Residential Strata PDS Changes (HRS4)

We’re pleased to announce an update to our Strata Insurance PDS. Please find below links to:

• Our updated PDS (HRS4)
• Our Summary of Changes document
• Our updated Product Factsheet

In this version we have...

Deleted Specific Exclusions Applicable to Section 1, 1. f, 1.g and 1.k

We have deleted three “absolute” exclusions which excluded “Damage arising directly or indirectly out of or in any way connected with:

• 1.f Error or omission in design, plan, specification or failure of design, or the use of any materials which are prohibited by, or do not comply with any applicable legislation, regulations, industry code and/or standards at the time of installation;
• 1.g Faulty materials or faulty workmanship;
• 1.k. Inherent vice or latent defects.

Inserted new exclusion 2 to afford broader cover

We have created a new exclusion as follows:

• 2. The cost of rectifying faulty or defective materials or faulty or defective workmanship, design or specification.

Note that this new exclusion does not exclude “Damage arising directly or indirectly out of or in any way connected with” and so the result of this change is to broaden cover.

Customers on all previous policy wordings (HRS1, HRS2 & HRS3) will benefit immediately from all changes that are not materially adverse to them, per our Change of Terms and Conditions.

Please refer to the full summary of key changes, along with the PDS.

Coming Soon

Our team have been very busy working on a brand new product.  Want a hint of what it is? Check out our  LinkedIn page.