What is Covered
We will pay for Damage to the full Memorial named in the Policy Schedule by any cause not specifically excluded during the period of insurance.
We will, at Our option, pay the cost of repair or reinstatement as new of the damaged portions of the Memorial, including additional costs (as detailed below), provided that the full cost of replacement as new does not exceed the Sum Insured, the Memorial is in a good state of repair and the repair or reinstatement has been carried out.
If the Memorial is not in a good state of repair or the repair or reinstatement has not been carried out, We will pay the cost of repair or reinstatement less a deduction for wear and tear.
If the full cost of replacing the Memorial as new is greater than the Sum Insured, We will only pay that proportion of the loss which the Sum Insured bears to the full cost of replacement as new.
Additional costs mean the cost of removing debris, demolition, shoring-up or propping, complying with Local and Religious Authorities or other statutory requirements provided that notice to comply was not given prior to the Damage.
The maximum amount We will pay in respect of any one claim is the cost of repairing or replacing the Memorial or the Sum Insured whichever is the less. The Sum Insured will be reduced following the payment of a claim.
What is not covered
Exclusions should be read carefully as they state what is not covered by the policy.
The following Damage (as defined in the Policy) is not covered (see COVERAGE DETAILS What is not covered on page 13 of the Memorial Insurance Policy Wording Policy):
- Smoke Damage caused by smog.
- Agricultural or industrial operations or any other gradually operating cause.
- Damage caused by the Insured.
- The cost of maintenance.
- Consequential loss of any kind.
- Damage caused by faulty workmanship or design or the use of faulty materials.
- Damage caused by wear and tear, (other than atmospheric or climatic conditions, storm or flood), rot, fungus, insects, vermin or any gradually operating cause.
- Damage caused by the process of cleaning, dyeing, repair or restoration.
- Damage caused by, or resulting from, pollution or contamination.
- Damage caused by normal settlement or shrinkage.
- Damage caused by subsidence, ground heave or landslip unless the Memorial itself is damaged at the same time.
- Damage caused by persons acting on behalf of or in connection with any political organisation.
- Damage, cost or expense, of whatsoever nature, directly or indirectly caused by or resulting from or in connection with Terrorism regardless of any other contributory cause.
Under General Exclusions (see GENERAL EXCLUSIONS on page 15 of the Memorial Insurance Policy Wording) claims resulting from the following are excluded:
- Radioactive Contamination
- War Risks
- Sonic Bangs
- Confiscation or Detention.
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GTM Admin Services Pty Ltd (ABN No. 92090787036) is trading as Memorial Insurance Australia (MIA). Authorised Representative No.1000239 of United Insurance Group (UIG). Graham Mitchell Authorised Representative No. 263072 of United Insurance Group: Australian Financial Services Licence No. 327131
This product is arranged by UIG through a binder agreement with Berkley Insurance Company trading as Berkley Re Australia AFSL 463129.