Corporations Regulations 2001

For subparagraph 761G(5)(b)(vii) of the Act, a personal and domestic property 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 or damage to property that is:

wholly or predominantly used for personal, domestic or household purposes by:

the insured; or

a relative of the insured; or

any person with whom the insured resides; and

ordinarily used for that purpose.

A personal and domestic property 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:

moveables;

valuables;

a caravan or mobile home;

an on‑site mobile home;

a trailer;

a marine pleasure craft;

a horse;

a domestic pet;

a mobile phone.

mother;

step‑mother;

father;

step‑father;

brother;

half‑brother;

sister;

half‑sister;

spouse (including de facto spouse);

son;

step‑son;

adopted son;

daughter;

step‑daughter;

adopted daughter;

grandparent;

grandchild;

nephew;

niece;

uncle;

aunt;

mother‑in‑law;

father‑in‑law.

For paragraph (1)(a), property is taken to be wholly or predominantly used for personal, domestic or household purposes if the insured gives the insurer a statement, before the insurance product is issued, that the property is intended to be used wholly or predominantly for 1 or more of those purposes.