Business Insurance Policy Wording - Part 3 of the Product Disclosure Statement

Section 4 - Employee Dishonesty

This section of the policy covers the theft of your property or money by any of your employees either acting alone or in collusion with any others.

Along with any other sections of cover you have chosen, this document makes up Part 3 of your Product Disclosure Statement.Your Product Disclosure Statement is made up of parts 1, 2 and 3.

You can claim for loss of property or money following an act of employee dishonesty as described under “What we cover” if:

“employee dishonesty” is shown under “What’s Covered” in the schedule;
the loss occurs within Australia or its external territories;
the loss is not excluded by any of the exclusions under the “What we exclude” column of this section; and
the loss is not excluded by any of the General Exclusions listed in the Customer Information Booklet (known as Part 2 of the PDS).

What we cover

What we exclude

loss of property or money as a direct result of employee
dishonesty if:

• you are able to identify which employee is responsible;
• the employee dishonesty happens during the period
of insurance;
• the employee dishonesty is discovered within 12 months
of it occurring; and
• the loss is reported to the police immediately upon
discovery.

Any loss caused by a particular employee that occurs after:

• you become aware of an act of employee dishonesty
by that employee; or
• you suspect that employee has committed an act of
employee dishonesty.

Any loss resulting directly or indirectly from trading in securities
or derivatives whether in your name and whether in a genuine
or fictitious account.
Any act of employee dishonesty committed by a person whom you knew to be dishonest.

Extra Benefits

1. Accountants costs
If we agree to pay a claim we will reimburse you for fees payable
by you to external auditors if they are reasonably and necessarily
incurred to substantiate the claim.

We will not pay more than $2,000.

What we pay

If we agree to pay a claim we will pay:

• the sum of money lost, or
• the reasonable cost necessarily incurred with our consent to replace your property lost.

Limits to what we pay

The most we will pay for any act or series of related acts of employee dishonesty is the insured amount shown in the schedule at the time the act was first committed.
The most we will pay for all claims for employee dishonesty during the period of insurance is the insured amount shown in the schedule.

Excess

You must pay the amount of any excess shown in the schedule for each claim you make.

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