Corporations Regulations 2001

CHAPTER 7 - FINANCIAL SERVICES AND MARKETS  

PART 7.1 - PRELIMINARY  

Division 2 - Retail clients and wholesale clients  

REGULATION 7.1.13   MEANING OF RETAIL CLIENT AND WHOLESALE CLIENT : HOME CONTENTS INSURANCE PRODUCT  

7.1.13(1)   [ " home contents insurance product " ]  

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.

7.1.13(2)   [ Exclusions]  

A home contents insurance product does not include:

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

(b) 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:

(i) workers ' compensation; or

(ii) compulsory third party compensation.

7.1.13(3)   [ " contents " , " residential building " ]  

In this regulation:

contents
, in relation to a residential building, means any of the following items:

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

(b) household goods;

(c) clothing and other personal effects;

(d) a picture;

(e) a work of art;

(f) a fur;

(g) a piece of jewellery;

(h) a gold or silver article;

(i) a document of any kind;

(j) a collection of any kind;

(k) swimming pools that:

(i) are not fixtures; and

(ii) are owned by the insured or by a member of the insured ' s family ordinarily residing with the insured;

but does not include an article or thing to which the definition of residential building applies.

residential building
means:

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

(b) out-buildings used for domestic purposes, being purposes related to the use of the principal residence on the site.

7.1.13(4)   [ Exclusions - residential building]  

A residential building does not include:

(a) a hotel; or

(b) a motel; or

(c) a boarding house; or

(d) a building that is in the course of construction; or

(e) a temporary building or structure or a demountable or moveable structure.