Insurance policies are designed to protect against specific risks. However, they also contain exclusions and limitations that outline what is not covered. Understanding these exclusions and limitations is crucial to ensuring that you have the appropriate coverage for your needs.

Common Exclusions

• Fines & Penalties: Most insurance policies exclude cover for fines and penalties, which are intended to be personal consequences to deter similar behaviour.
• Intentional Acts: Insurance generally does not cover losses caused by intentional or deliberate acts, where injury or damage is very likely. 
• Wear and Tear: A standard exclusion whereby the insurance policy doesn’t cover loss caused by wear and tear. However, some cover may be available for any resulting loss to other parts of the structure.
• Fungi and Mould: Insurance generally does not provide cover for any loss caused by fungi, mould and mycotoxins. 

Common Limitations

• Sub-Limits: Insurance policies often have sub-limits for certain items, for example, capital additions, alterations, improvements or property acquired. Another example is jewellery where cover is provided up to a specified limit per item. Talk to your insurance adviser if you need additional cover on any policy limitations.

How to Understand Exclusions and Limitations

• Read Your Policy Carefully: Take the time to read your insurance policy thoroughly and talk to your insurance adviser if you have questions.  
• Ask Questions: If you have any questions about specific limits or exclusions, don't hesitate to contact your insurance adviser. 
• Review Your Policy Regularly: Your insurance needs will change over time, so it's important to review your policy regularly to ensure that it still meets your needs.   

Understanding your insurance policy's exclusions and limitations can help you make informed decisions about your coverage and ensure you have the coverage you need.

General advice warning

This communication including any weblinks or attachments is for information purposes only. It is not a recommendation or opinion, your personal or individual objectives, financial situation or needs have not been taken into account. This communication is not intended to be a constitute personal advice. We strongly recommend that you consider the suitability of this information, in respect of your own personal objectives, financial situation and needs before acting on it. This document is also not a Product Disclosure Statement (PDS) or a policy wording, nor is it a summary of a particular product’s features or terms of any insurance product. If you are interested in discussing this information or acquiring an insurance product, you should contact your insurance adviser to obtain and carefully consider any relevant PDS or policy wording before deciding whether to purchase any insurance product.