Business insurance updates

The terms ‘charged with’ and ‘wilful damage’ have been added to this condition. 

During your contract period you must notify us as soon as practically possible if: 

• you or anyone involved in the business have been charged with or convicted of any criminal act relating to fraud, theft, dishonesty, arson, wilful damage or malicious damage. 

Authorised persons have been added to this condition. 

9. You and any authorised person must give us full co-operation and comply with all our requests in relation to your claim.

The single excess benefit when claiming on more than one Youi policy for the same incident extends only to a spouse’s or defacto partner’s policy where the policyholders are not the same person or legal entity.

Money, firearms or other weapons have been added to what the term ‘business items’ does not include.

‘Business visits’ defined as: work by any insured person associated with administration, marketing, photography, promotion, or demonstration. It does not include manual labour or the supervision of manual labour. 

The term ‘business visits’ applies only to the territorial limits of the policy in relation to cover for work carried out overseas under Section 1 - Public and Products Liability. 

Contents excludes: 

• firearms or other weapons. 

What is not covered: the defined term ‘standard vehicle’ now applied to the exclusion. 

We will not pay for any liability: 

19. arising in connection with the ownership, possession, operation, control, or use by you or anyone acting on your behalf of any standard vehicle, except as otherwise expressly provided in Extra Cover: 1. Goods in Care. 

Standard vehicle/s means a vehicle which is primarily designed for on-road use or complies with the standard regulations for unconditional registration for road use in the state or territory in which it is being operated; such as a car, truck, motorcycle, caravan, or trailer. 

The amount we will pay up to for loss or damage to goods in care has increased from $100,000 to $250,000 per claim.

What is not covered: These exclusions have been added or updated. 

We will not pay for any: 

1. repair of any business item that has poor or faulty design specification, materials, planning or workmanship, or a defect, unless that item is guaranteed under our Quality Guarantee. 

3. professional, expert, legal, consulting, or valuation costs, unless you obtained our prior written consent to incur these costs. 

5. damage to tyres caused by wear and tear, braking, punctures, cuts, bursts or deflation for any reason. 

6. loss or damage to remote controlled aerial business items while being operated. 

9. corrupted electronic data. 

We will not pay for any loss or damage caused by, resulting or arising from: 

10. flood, storm or bushfire during the first 72 hours (or other period noted on your policy schedule) of your policy first being purchased unless you had another policy that expired immediately before the start of your policy with us and there was no break or change in the level or type of cover. Further, where you increase your existing cover or reduce your excess within 72 hours of a flood, storm or bushfire occurring, cover under this section will be limited to the amount of cover that was effective prior to the change. 

12. livestock, birds, insects or vermin. 

13. biting, chewing or scratching by any animal. 

14. any government, public or local authority order or action, including confiscation or requisition. 

15. faulty materials or faulty workmanship. 

16. mechanical, hydraulic, electrical or electronic (including computer software) breakdown or failure. 

18. wear and tear, rust or corrosion, structural defects (including roof and body seals), developing flaws, alteration, normal upkeep or any gradual cause or deterioration. This includes scratching, marring, chipping or denting. 

20. it being an electrical appliance or device and it being damaged due to power surge, failure or fluctuation, unless that loss or damage is caused by lightning. 

21. the failure to properly replace and/or secure fuel, oil and other caps or lids fitted to the business items. 

22. the use of incorrect parts, lubricants, fuels, oils or other fluids, which are not recommended or specified by the manufacturer. 

23. liquids escaping from the business items unless it is a vehicle that was involved in an accident immediately before the escape. 

24. a process or system of modifying or repairing the business items. 

What is not covered: These exclusions have been added or updated. 

We will not pay for any: 

1. professional, expert, legal, consulting, or valuation costs, unless you obtained our prior written consent to incur these costs. 

We will not pay for loss or damage to contents or stock in trade (including refrigerated stock) caused by, resulting or arising from: 

12. mechanical, hydraulic, electrical or electronic (including computer software) breakdown or failure. 

13. wear and tear, rust or corrosion, structural defects (including roof and body seals), developing flaws, alteration, normal upkeep or any gradual cause or deterioration (other than deterioration of refrigerated stock in trade). This includes scratching, marring, chipping or denting.