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This Policy is issued by:
Keystone Underwriting Pty Ltd ABN 78 601 944 764 (Keystone)
Keystone Underwriting Pty Ltd is a Corporate Authorised Representative (No. 000468712) of:
Keystone Underwriting Australia Pty Ltd ABN 59 634 715 674 AFS License No: 518244
This document is designed to assist in the understanding of important issues. The Insured should contact their insurance adviser with any questions or if assistance is required.
Who is the Insurer?
Certain Underwriters at Lloyd’s (“Underwriters”) will be providing the financial service. Keystone is authorised to quote, bind and issue Certificates of Insurance under a Binding Authority Agreement (Binder) granted to Keystone by those Underwriters. Keystone acts as agent for the Underwriters in performing its duties under the Agreement. Keystone will provide details of the syndicate numbers and the proportions underwritten by them on request.
General Insurance Code of Practice
Lloyd’s supports the General Insurance Code of Practice and its purpose of raising the standards of practice and service in the general insurance industry.
What makes up the Insurance Contract?
This contract of insurance is made up of the Schedule, this Policy and any Endorsements that Keystone issues when an application is accepted or an existing Policy is renewed or amended.
Significant Features, Benefits and Exclusions
This Policy provides many significant features and benefits, subject to Conditions and Exclusions. Exclusions apply to this Policy and all of them are important. It is important that this Policy is read carefully to be aware of and understand the extent of cover that it offers. It will give full details of the Exclusions.
Significant Risks
The Insured should make sure that the sum insured and the limits to be purchased will be sufficient. All the terms and conditions contained in this Policy need to be understood.
Alteration to Risk and Deregistration
This Policy requires an Insured to notify Keystone within thirty (30) days of any material change to the business, or in the event of insolvency or bankruptcy. This Policy requires an Insured to give immediate notice of the cancellation, suspension, termination or imposition of conditions in respect of an Insured’s statutory registration. Claims arising from conduct which occurs subsequent to the cancellation, suspension or termination of the Insured’s statutory registration, licence, certification or authorisation under any relevant legislation or industry code of practice governing the Insured’s profession are excluded from indemnity under this Policy. However, this condition does not apply if the suspension relates purely to the late payment of registration fees.
Doctrine of Utmost Good Faith
Every insurance contract is subject to this doctrine which requires the parties to the contract to act toward each other with the utmost good faith. Failure to do so may prejudice any claims and/or the continuation of the insurance contract.
The Insured’s Duty of Disclosure - (this applies to non-consumer insurance contracts only)*
The Insured has a duty to tell Keystone anything that the Insured knows, or could reasonably be expected to know, before entering an insurance contract, that may affect Keystone’s decision to insure the Insured and on what terms. The Insured has this duty until Keystone agrees to insure the Insured.
The Insured has the same duty before the Insured renews, extends, varies, or reinstates an insurance contract.
The Insured does not need to tell Keystone anything that:
- reduces the risk for which the Insured is insured; or
- is common knowledge; or
- Keystone knows, or should know; or
- Keystone waives the Insured’s duty to tell Keystone.
If the Insured does not tell Keystone
Keystone may if the Insured does not tell Keystone anything the Insured is required to tell:
- cancel the Insured’s contract, or
- reduce the amount to be paid to the Insured if the Insured makes a claim, or
- both the above.
Keystone may refuse to pay a claim and treat the contract as if it never existed if the Insured’s failure to tell Keystone is fraudulent.
Change of Circumstances
The terms and conditions of this Policy will be based on information the Insured provided to Keystone. It is essential Keystone are advised of any material change that occurs to this information prior to the inception of this Policy. Failure to do so by the Insured may prejudice any subsequent claims under the Policy and/or jeopardise the continuation of the insurance contract.
* From Schedule 1, Part 1 Insurance Contracts Regulations 2017. A “Consumer Insurance Contract” is a policy of insurance that is wholly or predominantly obtained for personal, domestic, or household purposes.
Buying Insurance
Set out below are important matters that apply to the initial enquiry, buying of insurance, and renewal of cover. Defined terms are the same as in the Policy.
Information that Keystone ask
Keystone will only ask for and consider relevant information when assessing the Insured’s application for cover.
Assessing Applications
The Insured will have access to information that Keystone has relied on in assessing their application and an opportunity to correct any mistakes or inaccuracies. Keystone may decline to release information in special circumstances, but will not do so unreasonably. Keystone will give reasons in these circumstances, and the Insured will have the right to request Keystone to review the decision through Keystone’s complaints handling procedures. Keystone will provide reasons in writing upon request.
Mistakes
Keystone will immediately initiate action to correct an error or mistake in assessing the Insured’s application for cover where it is identified.
Misrepresentation
Keystone’s sales process will be conducted in a fair, honest and transparent manner.
Declining Cover
If Keystone cannot provide insurance cover, Keystone will:
(a) give reasons; and
(b) refer the entity/person seeking insurance to another insurer, AFCA or NIBA, for information about alternative insurance options (unless they already have someone acting on their behalf).
Keystone will make available information about Keystone’s complaints handling procedures if the entity/person is unhappy with Keystone’s decision.
Policy Information
Information about Keystone’s policy wordings will be available when the Insured buy insurance from Keystone as well as on request. They will also be available on Keystone’s website at www.keystoneunderwriting.com.au.
Subrogation
The Insured may prejudice their rights regarding a claim if, without prior approval from Keystone, the Insured makes an agreement with a third party that would prevent Keystone from recovering any applicable loss (in whole or in part) from that, or another party.
This Policy contains provisions that have the effect of excluding or limiting Keystone’s liability for a claim under this Policy if you have entered into any agreement that excludes, limits or delays the Insured’s right to recover damages from another party in respect of such claim.
Cost of Policy
The cost of this Policy is made up of premium plus any applicable policy fees, government taxes and charges. Keystone may cancel this Policy if the Insured fails to pay the total premium due.
Deductibles
The Insured may be required to pay a deductible or excess if a claim is made under this Policy. Details of applicable deductibles or excess are provided in the Schedule. This Policy sets out the terms relating to the payment of deductibles or excesses.
Taxation
All taxes and charges are shown as separate items (e.g. fire and emergency services levy, stamp duty depending upon location and GST).
Cooling-off Period
The Insured has the right to cancel this Policy with Keystone within 14 days of the date that the Policy incepted, unless a claim is made. Keystone will refund the full amount of the premium less any duties or taxes payable if this cancellation occurs during the cooling-off period. This Policy will be terminated from the date Keystone receive the request to cancel.
Making a Claim
Benefits are payable if the Insured suffers a loss that is covered under this Policy during the Period of Insurance, except if an Exclusion or Condition applies. The Insured must immediately notify Keystone or their insurance adviser if there is a loss under this Policy.
Cancelling the Policy Before the Due Date
The Insured may cancel this Policy at any time by notifying us in writing, detailing the date that the cancellation will take effect. Keystone will refund any unearned premium to the Insured or their insurance adviser within 15 working days after the date of cancellation unless a claim has been made. Unearned premium will be computed pro rata for the unexpired term of this Policy, unless agreed in advance through the insurance adviser and set out in this Policy.
Privacy
Keystone are committed to safeguarding and protecting the Insured’s privacy. Keystone is bound by the provisions of the Privacy Act 1988 which sets out the standards to meet in the collection, use and disclosure of personal information.
The Act defines “personal information” as “information or an opinion about an individual whose identity is apparent or can reasonably be ascertained from the information or opinion”.
Purpose of Collection
Keystone will only use personal information the Insured provides to quote on and insure risks and matters incidental thereto, including investigating and managing claims.
It may be necessary for Keystone to provide the Insured’s personal information to others, such as other insurers or reinsurers, claims investigators, lawyers and other professionals, and government bodies. Keystone will not under any circumstances trade, rent or sell the information.
Keystone cannot properly quote insurance and cannot insure the Insured if they do not provide Keystone with complete, accurate and up-to-date information. If the Insured provide Keystone with personal information about anyone else, Keystone will rely on the Insured to have told them that their information will be provided to Keystone, to whom Keystone may provide it, the purposes for which Keystone will use it and that they can access it. Keystone relies on the Insured to have obtained their consent on these matters if the information is sensitive.
Access to Information
The Insured can check the personal information Keystone holds about them at any time. Requests for access can be made in writing to:
The Privacy Officer
Keystone Underwriting Australia Pty Ltd
104/266-268 Bay Road
Cheltenham, VIC 3192
Keystone will keep the Insured informed of any delays in responding to the Insured’s request throughout the process.
The Insurance Council of Australia Limited has developed the General Insurance Code of Practice (“the Code”), which is a voluntary self-regulatory code. The Code aims to raise the standards of practice and service in the insurance industry.
Lloyd’s has adopted the Code on terms agreed with the Insurance Council of Australia. For further information on the Code please visit www.codeofpractice.com.au
If you have any concerns or wish to make a complaint in relation to this policy, our services or your insurance claim, please let us know and we will attempt to resolve your concerns in accordance with our Internal Dispute Resolution procedure. Please contact Keystone Underwriting Australia Pty Ltd in the first instance:
The Complaints Officer
Keystone Underwriting Australia Pty Ltd
104/266-268 Bay Road
Cheltenham, VIC 3192
Phone: 1300 946 530
Email: complaints@ksua.com.au
We will acknowledge receipt of your complaint and do our utmost to resolve the complaint to your satisfaction within 10 business days.
If we cannot resolve your complaint to your satisfaction, we will escalate your matter to Lloyd’s Australia who will determine whether it will be reviewed by their office or the Lloyd’s UK Complaints team. Lloyd’s contact details are:
Lloyd’s Australia Limited
Email: idraustralia@lloyds.com
Telephone: (02) 8298 0783
Post: PO Box R1745, Royal Exchange NSW 1225
A final decision will be provided to you within 30 calendar days of the date on which you first made the complaint unless certain exceptions apply.
You may refer your complaint to the Australian Financial Complaints Authority (AFCA), if your complaint is not resolved to your satisfaction within 30 calendar days of the date on which you first made the complaint or at any time. AFCA can be contacted as follows:
Telephone: 1800 931 678
Email: info@afca.org.au
Post: GPO Box 3 Melbourne VIC 3001
Website: www.afca.org.au
Your complaint must be referred to AFCA within 2 years of the final decision, unless AFCA considers special circumstances apply. If your complaint is not eligible for consideration by AFCA, you may be referred to the Financial Ombudsman Service (UK) or you can seek independent legal advice. You can also access any other external dispute resolution or other options that may be available to you.
The Underwriters accepting this Insurance agree that:
(i) if a dispute arises under this Insurance, this Insurance will be subject to Australian law and practice and the Underwriters will submit to the jurisdiction of any competent Court in the Commonwealth of Australia;
(ii) any summons notice or process to be served upon the Underwriters may be served upon:
Lloyd’s Underwriters’ General Representative in Australia
Post: PO Box R1745, Royal Exchange NSW 1225
Email: serviceofsuitaus@lloyds.com
who has authority to accept service on the Underwriters’ behalf;
(iii) if a suit is instituted against any of the Underwriters, all Underwriters participating in this Insurance will abide by the final decision of such Court or any competent Appellate Court.
In the event of a claim arising under this Insurance notice should be given as soon as possible to:
Claims Department - Keystone Underwriting Australia Pty Ltd
104/266-268 Bay Road
Cheltenham, VIC 3192
Telephone: 1300 946 530
Email: claims@ksua.com.au
The amount of Premium specified herein is the amount due to the Underwriters and any commission allowed by them is to be regarded as remuneration of the Broker/Coverholder placing this Insurance.
