Meaning of retail client and wholesale client: travel insurance product
7.1.16 Meaning of retail client and wholesale client: travel insurance product
For subparagraph 761G(5)(b)(vi) of the Act, a travel 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 one or more of the following:
financial loss in respect of:
fares for any form of transport to be used; or
accommodation to be used;
in the course of the specified journey in the event that the insured person does not commence or complete the specified journey;
loss of or damage to personal belongings that occurs while the insured person is on the specified journey;
a sickness or disease contracted or an injury sustained by the insured person while on the specified journey;
loss, damage or compensation for an event occurring to the insured person during a specified journey that ordinarily forms a part of insurance commonly regarded as travel insurance, including
loss of cash or credit cards; and
legal liability; and
hijack; and
kidnap; and
ransom.
A travel 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:
specified journey means a journey in relation to which insurance cover is provided by the contract.
This Act’s bill:Explanatory statement
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