The AMSA Insurance
The Australian Men’s Shed Association (AMSA) is proud to facilitate insurance for its members under the AMSA Insurance Program (The AMSA Insurance). The benefits of the AMSA Insurance are detailed below.
Who Arranges the Insurance?
The AMSA insurance is arranged by the AMSA’s appointed insurance brokers, InterRISK Australia Pty Ltd (ABN 29 107 477 181) (AFSL No. 255 080) (InterRISK). For additional information regarding InterRISK’s role in arranging the insurances including how it is remunerated and important relationships that may affect the insurances, please download and read InterRISK’s Financial Services Guide
Am I Eligible?
Please note that the AMSA insurance is exclusively available to AMSA members. If you are not are member but are eligible to become a member, you must first apply to join.
Applying for the AMSA insurance is quick and easy and can be done by completing the application. The application process is straight forward but if you do have any queries relating to the AMSA Insurance you may contact InterRISK either by telephone or email as follows:
InterRISK Australia Pty Ltd
Sean McDermott
Office: 1800 638 554
Email: amsa@interrisk.com.au
What does The Insurance Cover?
The AMSA Insurances include the following types of coverage:
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Public & Products Liability
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Association Liability
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Volunteer Personal Accident Insurance
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Industrial Special Risks
Why do different values show in the schedule and wording?
Underwriters will generally create a one size fits all policy wording, which is their standard wording sent with all policies. The wording should not be read without the insurance schedule, as the figures, information and limitations that form the schedule supersede and take priority over the information shown in the policy wording. For example, the personal accident wording lists the maximum age at 65, however, the schedule shows the enhanced benefit up to and including the age of 94 .
This year, there have been a number of enhancements made to most of the policies. It is recommended you take the time to familiarize yourself with the specific terms and conditions of each.
While insurers will pay for genuine, covered claims, there are several situations where claims will not be paid. These are called “policy exclusions” they are set out in the insurance policy and need to be read and understood. Some policy exclusions exist because a different type of insurance policy applies to the situations described or, the situation described is illegal for the insurer to cover. For example, medical insurance in Australia can only be covered by a Registered Health Fund – it’s illegal for a General Insurance Company to provide such cover. Also, fines and penalties cannot be covered under an insurance policy.
Insurance companies expect the insured to take reasonable care and to comply with the law in running their affairs. Ignoring the law and /or behaving irresponsibly may reduce the amount payable for a claim to zero.
Public & Products liability
This policy is underwritten by Savannah Underwriting Agency (ABN 84 130 364 313) on behalf of certain syndicates at Lloyd’s of London. This policy covers situations where the insured (Shed) and others with an interest are found to be legally liable for personal injury and/or held liable for damage to someone else’s property up to an amount of $20 million. (Many local Govt. now require an insured sum of $20 million).
Example1: A shed may have a BBQ where a customer trips over and strikes the BBQ resulting in severe burns. The injured party may sue the Shed for negligence and if upheld by a court, the Shed will have to pay damages to the injured person. This policy is designed to pay for such situations.
Example 2:
At the same BBQ, a person buys a sausage sandwich (product) and becomes seriously ill with food poisoning. This policy is designed to pay damages to the injured party.
The full terms and conditions of this policy are available at the following links:
Association Liability
This policy is underwritten by Dual Australia Pty Ltd (ABN 16 107 553 257) AFS Lic. 280193 on behalf of certain syndicates at Lloyds of London.
This insurance is designed to cover the voluntary Director’s, Committee members and office holders of the Association and includes Shed Committee members, for the cost of investigating and defending any actual or alleged “wrongful” act in the discharge of their duties, except for acts involving proven dishonesty, fraud or misconduct up to an amount of $10 million.
The full terms and conditions of this policy are available at the following links:
Volunteer Personal Accident Insurance
This policy is underwritten by Savannah Underwriting Agency (ABN 84 130 364 313) on behalf of certain syndicates at Lloyds of London.
This insurance protects shed member volunteers who are injured when performing activities on behalf of the Shed, on a voluntary basis.
There are significant enhancements to the policy this year, including, but not limited to, the raising of the age limit up to and including 94. It is recommended you read the appropriate schedules.
The cover protects people who are aged up to and including 94 and includes injury while travelling to and from a voluntary activity of the Shed. The cover cannot legally cover situations such as medical costs that are normally covered by Health Funds, but other related costs such as walking aids, cost of modifications to a dwelling etc, may be covered. Amounts are also payable for what are termed “capital amounts” resulting from death or serious injury. For example, if a volunteer loses a limb, becomes blind etc, from an injury while doing voluntary work for the Shed.
The full terms and conditions of this policy are available at the following link:
Industrial Special Risks
This policy is underwritten by CGU Insurance Ltd (ABN 27 004 478 371) AFS Lic. 238 291
The policy is a new feature for the 2013 AMSA Insurance scheme and is designed to automatically protect the contents/building of a participating shed.
Whilst there are many benefits and inclusions, due to the ever changing weather patterns within Australia, and the recent flooding that is continuing, Flood cover is not provided by this policy at any location.
The limits of this cover include:
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$100,000 for building/contents or any mixture thereof for accidental and unforseen loss*
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$10,000 for burglary*
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Glass reinstatement cover*
*As with all policies, there are certain inclusions, limits, excesses and exclusions that you need to know. These details are shown in the documents available by clicking the link below, and it would be recommended that you read these documents so you can familiarize yourself with the cover afforded.
Industrial Special Risks Schedule Policy Wording>
Top Up Cover
Top up cover for an increased limit in excess of that stipulated above is available . If you require this cover, please contact InterRISK.
A note about co-insurance:
This policy is subject to a co-insurance clause the effect of which is that you must make certain you are not insuring for less than the actual value of the insured item. If you do underinsure and suffer a loss, your insurance claim may be reduced according to the proportion that the insured value bears to the actual insurable value as shown in the following example:
Shed A has $1,000,000 of building/contents, yet only insures $100,000. Shed A suffers a total loss. An assessor advises that the insured value should have been $1,000,000. As shed A has only insured 10% of the actual value, they are deemed to be co-insuring 90% of their assets and therefore will only get a payout equal to 10% of what they have insured, thus being $10,000
Important Notices
English Language
Please note that these are important legal documents and that if you cannot read and understand English you should ask a qualified translator to explain the documents to you.
Your duty of disclosure
Before you enter into a contract of general insurance with an Insurer, you have a duty, under the Insurance Contracts Act 1984, to disclose to the Insurer every matter that you know, or could reasonably be expected to know, that is relevant to the Insurer’s decision whether to accept the risk of the insurance, and if so on what terms.
You have the same duty to disclose those matters to the Insurer before you renew, extend, vary or reinstate a contract of general insurance.
Your duty, however, does not require disclosure of matter:
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that diminishes the risk to be undertaken by the Insurer,
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that is of common knowledge,
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that your Insurer knows or, in the ordinary course of his business, ought to know,
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as to which compliance with your duty is waived by the Insurer.
Please read the Policy for Full Terms and Conditions
This information represents summaries only of the cover available under the AMSA Insurance and does not include reference to important qualifications, conditions, limitations and exclusions applicable to the insurance. Please refer to the policy wordings/product disclosure statements for full terms, conditions & exclusions of the policies. Read Policy Here
Remuneration
InterRISK receives a fee for arranging the AMSA insurances. AMSA and the Risk Consultant each receive an amount deducted from the premium by way of a referral fee to cover the administrative and other costs incurred in providing the AMSA insurances and to allow AMSA and the Risk Consultant to continue to provide services to its Members. In each case, this does not increase the quoted premium that you are required to pay. For more details on remuneration, please read InterRISK’s Financial Services Guide
Not Advice
The content of this website does not constitute general or personal advice and does not take into account any of your particular objectives, financial situation or needs. For information regarding insurance cover under the AMSA Insurance you should read the product disclosure statement available on the above link or contact InterRISK Australia Pty Ltd.
© InterRISK Australia Pty Ltd 2011