Update: IBNA Gold Star Home policy

Thank you for your support of CGU's IBNA Gold Star 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.