Zurich Steadfast Business Insurance Quick Reference Guide
1. Page 1 of 12
Zurich Steadfast Business Insurance
Quick Reference Guide
Introducing the new Zurich Steadfast
Business Insurance which will be
effective from:
ā¢ New Business ā 12th March 2014;
ā¢ Renewals ā 12th March 2014 attaching
on or after this date.
The Quick Reference Guide provides a snapshot of the changes that have been made in comparison to the old and new
Zurich Steadfast Business Insurance. We highlight considering the Base contracts have altered, this document can only be done
at a very high-level.
Note: This information is intended as a guide only. Please review the whole document for full details of coverage provided.
Legend: 4 = Was included 8 = Not included
SECTION OF DOCUMENT NEW
āZurich Steadfast Business Insuranceā
EXISTING
āZurich Steadfast Business
Insurance ā
Compliance reference PCUS-007459-2013 PCUS-001642-2008
General Introduction
About Zurich Amended for clarity 4
Duty of Disclosure Amended to Section 21 ā Insurance Contracts Act
requirements
4
Non-disclosure or
Misrepresentation
Added to wording to comply with Insurance Contracts
Act requirements
Was included under Section
21 (a) statement
Privacy Amended in accordance with new requirements 4
General Insurance Code of
Practice
Amended for clarity 4
Dispute Resolution process Amended for clarity 4
General Definitions
Act of terrorism Newly added ā to aid with the exclusion 4 points (a) to (e) included
within actual exclusion
Animal(s) Newly added ā to aid with various cover clauses 8
Automatic Teller Machine (ATM) Newly added ā to aid with various cover clauses 8
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SECTION OF DOCUMENT NEW
āZurich Steadfast Business Insuranceā
EXISTING
āZurich Steadfast Business
Insurance ā
Building(s) Amended for clarity and expanded with clause (b), (c)
and (d) in respect to customised and modified shipping
containers or transportable buildings used as workshops,
lunchrooms or storage and/or used as storage of the stock
or contents of your business
Clause (j) added that Building(s) includes āwharves, piers
and jettiesā
Needed prior approval
8
Consequential loss Newly added ā to aid with various cover clauses 8
Contents Amended to clarify intent 4
Customerās goods Newly added ā to aid with various cover clauses 8
Employee Amended to clarify intent 4
Family Amended to clarify intent 4
Flood Re-worded in alignment with the suggested Treasury
definition
4
Fungus/Fungi Newly added ā to aid with various cover clauses 8
Safe or strongroom Amended to clarify intent 4
Seasonal Increase period Amended to clarify intent 4
Stock Amended to clarify intent 4
Our Agreement
3. Repairs to damage by you Newly added ā We agree that the repair of the damage
can be undertaken by you or your employees
8
General Exclusions
7. Terrorism Re-worded in alignment with the use of the new Definition 4
8. Electronic data Re-worded in alignment with the use of the new Definition 4
General Conditions
4. Inflation protection Newly added ā To protect you from the effects of inflation,
if you have cover under Property damage cover section,
we will automatically change the sum insured at renewal
in line with movements in the Consumer Price Index or
another similar index.
If the sum insured increases because of index linking, the
new premium and relevant government charges will be
based on the new sum insured shown in the schedule
8
16. Sanctions regulation Newly added ā Zurich shall not be deemed to provide
coverage and will not make any payments nor provide
any service or benefit to you or any other party to the
extent that such cover, payment, service, benefit and/or
any business or activity of you undertake, which would
violate any applicable trade or economic sanctions, law
or regulation
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3. Page 3 of 12
SECTION OF DOCUMENT NEW
āZurich Steadfast Business Insuranceā
EXISTING
āZurich Steadfast Business
Insurance ā
Property damage
Definitions
Catastrophe Newly added ā to aid Extra Cover 2. āCatastrophe inflation
protectionā
8
Limit of liability Newly added ā to aid with the increase of the limit of
liability cover Zurich provides. The limit of liability is
automatically calculated up to 20% of the sum insured.
The schedule produced via the SVU or Z.streamXpress
will display a limit of liability calculated up to 20% of the
sum insured
4
Basis of Settlement
1. Building(s), specified
items, contents or
stock ā Reinstatement
or replacement
The Operative clause is based on an Accidental Damage
basis and not the prior Defined Events basis
4 Zurich Fire ā Gold
5. Extra costs of reinstatement:
Heritage building
Newly added ā we will pay the extra costs of repairing,
replacing, or reinstating the building, that are related
to obtaining special materials or employing specialised
labour to match up or reproduce unique or distinctive
ornamental or architectural features of the building to
comply with standards imposed by any lawful heritage
protection authority.
8
Limitation of Cover
1. Earthquake If any loss is caused by earthquake, volcanic eruption,
subterranean fire or tsunami, we will not pay for the
first $20,000 or 1% of the limit of liability at the
damaged premises
Previously $10,000 or 1%
Extra Covers
4. Floating stock Newly added ā Where we pay a claim for loss of or damage
to stock at the premises, we will pay more than the stock
sum insured at that premises to account for the temporary
transfer of stock between premises. We will not pay more
than the total of the stock sum insured for all premises
8
5. Government fees Broaden cover to provide if the sum insured is exhausted,
we will pay up to $10,000 any one event
8
9. Professional fees Broaden cover to provide if the sum insured is exhausted,
we will pay up to $5,000 any one event
8
10. Removal and disposal of
trees and branches
Newly added ā If damage to property insured is caused
by impact from trees or branches of trees, we will pay the
reasonable costs associated with the removal and disposal
of the tree or branches, which caused the damage
8
11. Removal of debris including
necessary temporary repairs
Increased limit up to $100,000 or 20% of the limit
of liability
$50,000 or 20% of the total
sum insured
10. Taking inventory Newly added ā We will pay up to $5,000 for the
reasonable costs and expenses incurred by you in taking
inventory (including unpacking, repacking and restacking)
to identify, quantify and value any property insured
damaged during the period of insurance
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4. Page 4 of 12
SECTION OF DOCUMENT NEW
āZurich Steadfast Business Insuranceā
EXISTING
āZurich Steadfast Business
Insurance ā
Additional Benefits
1. Damage to glass in vacant
buildings
Newly added ā If you own but do not occupy any buildings
shown as insured under this cover section at the premises,
we will cover you for the following costs directly related
to the breakage of glass in the period of insurance in a
rentable area of the building that is vacant at the time of
the breakage. We will not pay more than $5,000 during
any one period of insurance for all claims under this
Additional Benefit
8
3. Fire Brigade attendance fees Increased limit up to $100,000 any one event $50,000
5. Prevention of imminent
damage
Increased limit up to $100,000 any one event $50,000
8. Trace and access Newly added ā We will pay the reasonable costs incurred
to detect the point of bursting, leaking, discharging
or overflowing of fixed apparatus, fixed tanks, fixed
appliances, fixed pipes or other systems, during the period
of insurance, at the premises
8
9. Theft of external property Newly added ā If you own but do not occupy a building
shown as insured under this cover section at a premises,
we will cover you for the theft in the period of insurance of
plant, plumbing or wiring services that are not part of that
building but which are securely attached (by means other
than the connection to a power point) to the building
structure. We will not cover you for more than $5,000 in
the aggregate during the period of insurance for all claims
under this Additional Benefit.
8
9. Taxation audit costs Amended to clarify intent, automatic cover up to
$10,000 unaltered
4
Exclusions
1. to 4. Amended to clarify intent and to fit structure of the
Accidental Damage basis policy wording
4
5. Newly added ā We will not cover loss or damage caused by:
(a) a named cyclone named by the Bureau of
Meteorology where the damage occurs;
(b) a bushfire occurring;
(c) a flood occurring,
within 72 hours from the original commencement of
this policy
Please note system warnings
will be still issued
Business Interruption
Introduction
There are two covers available in this cover section:
1. Insurable Gross Profit basis ā (Income);
2. Weekly Revenue basis.
Your policy schedule indicates which cover has been
selected by you
Prior Business Interruption ā
Weekly Revenue cover section
now deleted
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SECTION OF DOCUMENT NEW
āZurich Steadfast Business Insuranceā
EXISTING
āZurich Steadfast Business
Insurance ā
Common clauses to this cover section
Government incentives Amended to clarify intent 4
Additional Benefits
1. Computer installation Amended to clarify intent 4
3. Documents temporarily
removed
Amended to clarify intent 4
4. Loss of attraction Newly added ā If your business is located within a
multi-tenanted retail shopping complex, we will treat
damage to property of a major tenant as being damage
for the purposes of this cover section
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8. Utilities Amended to clarify intent 4
Optional Extensions of Cover
2. Specified customers and
suppliers
Newly added ā We will pay for loss of gross profit or weekly
revenue that results from an interruption to your business
that is caused by damage that occurs in Australia to:
(a) Specified suppliers;
(b) Specified customers
8
Liability
Definitions
Business Modified to include:
(b) participation in any exhibition by you or on
your behalf
(c) the hire or loan of plant and/or equipment to
other parties
(d) conducted tours of your premises
8
Personal injury Modified to include:
(f) discrimination as a result of race, religion, sex, marital
status, age, intellectual impairment, disability or
otherwise (unless insurance thereof is prohibited by
law) not committed by you or at your direction, but
only with respect to liability other than fines and
penalties imposed by law.
8
Defence costs and supplementary payments
Clause 4 Newly added ā Pay premiums on:
(a) bonds to release attachments for amounts not
exceeding the applicable limit of liability of this policy
but we shall have no obligation to apply for or furnish
any such bond
(b) appeal bonds and/or security for costs required in any
suit but we shall have no obligation to apply for or
furnish any such bonds and/or security for costs
8
6. Page 6 of 12
SECTION OF DOCUMENT NEW
āZurich Steadfast Business Insuranceā
EXISTING
āZurich Steadfast Business
Insurance ā
Exclusions
2. Aircraft, hovercraft
or watercraft
Combined prior Aircraft, Hovercraft and Watercraft
exclusions for clarity and increase the length of craft
exceeding 10 metres in length
8 metres in length
4. Asbestos Amended to clarify intent 4
8. Data Amended to clarify intent, with the aid of new Definitions
added to the policy
Prior exclusion āInformation
technology hazardsā
9. Defamation Altered heading to clarify intent Prior exclusion āLibel and
slanderā
Design, Specification and
Formula
Prior Exclusion 13. ā Deleted in full 4
Tobacco and Tobacco smoke Prior Exclusion 23. ā Deleted in full 4
Construction Prior Exclusion 24. ā Deleted in full 4
Cover Section Conditions
9. Subrogation and allocation
of the proceeds of recoveries
Newly added ā to clarify intent who will be entitled to
the first call on the proceeds of all recoveries made, being
the insured in respect to due to the application of an
excess and/or where the amounts of any judgments or
settlements exceed the applicable limit of liability
8
Theft
Definitions
Category or Categories Newly added to aid with cover section and align with SVU
processing screens
8
Cigarettes, cigars and tobacco Newly added to aid with cover section and align with SVU
processing screens
Included under General
Policy condition āDesignation
of propertyā
Basis of Settlement
Reinstatement or replacement
value
Amended to clarify intent, with the aid of the new
Definitions, included in either the General Definitions or
this cover section
4
Indemnity Prior method of settlement āIndemnityā ā Deleted in full 4
Extra Covers
1. Damage to business
premises
Added ā If you are the property owner, we will cover you
for the cost to repair your property insured caused by theft
or attempted theft. The maximum amount we will pay for
this extra cover is $10,000 any one event
Included under (c) within
āTheft (limited) without
forcible and violent entryā
Additional Benefits
2. Employee dishonesty Amended to clarify intent 4
4. Illegal use of corporate
financial transaction card
Newly added ā We will pay any financial loss sustained
by you arising from the illegal use of the card by an
unauthorised person during the period of insurance, up to
$5,000 in total for any one event
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7. Page 7 of 12
SECTION OF DOCUMENT NEW
āZurich Steadfast Business Insuranceā
EXISTING
āZurich Steadfast Business
Insurance ā
5. Illegal Electronic Funds
Transfer
Newly added ā We will pay following entry into the
premises arising from one of the events listed under the
heading āCoverā, we will pay any financial loss sustained by
you arising from the electronic transfer of funds from your
bank account to a bank account not controlled by you, up
to $5,000 in total for any one event
8
6. Replacement of locks
and keys
Amended to clarify intent 4
8. Temporary cover for new
premises
Amended to clarify intent, and increased cover to 60 days
and for each specific category of property shown in the
schedule cover is limited to 50% of the sum insured for
that category
Previously 30 days and 20%
of the sum insured
11. Theft without forcible and
violent entry (not property in
the open air)
Amended to clarify intent, limits unaltered and refer above
to Extra Cover 1. āDamage to business premisesā
4
12. Theft of property insured in
the open air
Amended to clarify intent, $5,000 limit unaltered 4
Exclusions
2. Property Amended to clarify intent, and increased money in excess
of $500
Previously $250
5. Access Included write back to exclusion, that cover is provided
for under Additional Benefits 2. āEmployee dishonestyā,
11. āTheft without forcible and violent entry (not property
in the open air)ā and 12. āTheft of property insured in the
open airā
Clarifies our intent
Cover Section Conditions
3. Reinstatement Included under this cover section General Terms and Conditions
Money
Definitions
In custody Newly added to aid with cover section and align with SVU
processing screens
8
In transit Newly added to aid with cover section and align with SVU
processing screens
8
Money Broaden to include money as the meaning in the general
definitions and also includes funds held in electronic form
in a bank account
8
Basis of Settlement
Basis of Settlement Amended to clarify intent, with the aid of the new
Definitions, including the Basis of Settlement in respect to
the repair or replacement of damaged safe or strongroom
4
Extra Covers
3. Reinstatement of sum
insured
Included under this cover section, when a sum insured is
reduced following a loss we will automatically increase this
reduced sum insured to its value immediately before the
loss, however the maximum amount we will pay during the
period of insurance is limited to twice the sum insured and
you pay or agree to pay any additional premium we require
General Terms and Conditions
and limited to only one
reinstatement after you
pay the additional premium
we require
8. Page 8 of 12
SECTION OF DOCUMENT NEW
āZurich Steadfast Business Insuranceā
EXISTING
āZurich Steadfast Business
Insurance ā
Additional Benefits
4. Employee dishonesty Amended to clarify intent 4
7. Replacement of locks
and keys
Amended to clarify intent 4
Exclusions
1. ATMs Newly added ā to excluded loss or damage to money that
does not belong to you in or from an ATM
Previously the cover excluded
all money with an ATM
Glass
Extra Covers
1. Costs Increased limit up to $8,000 $7,500
2. Destruction of Stock
or Contents
Increased limit up to $8,000 $7,500
3. Overtime Automatically included in the sum insured Amount had to be shown
on schedule
Additional Benefits
1. Malicious damage Nil changes 4
2. Signs Increased limit up to $8,000 $7,500
Exclusions
New Exclusion (a) We do not cover damage to glass when in transit or whilst
being fitted into position or removed from its fitting
Silent ā not defined, however
was not covered by the
Operative Clause
General Property
Definitions
Accidental Newly added to broaden the Cover clause, which now
includes theft of specified or unspecified items without
forcible and violent entry
Optional benefit āTheft
without forcible and violent
entryā deleted not required
Specified items Newly added to aid with cover section and align with SVU
processing screens and any item worth more than $2,500
must be a specified item
$2,000
Unspecified items Newly added to aid with cover section and align with SVU
processing screens and includes all items up to $2,500
Items need to be listed on the
schedule
Cover
Insuring Clause Broaden to cover you for accidental loss or damage to your
property insured occurring anywhere in the world during
the period of insurance
Restricted to Australia only
Extra Cover
1. Reinstatement Included under this cover section General Terms and Conditions
Additional Benefit
1. Theft of other equipment Newly added ā We will cover you for theft of any property
not belonging to you but in your physical or legal control
for the purposes of your business occurring during the
period of insurance anywhere in the world, up to $2,000 in
any one period of insurance
8
9. Page 9 of 12
SECTION OF DOCUMENT NEW
āZurich Steadfast Business Insuranceā
EXISTING
āZurich Steadfast Business
Insurance ā
Exclusions
(a) to (f) Reworded for clarity, considering the new structure of this
cover section, however cover is not restricted in respect to
unspecified items only via sum insured up to $2,500
Mobile telephones, radios,
sporting equipment, aerial
devices, computers, electronic
diaries, organisers or their
accessories need to listed on
the schedule
Machinery
Definitions
Breakdown Newly added to aid with this cover section breakdown
means a sudden and accidental failure of machinery
resulting in physical damage to the equipment which
requires the repair or replacement of the equipment or a
part of the equipment
8
Hazardous substance Newly added to aid with this cover section 8
Machinery Amended to clarify intent 4
Extra Covers
1. Hazardous substances Newly added ā If a hazardous substance is involved in
or released by a breakdown of the machinery, we cover
you for the increase in cost to repair, replace, clean up or
dispose of, damaged property insured. We will not pay
more than $25,000 for each claim under this Extra Cover
8
Optional Extension of Cover B ā Increase in Cost of Working
1. Cover Newly added ā We will pay for costs that are incurred
by you for the sole purpose of avoiding or diminishing a
reduction in income from your business during the period
that the machinery is damaged
8
Electronic Equipment
Definitions
Breakdown Newly added to aid with this cover section breakdown
means a sudden and accidental failure of machinery
resulting in physical damage to the equipment which
requires the repair or replacement of the equipment or a
part of the equipment
8
Hazardous substance Newly added to aid with this cover section 8
Cover
Part A Material Loss or Damage ā we will cover you for direct loss
or damage to electronic equipment and other property
insured, provided that the loss or damage occurs during
the period of insurance
4 Flexibility to included
electronic equipment as
a standalone offering
Part B Breakdown ā we will cover you for breakdown of electronic
equipment which occurs at the premises provided that
the breakdown of electronic equipment occurs during the
period of insurance
4
10. Page 10 of 12
SECTION OF DOCUMENT NEW
āZurich Steadfast Business Insuranceā
EXISTING
āZurich Steadfast Business
Insurance ā
Basis of Settlement ā Part A and B
2. Newly added ā Where you incur extra expense, in
complying with the requirements of any Act of Parliament
or Regulation made thereunder or any By-Law or
Regulation of any Municipal or other Statutory Authority,
in the course of effecting repair or replacement of the
electronic equipment, we will indemnify you for such
extra expense
8
Extra Covers ā Part A and B
1. Hazardous substances Newly added ā If a hazardous substance is involved in or
released by a breakdown of the electronic equipment, we
cover you for the increase in cost to repair, replace, clean up
or dispose of, damaged property insured. We will not pay
more than $25,000 for each claim under this Extra Cover
8
Additional Benefits ā Part A and B
2. Electronic equipment away
from the premises
Newly added ā Cover is extended to:
(a) loss or damage occurring during the period of
insurance to laptop computers, notebooks, or mobile
electronic equipment away from the premises
(b) breakdown of your laptop computer equipment or
mobile electronic equipment anywhere in Australia
and the laptop computer equipment or mobile
electronic equipment is specified in the schedule
under property insured within this cover section
8
3. Restoration of computer
data
Newly added ā We will insure you for the costs of
restoring electronic data stored on media
Previously an Optional
extension ā āElectronic Data
and Electronic Data Mediaā
4. Computers ā increased costs Newly added ā We will insure you for the increased
costs which you incur, such as the hiring of alternative
computers, following the breakdown of computers
which we have agreed to pay a claim for under Electronic
equipment cover section
Previously an Optional
extension ā āAdditional
increase in cost of workingā
Employee Fraud
Introduction The cover section has been replaced with the same
standard Zurich Business Insurance. As a result the
Definitions, Operative Clause may have altered, however
cover provided is the same
4
Extra Covers
3. Cost of recovery Newly added ā When you sustain a loss that is greater than
the sum insured paid for this cover section, we will pay
up to an additional 20% of the sum insured for costs and
expenses you have reasonably incurred in an attempt to
recover lost property
8
11. Page 11 of 12
SECTION OF DOCUMENT NEW
āZurich Steadfast Business Insuranceā
EXISTING
āZurich Steadfast Business
Insurance ā
Additional Benefits
1. Continuity of cover Newly added ā If this cover section has been taken up
in substitution for any prior employee fraud/fidelity
policy/coverage held by you with any other insurer and
cover under this cover section commences immediately
after cover under the prior policy/coverage ends, then
this cover section extends to cover any employee fraud
discovered during the period of insurance where
that employee fraud is not covered by the previous
policy/coverage solely because it was not discovered during
the period of insurance of the previous policy/coverage or
any applicable extended reporting period
8
12. Zurich Australian Insurance Limited
ABN 13 000 296 640, AFS Licence No: 232507
Head Office: 5 Blue Street, North Sydney NSW 2060
Client Enquiries
Telephone: 132 687
www.zurich.com.au
Page 12 of 12
ZU22151-V103/14-PCUS-008626-2014