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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:
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:
CHANGES TO CLAIMS SECTION
Changes have been made to the Claims section, including introducing or changing:
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. The Target Market Determination is also available.
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:
CHANGES TO CLAIMS SECTION
Changes have been made to the Claims section, including introducing or changing:
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.
