SPDS - Allianz Engage

Preparation
Date:
25 May 2012
Commercial Strata
Supplementary Product
Disclosure Statement (“SPDS”)
This document is an SPDS that updates and amends the Allianz Commercial Strata Policy Document
(Product Disclosure Statement) (“PDS”) provided to you. It is issued by the insurer Allianz Australia
Insurance Limited ABN 15 000 122 850 AFS Licence No. 234708 of 2 Market Street Sydney NSW 2000.
Where this SPDS applies, it must be read together with the PDS and any other SPDS that you are given
which updates or amends the PDS.
Please contact us if you require another copy of the PDS issued by us to you.
This SPDS only applies in relation to insured property which is located in the State of Victoria, Australia and
makes the following amendments to the PDS:
1. The “Cooling off and cancellation rights” clause of the “Introduction” section, on page 3, is
deleted and replaced by the following text:
Cooling off period and cancellation rights
You can exercise your cooling off rights and cancel the Policy within fourteen (14) days of
the date you purchased the Policy and receive a refund of the premium paid, provided you
have not exercised any right or power under the Policy (e.g made any claim) and these
rights and powers have not ended.
We may deduct any reasonable administrative and transaction costs incurred by us that are
reasonably related to the acquisition and termination of the Policy and any government taxes
or duties we cannot recover from your refund amount.
After the cooling off period has ended, you still have cancellation rights, however, we may
deduct a pro rata proportion of the premium for time on risk, plus any reasonable
administrative costs and any government taxes or duties we cannot recover.
Other than as required by law, we will not refund any amount paid by you that is referable to
our estimate of the Victorian fire services levy for any policy that was issued on or after 1
August 2012.
(Refer to “General conditions applicable to all Benefits” “Cancellation” on page 8, for full
details).

2. Clause A423 “Cancellation” in the “General conditions applicable to all Benefits” on page 8
is deleted and replaced with the following text:
Cancellation
A423 You can ask us to cancel your policy at any time. We may cancel this policy at any
time as allowed by law by giving written notice to you. Such notice may be delivered
personally or posted to you at the address last known to us. Cancellation of the policy shall
be effective no earlier than 4.00pm on the third business day after the notice was given to
you or if posted 4.00pm on the date set out in the notice.
A424 If you or we cancel, we will refund to you that part of the premium we have received
that relates to the unexpired period of the policy. Other than as required by law, we will not
refund any amount paid by you that is referable to our estimate of the Victorian fire services
levy for any policy that was issued on or after 1 August 2012.
The Victorian fire services levy
A425 Under the Metropolitan Fire Brigades Act 1958 (VIC) and the Country Fire Authority
Act 1958 (VIC) insurers insuring against fire in respect of property in Victoria are required to
contribute 75% of the annual budget of the Metropolitan Fire and Emergency Services Board
and 77.5% of the annual budget for the Country Fire Authority. The amount we are required
to pay is determined by reference to the percentage of premium we collect compared to the
premium of all other insurers insuring fire property in Victoria. This percentage is not known
at the date of issue of your policy and therefore we allocate to all relevant policies our
estimate of the amount that we will be required to pay towards this contribution. The amount
(if any) that we have estimated for your policy is shown in the "Premium Details" section of
your policy schedule and is described as “Emergency and/or Fire Services Levies” and/or
“SESL/FSL”.
A426 We are not able to calculate in advance the exact amount we need to allocate to your
policy and all other relevant policies and, as a consequence, we may either over-recover or
under-recover these amounts in any particular year. The under- and over- recoveries are
reported to the Victorian fire service authorities but no adjustment will be made to your
premium by reference to any such under- or over- recovery.
A427 From 1 July 2013 insurers will no longer be required to contribute to the Victorian fire
services authorities and so policies issued on or after this date will not include any amounts
referable to the Victorian fire services levy.