RACQ Insurance - Cyclone Mitigation Terms and Conditions – As at 7 January 2022
Relevant RACQ Insurance Policies, Product Disclosure Statement (PDS) and applicable Supplementary PDS
- RACQ Insurance Limited (ABN 50 009 704 152)(“RACQI”) is the issuer of various insurance products which include RACQ Household Insurance.
- An RACQ Household Insurance Policy can provide cover for:
- Combined Home and Contents Insurance
- Home Insurance
- Contents Insurance
- Renters Insurance
- Contact our stores, agencies or phone 13 1905 to obtain a copy of the PDS and any applicable SPDS for the RACQ Household Insurance Policy or obtain a copy online here.
Eligibility for the Cyclone Mitigation Discount and Structural Changes required to insured Homes
- A Cyclone Mitigation Discount is available for eligible RACQI customers who:
1. either own or rent a property at selected postcodes in North Queensland;
2. have a current RACQ Household Insurance Policy or who are making an application for a RACQ Household Insurance Policy; and
3. the home which is owned or rented has undergone various structural changes to reduce the risk of cyclone damage to the home (“the Home”).
[“The Structural Changes’]
- To be considered for the Cyclone Mitigation Discount, eligible RACQI customers must:
- have a current RACQ Household Insurance Policy;
- make an application for a RACQ Household Insurance Policy; and
- the Home which is covered by the RACQ Household Insurance Policy must have had one, or more, of the following specific structural changes undertaken:
- The installation of roofing options such as over batten systems and/or strapping
- The installation of opening protection
- A complete roof replacement
- A complete retrofit to the current building code
- By applying for a Cyclone Mitigation Discount, eligible RACQI customers are verifying that one, or more, of the Structural Changes to the home have been undertaken and that the RACQI customer has complied with their duty to take reasonable care not to make a misrepresentation as set out in the PDS and applicable Supplementary PDS for the RACQ Household Insurance Policy regarding the condition of the Home.
- The offer of a premium discount to an eligible RACQI customer is subject to the Structural Changes having been undertaken and is at the absolute discretion of RACQI.
Calculation of the Cyclone Mitigation Discount
- An RACQI member may be entitled to a range of discounts in addition to the Cyclone Mitigation Discount on their Household Insurance Policy. After applying any other discounts a member may be eligible for, the Cyclone Mitigation Discount will be consecutively applied last (that is the Cyclone Mitigation Discount will be applied on the already discounted premium). RACQI may apply rounding in calculating the premium.
- The applicable Cyclone Mitigation Discount will range from 5% to 20% subject to the extent and amount of the Structural Changes which have been implemented to the Home. The maximum Cyclone Mitigation Discount which can be applied is 20%.
Variation to Cyclone Mitigation Discount and settlement of Claims made on the Policy
- In the case of an eligible RACQI customer varying any details on the Policy (such as moving insured address) then the premium and Cyclone Mitigation Discount may need to be recalculated. If a new policy is issued eligibility criteria will apply to establish whether the Cyclone Mitigation Discount can be applied.
- RACQI is entitled to discontinue the discount for eligible RACQI customers at any point in time.
- RACQI is entitled to extend an offer at its discretion to other RACQI customers.
- If, at the time a claim is made on an RACQI Household Insurance Policy, it becomes known that the Structural Changes to the Home were not completed and/or the RACQI customer was in breach of their duty to take reasonable care not to make a misrepresentation then RACQI reserves its right to either avoid the insurance contract, or reduce the amount which it will pay for the claim, in accordance with the PDS, applicable SPDS and the provisions of the Insurance Contracts Act 1984 (Cth).
Jurisdiction and applicable law
- These Terms and Conditions are governed by the laws of Queensland. You irrevocably submit to the non-exclusive jurisdiction of the courts of Queensland, and the courts competent to hear and determine matters in Queensland.