First to Pay after a severe tropical cyclone

Cancellation

In addition to your cooling off rights you may cancel the policy at any time via the Redicova client portal.

  • If your policy is cancelled, we will deduct a pro-rata proportion of the premium for time on risk, and any government charges, taxes or duties we cannot recover.
  • If you have made, or we have paid, a claim under the policy we will not return any unused portion of the premium.
  • Cancellations requested on or after the 1st of November each year will not attract a refund as your premium becomes fully earned once the official cyclone season has commenced.
  • We may cancel the policy for the reasons specified in the PDS.

Parametric insurance policies are based on the risk of a specific event occurring and the premium is calculated on this risk.

Redicova is based on the risk of a severe tropical cyclone occurring during the cyclone season which commences on the 1st of November and finishes on the 30th of April annually.

Your premium has been calculated on this period.

This means that on or after the 1st of November, your premium becomes fully earned as we have commenced the cyclone season.

Cancellation on or after the 1st of November will therefore not attract a refund.