Updates to your insurance policy wording - April 2021

We’ve made some changes to our insurance policy wordings. See below additional new wording as well as changes to existing sections.

This is a summary of the changes that will affect your policy on renewal. Please refer to your policy wording for full details. There's a link to your policy wording in your renewal pack.

Changes to all policy wordings (04/2021)

Addition

The following Cyber Loss and Pandemic exclusions apply on renewal to all Trade Me Insurance policies underwritten by Tower.

Your policy excludes cover for cyber loss

Your policy does not cover any loss, damage, liability, cost, or expense arising out of or in connection with the following events:

cyber-attack or cyber incident
loss of use, reduction in functionality, repair, replacement, restoration, or reproduction of any data, including any amount connected to the value of any data.

This is regardless of any other contributing cause or event that happens at the same or some other time. If your computer system suffers loss or damage insured by this policy, then this exclusion will not apply to both:

cost to repair or replace the computer system itself
costs of copying the data from back-up or from originals of a previous generation.

We do not cover costs of research or engineering, or any costs of recreating, gathering, or assembling data. If your computer system is not repaired, replaced, or restored we will pay the cost of the blank computer system only.

Loss or damage caused by fire or explosion resulting directly from a cyber incident is excluded if connected to a cyber-attack, including controlling, preventing, suppressing or remediating any cyber-attack.

Addition

Your policy excludes cover for communicable diseases

Your policy does not cover any loss, damage, liability, claim, cost, or expense arising out of or in connection with a communicable disease.

This exclusion also applies:

if there is some other contributing cause or event at the same or some other time
to the fear or threat (whether actual or perceived) of a communicable disease.

Changes to our policy wordings (04/2021)

Existing policy wording (02/2020)

New policy wording (04/2021)

The following change applies to all Trade Me Insurance policies underwritten by Tower

You have certain responsibilities

You must tell us immediately if you or any other person covered by this policy:

c. is bankrupted or admitted into a no-asset procedure

You have certain responsibilities

You must tell us immediately if you or any other person covered by this policy:

~~c. is bankrupted or admitted into a no-asset procedure~~

The following change applies to all Trade Me Insurance policies underwritten by Tower

Tower Insurance Limited

Tower Limited

The following change applies to all Trade Me Insurance policies underwritten by Tower

Your policy had no specific liability exclusion for consequential losses

Your policy does not cover liability for:

3. Consequential losses

consequential losses of any kind including loss of use, enjoyment, value or income.

Changes to our Car policy wordings (04/2021)

Existing policy wording (02/2020)

New policy wording (04/2021)

The following change applies to Trade Me Insurance Car Third Party Fire and Theft and Car Third Party Only policies.

Claims that were not your fault

Compare your benefits table

'Claims that were not your fault' - Ticked for Third Party Fire and Theft and Third Party Only policies. This was included as an automatic benefit.

Claims that were not your fault

Compare your benefits table

'Claims that were not your fault' - Crossed for Third Party Fire and Theft and Third Party Only policies. This has been removed as an automatic benefit.

The following change applies to Trade Me Insurance Car Comprehensive and Car Third Party Fire and Theft policies.

Rental vehicle hire for loss of use

We'll not pay rental charges:

4. after we've paid your claim.

Rental vehicle hire for loss of use

We'll not pay rental charges:

4. for more than seven days after we've paid your claim.

The following change applies to Trade Me Insurance Car Third Party Fire and Theft policy.

Road clearing costs

If we've accepted your claim after a loss to your car, we'll pay for removing debris that you must legally remove from any road or parking area.

Road clearing costs

If we've accepted your claim after a fire or theft loss to your car, we'll pay for removing debris that you must legally remove from any road or parking area.

The following change applies to Trade Me Insurance Car Third Party Fire and Theft policy.

Towing and temporary storage

We'll pay for removing your car to the nearest repairer or place of safety if it can't be driven after a loss covered under this policy. We'll also pay the temporary storage costs for your damaged car after a loss covered under this policy.

Towing and temporary storage

We'll pay for removing your car to the nearest repairer or place of safety if it can't be driven after a fire or theft loss covered under this policy. We'll also pay the temporary storage costs for your damaged car after a fire or theft loss covered under this policy.

The following change applies to Trade Me Insurance Car Third Party Fire and Theft policy.

Transport costs

We'll reimburse travel and accommodation costs to complete your journey or return home following a loss to your car and we've accepted your claim.

Transport costs

We'll reimburse travel and accommodation costs to complete your journey or return home following a fire or theft loss to your car and we've accepted your claim.

The following change applies to Trade Me Insurance Car Comprehensive policy.

Repair Guarantee

...we'll provide you with a lifetime guarantee on those repairs.

…we'll provide you with a guarantee on those repairs for as long as you own the car.

The following change applies to Trade Me Insurance Car policies.

How we'll settle your claim:

For a total loss

Your policy will be automatically cancelled and no refund of premium will be given. If you pay your premium by instalments, because this is an annual contract you must pay the rest of the annual premium before we settle your claim.

How we'll settle your claim:

For a total loss

~~Your policy will be automatically cancelled.~~

We'll automatically cancel your policy.

The following change applies to Trade Me Insurance Car Third Party Fire and Theft policy.

How we'll settle your claim

The policy was silent on how we would settle your claim for loss to any accessories or modifications

How we'll settle your claim

For repairs

We'll also pay the current value for loss to any insured accessories and modifications up to the maximum amount shown for these on your certificate of insurance.

The following change applies to Trade Me Insurance Car Comprehensive policy.

How we'll settle your claim

If we decide your vehicle is a total loss:

...and the current value of any listed accessories and modifications

How we'll settle your claim

We'll also pay the current value for loss to any insured accessories and modifications up to the maximum amount shown for these on your certificate of insurance.

The following change applies to Trade Me Insurance Car policies except Car Third Party Only.

Your policy includes automatic benefits

The policy wording did not clarify the maximum amount we would pay under these automatic benefits and whether they were part of the sum insured or not.

Your policy includes automatic benefits

The most we’ll pay is the maximum amount detailed in each benefit. Unless the benefit expressly says otherwise, the maximum amount is included within the sum insured and is not in addition to it.

The following change applies to all Trade Me Insurance Car policies.

Liability protection

You also have cover under this benefit for:

4. We'll pay your share of any marine loss costs that you become liable for because of deliberate loss or damage in time of danger to prevent the loss of a ship and/or cargo while your car is being carried by that ship between ports in New Zealand waters.

Liability protection

You also have cover under this benefit for:

4. your share of marine loss costs when

a) your car is on board a ship

b) the ship is in danger

c) cars or cargo are thrown overboard to prevent loss to that ship or its cargo, and

d) the ship is between ports in New Zealand waters.

The following change applies to all Trade Me Insurance Car policies.

Glossary

Accessory
An automotive part installed in or on your car that is not supplied or fitted by the manufacturer of your car as standard equipment for your make and model of car.

Glossary

Accessory
A fitting or attachment installed in or on your car that is not supplied or fitted by the manufacturer of your car as standard equipment for your make and model. This fitting or attachment is a non-essential part of your car.

The following change applies to all Trade Me Insurance Car policies except Car Third Party Only.

Replacement and additional cars

The policy did not include a limit for the price paid for the car under this automatic benefit.

Replacement and additional cars

so long as you paid $125,000 or less for it.

The following change applies to Trade Me Insurance Car Comprehensive, Car Third Party Fire and Theft, and Commercial Vehicle policies.

What you're not covered for

Your policy does not cover any loss, damage or liability arising from:

Using the car off-road, such as driving over open land, on beaches, riverbeds and sand dunes

What you're not covered for

Your policy does not cover any loss, damage or liability arising from:

Using the car off-road, such as driving over open land, on beaches, riverbeds and sand dunes. This exclusion does not apply while you are launching or retrieving your boat from its own boat trailer.

Changes to our House and Landlord policy wordings (04/2021)

Existing policy wording (02/2020)

New policy wording (04/2021)

The following change applies to Trade Me Insurance House and Landlord policies.

What you're not covered for

Your policy does not cover any claims for:

Insects and pests
insects, pests, rodents, lizards, vermin (other than possums), marine growth or marine borers.

What you're not covered for

Your policy does not cover any claims for:

Insects and pests
damage caused by insects, pests, rodents, lizards, vermin (other than possums), marine growth or marine borers.

The following change applies to Trade Me Insurance Landlords Plus policy.

Landlord’s whiteware and window coverings

We’ll pay for loss to your landlord’s whiteware and window coverings.

Landlord’s whiteware and window coverings are limited to:

1. curtains, drapes, blinds or similar window coverings

2. whiteware or household appliances such as dishwashers, refrigerators and washing machines.

Landlord’s whiteware and window coverings

We’ll pay for loss to your landlord’s whiteware and window coverings.

Landlord’s whiteware and window coverings are limited to:

1. curtains, drapes, blinds or similar window coverings

2. whiteware or household appliances such as dishwashers, refrigerators and washing machines.

We pay this benefit in addition to your house sum insured.

The following change applies to Trade Me Insurance Landlords Plus policy.

Loss of rent for damage to your house

This benefit does not apply if the house is uninhabitable because of chemical contamination.

Loss of rent for other reasons

This benefit does not apply if the house is uninhabitable because of chemical contamination.

Loss of rent for damage to your house

This benefit does not apply if the house is uninhabitable because of contamination damage.

Loss of rent for other reasons

This benefit does not apply if the house is uninhabitable because of contamination damage.

Changes to our Contents policy wordings (04/2021)

Existing policy wording (02/2020)

New policy wording (04/2021)

The following change applies to Trade Me Insurance Contents policies.

What you're not covered for

Your policy does not cover any claims for:

Insects and pests
insects, pests, rodents, lizards, vermin (other than possums), marine growth or marine borers.

What you're not covered for

Your policy does not cover any claims for:

Insects and pests
damage caused by insects, pests, rodents, lizards, vermin (other than possums), marine growth or marine borers.

The following change applies to Trade Me Insurance Contents policies.

Compare your benefits

Please refer to existing comparison of benefits table in your policy wording document.

Compare your benefits

We've re-modelled the limits in the benefit table, re-drafted and moved the instructions about how to specify items to below the benefits table.