Commonwealth Numbered Regulations

TERRORISM INSURANCE AMENDMENT REGULATIONS 2017 (F2017L00207) - SCHEDULE 1

Terrorism Insurance Regulations 2003

1  Regulation 3

Insert:

contents , of a building or part of a building, means any of the following items in that building or that part of the building:

                     (a)  furniture, furnishings and carpets (whether fixed or unfixed);

                     (b)  household goods;

                     (c)  clothing and other personal effects;

                     (d)  a picture;

                     (e)  a work of art;

                      (f)  a fur;

                     (g)  a piece of jewellery;

                     (h)  a gold or silver article;

                      (i)  a document of any kind;

                      (j)  a collection of any kind;

                     (k)  swimming pools that are not fixtures;

that are items owned by the insured or by a member of the insured's family ordinarily residing with the insured.

"mainly residential building " means a building that:

                     (a)  has more than 80% of its floor space for use wholly or mainly for residential purposes; and

                     (b)  has a sum-insured value of less than $50 million; and

                     (c)  is none of the following:

                              (i)  a hotel, motel or boarding house;

                             (ii)  a building in the course of construction;

                            (iii)  a temporary building or structure or a demountable or moveable structure;

                            (iv)  a caravan (whether fixed to land or not).

"residential part of a mixed-use or high-value building " means a part of a building if:

                     (a)  the building is not a mainly residential building; and

                     (b)  the part is for use wholly or mainly for residential purposes.

2  After regulation 6

Insert:

10   Application of the Terrorism Insurance Amendment Regulations 2017

                   The amendments of these Regulations made by the Terrorism Insurance Amendment Regulations 2017 apply in relation to contracts of insurance made, or whose term is extended, at or after the time those amendments commence.

3  Paragraphs 2(a) and (b) of Schedule 1

Repeal the paragraphs, substitute:

                     (a)  destruction or damage to a mainly residential building; or

                     (b)  loss or damage to the contents of a mainly residential building; or

4  Paragraph 2(d) of Schedule 1

Repeal the paragraph, substitute:

                     (d)  loss or damage to personal property that:

                              (i)  is wholly or mainly used for personal, domestic or household purposes by the insured, a relative of the insured or a person who resides with the insured; and

                             (ii)  is of a kind that is ordinarily used by people for such purposes;

                            unless the personal property is part of the contents of a residential part of a mixed-use or high-value building.