Update: Austbrokers Superior Home policy

Thank you for your support of CGU's Austbrokers Superior Home policy.

Please see below a table that highlights the improvements that we have recently made to the policy.

COVER CURRENT AS OF 1 AUGUST 2017

Extra costs of Reinstatement

If this policy insures your buildings, and it is damaged as a result of an event insured under this policy, and

we agree to pay a claim, we pay up to $25,000 for the

extra costs necessary to meet the requirements of

any statutory authority in connection with rebuilding or

repairing your buildings at the situation.

If only part of your buildings is damaged, we pay only

the extra costs you incur in repairing that part.

We do not pay any extra costs which resulted from any

notice which a statutory authority served on you before

your buildings suffered loss or damage. This benefit

shall not be payable in addition to Clause (f) under

section: How we will pay – Buildings.

If this policy insures your buildings, and it is damaged

as a result of an event insured under this policy, and

we agree to pay a claim, we pay up to $25,000 for the

extra costs necessary to meet the requirements of

any statutory authority in connection with rebuilding or

repairing your buildings at the situation.

If only part of your buildings is damaged, we pay only

the extra costs you incur in repairing that part.

We do not pay any extra costs which resulted from any

notice which a statutory authority served on you before

your buildings suffered loss or damage. If you have

not exhausted the building sum insured, you can also

use any unused portion of the building sum insured

towards extra costs. This benefit shall not be payable

in addition to Clause (f) under section: How we will

pay – Buildings.

Additional exclusions applying to this policy

• inherent defects, structural defects, faulty

workmanship or faulty design.

 

• inherent defects, structural defects, faulty

workmanship or faulty design. This only applies to

the part which is immediately affected and does

not extend to subsequent damage to other parts of

the property not otherwise excluded. However, we

will pay for resultant loss or damage that is caused

directly by a Specified event if you did not know

about (or could not reasonably have known about)

the defect, faulty design or faulty workmanship at the time of the loss.