal liability; and
(iii) hijack; and
(iv) kidnap; and
(v) ransom.
(2) A travel insurance product does not include:
(a) insurance to or in relation to which the Marine Insurance Act 1909 applies; or
(b) insurance 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:
(i) workers' compensation; or
(ii) compulsory third party compensation.
(3) In this regulation:
"specified journey" means a journey in relation to which insurance cover is provided by the contract.