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Introducing the new AAMI Strata Insurance Product Disclosure Statement (PDS) for policies renewing on or after 15 December 2020. The PDS is an important legal document that contains details of the product you purchase so you need to read it carefully.

Here at AAMI, we want to provide clarity and certainty in your time of need. We’ve changed the layout of the PDS to help make it easier to understand. And we have also made other changes to the policy – we have added and changed cover and we have added and changed exclusions and conditions.

Important change

Our Strata Insurance will no longer provide any cover for your building if the building or a unit is used for short stays, holiday rentals or house sharing. This includes if a unit is available through Airbnb or Stayz. Do not renew your policy if the building or a unit is used for short stays, holiday rentals or house sharing, as you will not have any cover. If you pay by direct debit, you will need to call us to cancel the direct debit.

Below are some examples of things we have changed:

  • Your responsibilities
  • When you need to contact us about changes
  • What good condition of your building means
  • How your claims will be settled
  • Embezzlement of funds
  • Office bearer’s liability
  • Excess (when and how to pay)
  • Excess (when an excess will be waived)
  • Joint policyholders
  • Conduct of others (new section in your PDS)
  • Things we don’t cover

For full details, please refer to your PDS.

The purpose of this page is to advise you of the various changes that we have made to our AAMI Strata Insurance Product Disclosure Statement (PDS).

THINGS WE DON'T COVER

General Exclusions are now called ‘Things we don’t cover’

Things we don’t cover includes some new exclusions such as:

  • Extra costs or other losses following an incident covered by your policy
  • Deliberate or reckless actions
  • Communicable disease
  • Not a permanent residence/used for short-term rentals (see above)

CHANGES TO CLAIMS SECTION

Changes have been made to the Claims section, including introducing or changing:

  • Your responsibilities
  • How we settle your common contents claims
  • Matching materials for building claims
  • Matching materials for common contents claims

The information above is not a complete list of the changes to your Strata Insurance. For full details of what is and isn’t covered, please read the AAMI Strata Insurance Product Disclosure Statement (PDS). Consider the Product Disclosure Statement before making a decision about this insurance.

THINGS WE DON'T COVER

General Exclusions are now called ‘Things we don’t cover’

Things we don’t cover includes some new exclusions such as:

  • Extra costs or other losses following an incident covered by your policy
  • Deliberate or reckless actions
  • Communicable disease
  • Not a permanent residence/used for short-term rentals (see above)

CHANGES TO CLAIMS SECTION

Changes have been made to the Claims section, including introducing or changing:

  • Your responsibilities
  • How we settle your common contents claims
  • Matching materials for building claims
  • Matching materials for common contents claims

SUMMARY OF COVER TABLE

New ‘Summary of cover’ table including covers and additional covers to assist you navigating the new format.

CHANGE WHEN THERE ARE JOINT POLICYHOLDERS

During the period of insurance, we might ask all joint policyholders first before we action a request or direction in relation to your policy (e.g. before we cancel your policy, reduce your cover or remove another policyholder). This way we can help protect the interests of all policyholders.

NEW SECTION - CONDUCT OF OTHERS

When we consider a claim, we will have regard to prejudice you have suffered due to conduct of others and may meet the claim when we are not legally required to do so.

CANCELLATION FEE - REMOVED

If you decide to cancel your insurance cover with AAMI, you will no longer be charged a cancellation fee.

TEMPORARY ACCOMMODATION

AAMI has added a definition for a unit that ‘cannot be lived in’, which means destroyed or made completely or partially unfit to be lived in. This might include if the utilities are not available or it is not safe to live in.

EMBEZZLEMENT OF FUNDS

We have removed the reference to providing accounting records ‘to our satisfaction’ and included examples of the records that you might need to provide to prove your loss.

OFFICE BEARER'S LIABILITY

We have updated the language to make this additional cover clearer.