Industrial Special Risks Mark V - Allianz Engage
Industrial Special Risks Mark V - Allianz Engage
Industrial Special Risks Mark V - Allianz Engage
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Preparation<br />
Date:<br />
6 June 2012<br />
Variations and Extensions to the<br />
<strong>Allianz</strong> <strong>Industrial</strong> <strong>Special</strong> <strong>Risks</strong><br />
<strong>Mark</strong> V Policy Document<br />
This document amends and updates the <strong>Allianz</strong> <strong>Industrial</strong> <strong>Special</strong> <strong>Risks</strong> <strong>Mark</strong> V Policy Document (Policy<br />
Document) issued by the insurer <strong>Allianz</strong> Australia Insurance Limited ABN 15 000 122 850 AFS Licence<br />
No. 234708 of 2 <strong>Mark</strong>et Street Sydney NSW 2000 (<strong>Allianz</strong>).<br />
It must be read together with the Policy document and any other documents issued by <strong>Allianz</strong> to you<br />
previously or with this document that form your policy with us.<br />
This document updates the Policy Document to make the following changes:<br />
1 Under the "Introduction" section, the "Terrorism Insurance Act" clause is deleted and replaced with the<br />
following text:<br />
Terrorism Insurance Act<br />
We have determined that this Policy (or part of it) is a Policy to which the Terrorism Insurance Act 2003<br />
applies. We may elect to reinsure part or all of Our liability under the Act with the Commonwealth<br />
Government reinsurer, the Australian Reinsurance Pool Corporation (ARPC).<br />
As a consequence, We may be required to pay a premium to ARPC and that amount (together with the<br />
cost of that part of the cover provided by Us and administrative costs associated with the legislation) is<br />
reflected in the premium charged to You. As with any other part of Our premium, it is subject to<br />
government taxes and charges such as GST, Stamp Duty and where applicable, Fire Service Levy.<br />
In cases where We are required to pay an estimated amount (e.g. for Fire Services Levies) based on<br />
criteria set by the Government, We allocate to the Policy Our estimate of the amount We will be<br />
required to pay. We may over- or under- recover in any particular year but We will not adjust Your<br />
premium because of this.<br />
(Refer to the information regarding the “Victorian fire services levy" in Condition 14.7 "Cancellation"<br />
under "Conditions applying to sections 1 and 2", for full details).
2 Under "Conditions applying to sections 1 and 2", the "Cancellation" clause is deleted and replaced with<br />
the following text.<br />
14.7 Cancellation<br />
Subject to Conditions 14.7.3 and 14.7.4:<br />
14.7.1 This Policy may be cancelled at any time at the written request of the Insured, in which case<br />
the Insurer will retain its customary short-period rate for the time this Policy has been in<br />
force.<br />
14.7.2 The Insurer may cancel this Policy by giving the Insured not less than fourteen (14)<br />
[business] days’ prior written notice to that effect where the Insured is in breach of any of the<br />
provisions of this Policy, including any provision relating to the payment of premium or for<br />
any other reason available to the Insurer at law.<br />
14.7.3 In the event that the Insurer or the Insured cancels this Policy, the Insurer may deduct a<br />
pro-rata proportion of the premium for time on risk, reasonable administrative costs related<br />
to the acquisition and termination of the Policy the Insurer incurred and any government<br />
taxes or duties the Insurer cannot recover.<br />
14.7.4 Other than as required by law, the Insurer will not refund any amount paid by the Insured<br />
that is referable to the Insurer's estimate of the Victorian fire services levy for any policy that<br />
was issued on or after 1 August 2012.<br />
The Victorian fire services levy<br />
Under the Metropolitan Fire Brigades Act 1958 (VIC) and the Country Fire Authority Act 1958 (VIC)<br />
insurers insuring against fire property in Victoria are required to contribute 75% of the annual<br />
budget of the Metropolitan Fire and Emergency Services Board and 77.5% of the annual budget for<br />
the Country Fire Authority. The amount the Insurer(s) are required to pay is determined by<br />
reference to the percentage of premium the Insurer(s) collect compared to the premium of all other<br />
insurers insuring fire property in Victoria. This percentage is not known at the date of issue of this<br />
Policy and therefore the Insurer(s) allocate to all relevant policies the Insurer's estimate of the<br />
amount that the Insurer(s) will be required to pay towards this contribution. The amount (if any) that<br />
the Insurer(s) have estimated for this Policy is shown in the "Premium Details" section of the policy<br />
schedule and is described as "Emergency and / or Fire Levies".<br />
The Insurer(s) are not able to calculate in advance the exact amount the Insurer(s) need to allocate<br />
to this Policy and all other relevant policies and, as a consequence, the Insurer(s) may either overrecover<br />
or under-recover these amounts in any particular year. The under- and over- recoveries are<br />
reported to the Victorian fire service authorities but no adjustment will be made to the Insured's<br />
premium by reference to any such under- or over- recovery.<br />
From 1 July 2013 insurers will no longer be required to contribute to the Victorian fire services<br />
authorities and so policies issued on or after this date will not include any amounts referable to the<br />
Victorian fire services levy.
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