COMBINED PRODUCT DISCLOSURE STATEMENT AND FINANCIAL SERVICES GUIDE
Product Disclosure Statement and Financial Services Guide
Prepared on 1 October 2020.
Insurer: Virginia Surety Company, Inc. (ARBN 080 339 957)
Australian Financial Services Licence number 245579
Authorised representative of Virginia Surety Company, Inc: Luxottica Retail Australia Pty Ltd (owner of the brands OPSM and Laubman & Pank), authorised representative No. 413457.This document is a combined Product Disclosure Statement and Financial Services Guide for Eyewear Protection Plan Insurance (Combined PDS and FSG).
This Combined PDS and FSG is divided into two parts:• Part A: Product Disclosure Statement (PDS) and• Part B: Financial Services Guide (FSG).
PART A - PRODUCT DISCLOSURE STATEMENT
THE PURPOSE OF THIS PRODUCT DISCLOSURE STATEMENT (PDS)
The purpose of this PDS is to give You the information You require to make an informed decision about whether or not to purchase the Eyewear Protection Plan Insurance. To assist You in understanding the Cover provided by the Policy, this PDS details the significant features of the Policy, including the Policy’s benefits, risks and information about how the insurance premium is calculated. The information is general and does not take account of Your individual needs. This PDS, in addition to the Policy Schedule, forms Your contract of insurance with Us. Provided You have paid the premium, We will insure You during the Period of Cover subject to the terms and conditions set out in this PDS. Before deciding to purchase this Policy, You should read this PDS carefully to understand the extent of Cover provided by this Policy and its limitations. Capitalised terms and expressions used in this PDS have the meanings given to them at the beginning of the Policy Wording in Section 2.
WHO IS THE INSURER?
This insurance Policy is underwritten and issued by Virginia Surety Company, Inc. (ARBN 080 339 957) (VSC) of Level 2, 693 Burke Road, Camberwell VIC 3124. In this PDS, the Insurer is called ‘We’, ‘Us’ or ‘Our’. We hold an Australian Financial Services Licence (number 245579). You can contact Us: • by phone on 1300 654 665• by writing to Us at PO Box 246, Balwyn VIC 3103 • by emailing Us at email@example.com The Warranty Group Australasia Pty Ltd (The Warranty Group) (ABN 37 005 004 446) performs claims and administrative Policy functions on Our behalf. Both VSC and The Warranty Group are part of Assurant, Inc. a global provider of risk management solutions.
In effecting this insurance Policy, the authorised representative is acting as an agent of VSC, and not as Your agent. Refer to the Financial Services Guide in Part B of this document for details.
Eyewear Protection Plan Insurance is available to customers who have purchased Eyewear to a maximum retail value of $2,500.00 from a participating store.
FEATURES AND BENEFITS OF THE POLICY
The purpose of this product is to cover You for the cost of repair or replacement of Your Eyewear in the event of Accidental Damage or Theft, subject to the terms and conditions of this Policy.
The maximum amount the Insurer will pay to repair or replace Your Eyewear per claim will not exceed the purchase price of Your Eyewear as evidenced on Your Original Purchase Invoice.
A separate premium is payable for each pair of Eyewear purchased. If You purchase two pairs of Eyewear or Your Eyewear was purchased as part of a second pair free promotion You will be required to pay additional premium should You wish to cover both pairs of Eyewear. The second pair promotion Eyewear will have the original retail value attached to it for cover purposes.
You should read the PDS to familiarise Yourself with the exact terms and conditions that apply before applying for the cover.
You need to decide whether You have a need for this product.
PERIOD OF COVERCOVER OPTIONS
Your Insurance shall commence on the date of collection in store of Your Eyewear as evidenced on the Policy Schedule issued to You. The following options of cover are available:
Period of Cover
Option 1: 12 months
Option 2: 24 months
Your cover will end on the expiration date as specified on Your Policy Schedule.
You should be aware of the following risks associated with the Policy: Disclosure Obligations:
Failure to comply with disclosure obligations may have consequences in relation to the Cover being provided or may affect a claim being paid. These consequences are outlined under ‘Your Duty of Disclosure’ in the Policy Wording.
Policy Coverage: Our liability under this Policy is excluded in certain circumstances. Please refer to the ‘General Exclusions’ section in the Policy Wording. We will not be liable for any claim if the following occurs: • Fraud; • Non-disclosure;• Non payment of premium; or • Non payment of Excess. Please Note: Refer to the ‘Cancellation by Us’ section in the Policy Wording of this Product Disclosure Statement. Claim Limit: Claims paid under this Policy are subject to limits. The maximum amount We will pay for each claim is set out in the ‘Limit of Liability’ section of the Policy Wording.
Variation to Your Cover: It is important that You notify Us of any change to Your circumstances, including if You change Your address. We reserve the right to obtain Our own assessment and valuation report in the event of any claim.
WHAT IS THE COST?
our premium is calculated taking into account the many and varied risk factors and the term option You select for the Period of Cover. Your total premium will include all government charges and GST. The amount of premium payable by You will be calculated and provided to You before You acquire the cover.
COOLING OFF PERIOD
We understand that all customer needs are different. Accordingly, as part of this Policy We offer a fourteen (14) day cooling off period. If You should decide for any reason whatsoever that this Policy does not suit Your individual needs, You may cancel this Policy and receive a full refund provided no claims have been lodged. To cancel the Policy within the cooling off period and receive a full refund, You must notify Us in writing:• by email: firstname.lastname@example.org ; or• by mail: PO Box 246, Balwyn Vic 3103.
If You make a claim for something that happened during this period then You will be refunded the remaining period of cover less the cancellation costs of $10.00 (ten dollars only) and less any authorised or paid claims.
It is Your responsibility to ensure that the details on Your Policy Schedule are correct.
Should You have a concern relating to any area of Our business or Your Policy You may request that it be dealt with by the supervisor or manager directly responsible for that area. If Your complaint is not resolved by the supervisor or manager, Your complaint may then be referred to Our Internal Dispute Resolution Panel. You can contact Our Internal Disputes Resolution Panel: • by emailing Us at email@example.com; or • by phone on 1300 654 611.We will respond to Your complaint in writing provided We have all the necessary information. If You are not satisfied with the outcome, You may refer the matter to the external disputes resolution body. The external dispute resolution body is the Australian Financial Complaints Authority (AFCA). AFCA may be contacted: • by phone on: 1800 931 678 (free call)• by writing to: GPO Box 3, Melbourne VIC 3001• by emailing them at: firstname.lastname@example.org • on the web: www.afca.org.au AFCA provides an independent service which will investigate Your complaint and provide a ruling at no cost to You.
THE GENERAL INSURANCE CODE OF PRACTICE
Virginia Surety Company, Inc. adheres to the General Insurance Code of Practice (Code). You can get a copy of the Code from the Insurance Council of Australia by visiting www.codeofpractice.com.au
FINANCIAL CLAIMS SCHEME
If We become insolvent, this Policy may be protected under the Federal Government’s Financial Claims Scheme administered by APRA. This means that if You meet certain eligibility criteria You may receive payment under the scheme. For more information please refer to the following website: https://www.fcs.gov.au.SUBROGATIONWhen We pay a claim under the Policy, We have the right to take over and enforce any right You may have to recover the loss from another party. We may do this in Your name and You have an obligation to assist Us as required.
SECTION 2 - POLICY WORDING DEFINITIONS
Some words have a special meaning in this Policy. These words are listed below. Accidental Damage: means sudden and unforeseen damage to the Eyewear.
Administrator: means The Warranty Group Australasia Pty Ltd (The Warranty Group) (ABN 37 005 004 446) performs claims and administrative Policy functions on Our behalf.
Authorised Repairer: means the repairer as nominated by the Administrator.
Excess: means the first $40.00 (inclusive of GST) of each and every repair or replacement of Your Eyewear. This amount shall be Your responsibility and is payable to the Authorised Repairer/Administrator.
Eyewear: means a single pair of prescription spectacles or prescription sunglasses purchased by You as new as evidenced on Your Original Purchase Invoice as specified on Your Policy Schedule.
Insured/You/Your: means the person named as the Eyewear recipient in the Policy Schedule. If the person named as the Eyewear recipient is a minor, the cover will be deemed to be provided to the parent or guardian of the minor.
Insurer: means Virginia Surety Company, Inc. (VSC) ARBN 080 339 957 AFSL 245579 of PO Box 246, Balwyn VIC 3103.
Limit of Liability: means the maximum amount the Insurer will pay to repair or replace Your Eyewear per claim will be the lower of the purchase price of Your Eyewear as evidenced on Your Original Purchase Invoice or $2,500.00 (inclusive of GST).
Original Purchase Invoice: means the tax invoice provided at the time You purchase Your Eyewear.
Period of Cover: means the period of Cover as stated on the Policy Schedule.
Policy: means this Eyewear Protection Plan Insurance.
Policy Schedule: refers to the document provided to You by Us which confirms the Cover You have purchased and includes any written amendments to the terms of this Policy that may apply to You.
Policy Wording: means the terms, conditions and exclusions outlined in this document that explains the coverage of Your Policy. Theft: means the dishonest removal of Your Eyewear by any third party with the intention of depriving You permanently of its possession.
We, Us, Our: means the insurer, Virginia Surety Company, Inc. (ARBN 080 339 957) (AFSL 245579).
YOUR DUTY OF DISCLOSURE
What You must tell Us and why: When entering into a Policy of insurance with Us You must answer Our questions truthfully and You have a duty under law to tell Us anything known to You and which a reasonable person in the circumstances would include in response to Our questions. We will use Your answers to decide whether or not to insure You and anyone else named on the Policy, and on what terms We will provide Cover.
Who needs to tell Us: It is important that You understand You are answering questions for yourself and those answers will affect anyone else You want to be covered by the Policy. You have the same duty to disclose this information to Us before You vary the Policy. If You do not tell Us: If You do not answer Our questions in this way, We may reduce or refuse to pay a claim, or cancel the Policy.
If You answer Our questions fraudulently, We may refuse to pay a claim and treat the Policy as never having existed.
Provided You have paid the premium, VSC agrees to repair or replace Your Eyewear in the event of Accidental Damage or Theft, subject to the terms and conditions of this Policy.
LIMIT OF LIABILITY
For each covered Eyewear, VSC’s maximum Limit of Liability for any one claim shall be up to $2,500.00 (inclusive of GST) of each and every claim, but not exceeding the equivalent replacement value of Your Eyewear as evidenced on Your Original Purchase Invoice.
If Your Eyewear is economically repairable We will repair Your Eyewear. If Your Eyewear is beyond economical repair then We will at Our discretion replace it with Eyewear of identical prescription, type and quality.
WHEN AM I COVERED?
Cover will commence on the date You Purchase Your Policy specified in Your Policy Schedule under ‘Period of Cover’. Your Cover will end when any of the following occurs: • the Policy is cancelled (see section ‘Cancellation’ in this Policy Document); or• the selected Policy term expires.
Cancellation by You.
You may cancel this Policy at any time by advising in writing: by email: email@example.com; or by mail: PO Box 246, Balwyn Vic 3103.We will respond to You within seven (7) days of receiving Your request. If the Policy is cancelled after the cooling off period, You will be entitled to a pro-rata refund, being the proportion of premium for the remaining period of cover less the cancellation costs of $10.00 (ten dollars only) and less any authorised or paid claims.
Cancellation by Us
We may cancel this Policy by giving You notice in writing in accordance with the Insurance Contracts Act 1984 for reasons including: • failure to comply with Your Duty of Disclosure; • failure to comply with the conditions of this Policy; • misrepresentation to Us prior to entering into this Policy;• non-payment of premium on time. If We cancel Your Policy You will be entitled to a pro-rata refund, being the proportion of premium for the remaining period of cover less any authorised or paid claims.