Corporations Regulations 2001

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.

A home contents insurance product does not include:

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

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:

workers’ compensation; or

compulsory third party compensation.

In this regulation:

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

household goods;

clothing and other personal effects;

a picture;

a work of art;

a fur;

a piece of jewellery;

a gold or silver article;

a document of any kind;

a collection of any kind;

swimming pools that:

are not fixtures; and

are owned by the insured or by a member of the insured’s family ordinarily residing with the insured;

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

out‑buildings used for domestic purposes, being purposes related to the use of the principal residence on the site.

A residential building does not include:

a hotel; or

a motel; or

a boarding house; or

a building that is in the course of construction; or

a temporary building or structure or a demountable or moveable structure.