Deterioration of Stock Policy Module

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This policy document explains your insurance cover, your responsibilities and how to make a claim. Please read it carefully and keep it in a safe place.

Your insurance contract consists of this policy document and your most recent policy schedule.

Your policy document and policy schedule are designed to be read together.

When read together, your policy schedule and policy document outline your cover, which is the insurance we agree to provide you. This cover is governed by the limits, terms and conditions set out within this policy document and your policy schedule.

Your policy schedule takes priority if the information in this policy document and your policy schedule is different.

We agree to provide cover as long as you have paid your premium.

We have used the headings in this policy document to help guide you. These headings are purely descriptive in nature. You should not rely on headings to interpret the policy

This section discusses what happens if you choose, or if we choose, to cancel your policy.

We will cover you for:

‘Goods in refrigerated cabinets or chambers’ include goods that are at the premises at the time of the event causing loss and that would, but for the event, have been placed in the refrigerated cabinets or chambers.

The most we will pay is $2,000 for all goods in any one cabinet or chamber and to a maximum of $5,000 for all events combined during any one period of insurance.

Property insured under any other policy module

If you have cover under this Deterioration of Stock policy module and any other policy module for the same item of property, you are only entitled to cover under one policy module for any one event.

The following extensions are automatically included in your cover.

This section explains what you need to do when you make a claim.

We will reimburse you for the cost you have paid for the damaged items.

We can make a payment to you in the form of cash, voucher or store credit for the cost of the item.

This section explains what your policy does not cover. These exclusions apply to all sections of this policy.

Other insurance or if an excess applies

This policy does not provide cover where cover is provided by other insurance or by a warranty or guarantee. We will not contribute towards any claim made under any other policy.

There is no cover for your excess on this or any other policy.

Disconnection of electricity

This policy does not cover damage due to the disconnection of the public electricity supply by the supply authority where prior notice of the disconnection has been given at the time of damage.

Consequential loss or costs you incur

This policy does not cover any of the following:

This exclusion includes, but is not limited to, the following:

Natural events and other processes

This policy does not cover damage directly or indirectly caused by or resulting from any of the following:

Confiscation

This policy does not cover any loss, damage, injury, liability or prosecution of any type directly or indirectly caused by, arising from, or involving confiscation, nationalisation, requisition or destruction of, or damage to property by order of government, public or local authority (unless the order is given to control any loss or damage that is covered by this policy).

War, terrorism or nuclear incidents

This policy does not cover any loss, damage or liability, directly or indirectly caused by, arising from, or involving:

Electronic data

This policy does not cover damage, cost or liability, directly or indirectly caused by, arising from, contributed to by, or in any way connected to any of the following:

Cyber events

This policy does not cover damage, cost or liability, directly or indirectly caused by, arising from, contributed to by, or in any way connected to a cyber act or cyber incident. However, we will not apply this exclusion for any of the following events:

Communicable disease

This policy does not cover any damage, cost, any other sum of any kind, or liability, directly or indirectly caused by, arising from, contributed to by, or in any way connected to any of the following:

Any other sum of any kind also includes any increased or additional costs or expenses of a claim that is otherwise covered by this policy.

Communicable disease means any disease that can be transmitted by any substance or agent, directly or indirectly from one organism to another, including any:

Communicable disease also includes any Infectious Disease or Quarantinable Disease as defined in or declared under the Health Act 1956, future amendments to the Act, or any replacement Act.

This exclusion applies, regardless of any other contributing cause or event that happens at the same time or some other time.

Unlawful or otherwise prohibited to insure

This policy does not cover any loss, damage, injury, liability, or prosecution of any type, directly or indirectly caused by, or arising from any act, event, occurrence or thing against which insurance is either:

Criminal acts

This policy does not cover damage directly resulting from:

Some parts of this policy can cover other parties as well as you. You and any person covered by this policy must meet all the following conditions and obligations to gain benefit of any cover under this policy. No claim will be payable where any person covered under this policy does not meet any of the terms and conditions.

Nothing in this policy affects the common law rights of either party, including our right to avoid your policy for non-disclosure. This means your policy will be treated as if it never existed and any claim payments must be returned to us.

You must tell us if there is a change in circumstances

You must tell us immediately of any change in circumstances that has happened after the start of this policy or that you know is going to happen and which may increase any of the following:

As a result of these changes in circumstances, or if you fail to tell us immediately of any change in circumstances, we may:

You must disclose material information and give us full and accurate statements

Your policy with us relies on the accuracy of the information supplied by you, or any person on your behalf. You must advise us of all material information before the start of this policy and before each renewal or variation of the policy.

You must also give us full and accurate information and answer honestly, correctly and completely all questions we ask you. Failure to do so entitles us to deny any claim and to cancel this and any other policy you have with us from the date the information should have been provided.

You must avoid loss, damage or liability

You must take all reasonable care to avoid doing anything that could result in a claim, and at your cost and expense, must take reasonable steps to:

You must not transfer your legal rights

You must not assign or transfer, or attempt to assign or transfer this policy or your interest in this policy to any other party.

Inspection

We are entitled to inspect the premises at any reasonable time and you must provide such information as may be reasonably required by us in respect of the subject matter of this insurance.

Neither this condition, nor any inspection performed by us, nor any report arising from such an inspection, are to be regarded as an undertaking by us to determine or warrant that any operations or premises are safe.

Paying premiums

If your premium is overdue, we may refuse to make any claim payments until your overdue premiums have been paid.

If there is a change to your premium which remains unpaid, or you do not pay the full amount of your premium, we may reduce the period of insurance in line with the proportion of the unpaid premium.

If your premium remains unpaid for 28 days, your policy will automatically be terminated and you will not be sent a cancellation notice.

Sending notices

We will send any notice, policy schedule or other written documents to your last known physical, postal or email address.

Noting interested parties

By noting an Interested Party on your policy schedule, you are authorising us to disclose your information to them. If your policy schedule shows an Interested Party, we may partially or fully settle your claim by making a payment to them, fulfilling our obligations under this policy. Anyone noted as an Interested Party is not covered by this policy and cannot make a claim under this policy.

You are jointly insured

All those listed as insured are jointly insured and are considered to act with the expressed authority of each other. This means that if anyone does or fails to do anything so that there is no cover, there will be no cover for any of the insureds.

Each insured has the right to:

Currency

All amounts referred to in your policy are expressed in New Zealand currency and include Goods and Services Tax (GST). We will pay all claims in New Zealand currency.

Governing law

This policy is governed by New Zealand law, and the New Zealand courts have exclusive jurisdiction over any legal proceedings about it.

The business and occupation described on your policy schedule.

Computer system

Any of the following systems:

A computer system also includes any system, output or data storage device that is similar to those mentioned above.

Cyber act

One or more unauthorised, malicious or criminal acts involving accessing, using, processing, or operating of any computer system. This also includes any threat or hoax of these acts.

Cyber incident

Any of the following:

Sudden, unforeseen, accidental physical loss and sudden, unforeseen, accidental physical damage that occurs at a specific place and time.

Electronic data

Facts, concepts and information converted to a form useable for communications, display, distribution, interpretation or processing by electronic and electromechanical data processing or electronically controlled equipment.

Employee

Any of the following while working for any insured in connection with the business:

Event

A sudden, accidental and unforeseen occurrence that causes loss or damage that you do not intend or expect.

Insured

The person, company, or entity listed as ‘Who’s insured’ on your policy schedule domiciled in New Zealand.

Material information

Any information which might influence the decision we make as to whether to provide insurance and if so on what terms and at what premium.

Natural disaster

Earthquake, tsunami, volcanic activity, hydrothermal activity, geothermal activity, subterranean fire, or fire resulting from any of these.

Natural disaster damage

Any of the following:

Period of insurance

When your policy starts, to when it ends. It is shown on your policy schedule, unless the policy is ended earlier.

Persons insured

Any of the following:

Policy schedule

The most recent policy schedule we have sent you which includes, who’s insured, business description, business address and the policy modules you have selected.

Premises

The business address shown in your policy schedule.

Refrigeration machinery

Refrigeration units ordinarily used for the storage of food including all integral parts of them, other than those parts or items specifically excluded.

Reparation

An amount ordered by a New Zealand Court under Section 32 of the Sentencing Act 2002 to be paid to the victim of an offence. Reparation does not include:

Subsidiary company

Any of the following: