Commonwealth Consolidated Regulations

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Meaning of retail client and wholesale client: home contents insurance product

             (1)  For subparagraph 761G(5)(b)(iii) of the Act, a home contents insurance product is a contract or part of a contract that provides insurance cover (whether or not the cover is limited or restricted in any way) in respect of loss of or damage to the contents of a residential building.

             (2)  A home contents insurance product does not include:

                     (a)  insurance to or in relation to which the Marine Insurance Act 1909 applies; or

                     (b)  insurance entered into, or proposed to be entered into, for the purposes of a law (including a law of a State or Territory) that relates to:

                              (i)  workers' compensation; or

                             (ii)  compulsory third party compensation.

             (3)  In this regulation:

contents , in relation to a residential building, means any of the following items:

                     (a)  furniture, furnishings and carpets (whether fixed or unfixed);

                     (b)  household goods;

                     (c)  clothing and other personal effects;

                     (d)  a picture;

                     (e)  a work of art;

                      (f)  a fur;

                     (g)  a piece of jewellery;

                     (h)  a gold or silver article;

                      (i)  a document of any kind;

                      (j)  a collection of any kind;

                     (k)  swimming pools that:

                              (i)  are not fixtures; and

                             (ii)  are owned by the insured or by a member of the insured's family ordinarily residing with the insured;

                            but does not include an article or thing to which the definition of residential building applies.

residential building means:

                     (a)  a building used principally and primarily as a place of residence on the site; and

                     (b)  out-buildings used for domestic purposes, being purposes related to the use of the principal residence on the site.

             (4)  A residential building does not include:

                     (a)  a hotel; or

                     (b)  a motel; or

                     (c)  a boarding house; or

                     (d)  a building that is in the course of construction; or

                     (e)  a temporary building or structure or a demountable or moveable structure.

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