Product Disclosure Statement

Part One: Product Disclosure Statement

Please read this Product Disclosure Statement and the Policy Wording carefully so that You are aware of the risks, limits of cover and other significant features associated with this Policy.

Significant Features and Benefits

The Shannons Home & Contents Extra Insurance Policy offers various types of cover for You to choose from. The cover You have selected is indicated in Your Certificate. Following is a brief summary of the significant benefits available under each form of cover. For the full details You must read the entire Policy Wording which starts here.

Your Home

Provides cover for:

  • accidental loss or damage – loss or damage to Your Home up to the sum insured specified in Your Certificate caused by any accident or misfortune not excluded by the Policy;
  • legal liability – accidental loss or damage to someone else’s property and accidental death or bodily injury of another person for which You are legally liable as owner and/or occupier up to an amount of $20,000,000;
  • professional fees – up to $5,000 for architects, consultants, surveyors and solicitors fees when damage or loss occurs;
  • loss of rent – loss of rent where Your Home is tenanted and becomes uninhabitable due to loss or damage covered under the Policy;
  • rental costs – rental costs that You incur for comparable accommodation up to 20% of the sum insured on Your Home if Your Home becomes uninhabitable due to loss or damage covered under the Policy;
  • landlord’s contents – domestic furnishings, furniture and carpets are covered up to 5% of the sum insured on Your Home while they are in Your Home and it is tenanted;
  • trees and plants – up to $2,000 for reasonable costs of replacing in ground trees, shrubs or plants;
  • replacement of locks and keys – up to $1,000 for the costs or rekeying or replacing locks on external doors and windows if the keys to these locks are stolen from Your Home;
  • additional benefits – as described in the Policy Wording here.

Your Contents

Provides cover for:

  • accidental loss or damage – loss or damage to Your Contents whilst contained in Your Home up to the sum insured specified in Your Certificate caused by any accident or misfortune not excluded by the Policy;
  • legal liability – accidental loss or damage to someone else’s property and accidental death or bodily injury of another person for which You are legally liable as occupier of Your Home and/or owner of Your Contents up to an amount of $20,000,000;
  • Australia wide cover – Your Contents are covered anywhere in Australia whilst temporarily removed from Your Address for up to 120 consecutive days (Note: some restrictions apply – see the Policy Wording (click here) ;
  • removal of damaged property – reasonable costs of removal of debris and damaged property up to an amount of $1,000;
  • temporary accommodation – costs that You incur for similar temporary accommodation up to 20% of the sum insured on Your Contents if Your Home becomes uninhabitable due to loss or damage covered under the Policy;
  • office equipment – up to $15,000 or 25% of the sum insured specified in Your Certificate (whichever is lesser) for the loss or damage to Your office equipment if You maintain an office at Your Home;
  • stock – up to $1,000 for stock used for business, trade or profession;
  • food spoilage – all food spoilage in Your refrigerator or freezer following breakdown failure or malfunction;
    unauthorised use of credit cards – up to $1,000 for loss caused by unauthorised use of Your credit or other financial transaction cards;
  • temporary repairs – reasonable costs of temporary repairs and protection to prevent further loss or damage following any loss or damage insured by the Policy;
  • additional benefits – as described in the Policy Wording click here .

Enthusiast Section

Provides cover for loss or damage to Automotive Memorabilia and Collectables, automotive spare parts and accessories, tools, instruments and equipment whilst kept at Your Address caused by any accident or misfortune that occurs up to the amount shown in Your Certificate.

Unspecified Personal Effects

Provides cover for loss or damage to Your Unspecified Personal Effects caused by any accident or misfortune up to an amount of $1,000 for an individual item.

Specified Personal Effects

Provides cover for loss or damage to Your personal effects caused by any accident or misfortune up to the limit shown in Your Certificate.

Important Information

About the insurer

Australian Alliance Insurance Company Limited ABN 11 006 471 709 (AAI), Level 4, 440 Collins Street, Melbourne 3000, has prepared this Product Disclosure Statement and is the issuer of policies effected by Shannons Limited ABN 91 099 692 636.

Shannons Limited is the authorised representative and wholly owned subsidiary of AAI, and acts as AAI's agent under an authority given to it by AAI to enter into contracts of insurance on behalf of AAI as insurer and deal with and settle claims on behalf of AAI.

What You must tell Us

When answering Our questions You will need to answer for yourself or for anyone else who may receive a benefit under this insurance cover. It is important that You answer these truthfully and accurately as they may affect Our decision to insure You or pay a claim.

Exclusions

Your Policy may not provide You with cover in certain circumstances. Further information about the circumstances in which exclusions under this Policy may apply is available here .

Premiums

We calculate Your premium after taking a variety of factors into account. Some factors are set, such as Our costs of distribution and profit component. Other factors can affect the amount of Your premium. The higher Your risk profile, the higher the premium. Using Our experience We decide what factors will increase Your risk profile and how they impact on the premium.

The following table is a guide on how these factors combine together and may impact on Our assessment of the risk and therefore, Your premium.

Factor May Reduce Premium May Increase Premium
The postcode where Your Home and/or Contents are located Lower risk postcode Higher risk postcode
Amount You chose to insure Your Home and/or Your Contents for Lower sum insured Higher sum insured
Construction type of Your Home   Fibro
Purpose for which Your Home is used

 

 Holiday Home
In what capacity You occupy Your Home   As a tenant
The amount of Your excess An optional excess that is higher than the standard excess An optional excess that is lower than the standard excess
Multi-policy discount You have a motor vehicle policy with Shannons  

Your premium also takes into account Our obligation to pay any relevant compulsory government charges, taxes or levies (eg. Stamp Duty, GST and Fire Services Levy) in relation to Your Policy. These amounts will be set out separately on any Certificate of Insurance as part of the total premium payable

Excess

When You make a claim under Your Policy, You may be required to pay an excess in respect of a claim. There are 2 types of excesses that may apply to Your Home and Your Contents.

Standard Excess

This is the first amount that You may need to contribute towards a claim. The amount of Your standard excess is shown on Your Certificate.

Optional Excess

You can choose an excess which is higher or lower than the standard excess, in order to meet Your personal circumstances. A higher excess will attract a lower premium, whilst a lower excess will attract a higher premium. Your optional excess will replace Your standard excess and the amount of any excess will be shown on Your Certificate.

Cooling off period

You may cancel the insurance contract up to 14 days after You receive it by calling Us or writing to Us at one of the addresses listed here and telling Us that You want to cancel it. If You cancel it in this time, and You have not made any claims, We will return to You all of the premium You have paid to Us. (To cancel at other times, please click here.)

What to do if You have a claim

For information about how to make a claim under Your Policy, see 'What to do if You have a claim'.

What to do if You have a complaint

For information about how We deal with Your complaints, see 'What to do if You have a complaint'.

Your privacy

Shannons complies with Australia's privacy laws. We may communicate Your information to organisations to whom We outsource certain functions such as claim assessing or mail processing. In these circumstances confidentiality agreements apply. On occasion, We may be obliged to disclose information by law if requested to do so.

For full details of Our privacy policy, You can:

  • View them online at here; or
  • Request a copy of our privacy brochure titled 'Privacy and Your Personal Information by calling 13 46 46; or
  • Visit a branch.

Shannons likes to keep You informed about Our products which may be of interest to You. If You would prefer not to receive any promotional material and have not previously told Us, then please call 13 46 46 at any time.
Please note that You may be able to access any information We hold about You.

How to contact us

  • In person at any Shannons branch
  • By telephone on 13 46 46
  • On the web here

Notification of change

Information in this Product Disclosure Statement is subject to change from time to time. We will issue a supplementary or replacement Product Disclosure Statement if there is any change that We are required by law to notify You of.

For other changes, updated information can be obtained at any Shannons branch or by calling 13 46 46. A paper copy of any updated information will be provided, free of charge, on request.

 

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