BMW Tyre & Rim Insurance 1 Year PDS

6. GST NoticeYour policy has a GST provision in relation to premiumand our payment to you for claims. It may have animpact on how you determine the amount of insuranceyou need. Please read it carefully. Seek professionaladvice if you have any queries about GST and yourinsurance.Sums insuredAll monetary limits in your policy may be increased forGST in some circumstances (see below).Claim settlements – Where we agree to payWhen we calculate the amount we will pay you, we willhave regard to the items below:• Where you are liable to pay an amount for GST inrespect of an acquisition relevant to your claim(such as services to repair a damaged item insuredunder your policy) we will pay for the GST amount.• We will pay the GST amount in addition to the suminsured/limit of indemnity or other limits shown inyour policy.If your sum insured/limit of indemnity is notsufficient to cover your loss, we will only pay the GSTamount that relates to our payment in settlement ofyour claim.We will reduce the GST amount we pay for by theamount of any input tax credits to which you are orwould be entitled.• Where we make a payment under your policy ascompensation instead of payment for a relevantacquisition, we will reduce the amount of thepayment by the amount of any input tax credit thatyou would have been entitled to had the paymentbeen applied to a relevant acquisition.18