First to Pay after a severe tropical cyclone

How We Pay Claims

Your claim settlement is paid to your nominated bank account by Electronic Funds Transfer (EFT) upon receipt of your electronic attestation.

You are responsible for the currency of your account details.  Please ensure you bank account details are correct and current at all times.

What We Will Pay

We will only pay under one, but not both, of the following:

100% of Sum Insured Settlement - Very Destructive Winds claim

Economic Loss due to Very Destructive Winds occurring at the Insured Situation during the Period of Insurance as a result of a Severe Tropical Cyclone - subject to Policy terms.

If You receive this 100% Settlement You cannot receive the 30% Settlement below.

Once We have paid a 100% Settlement claim (the total Sum Insured in full) no further claims can be made on the Policy (which will come to an end). You will not be covered for any future events unless You take out a new policy.

However, if You receive a 30% Settlement below You will still be entitled to make a further claim, or claims, calculated as a percentage of the remaining Sum Insured if a subsequent covered event(s) occurs during the Period of Insurance, subject to the Policy terms.

For example, You take out a Policy on 1 December 2021 with a Sum Insured of $60,000 and receive a 30% Settlement of $18,000 for Buffer Zone Winds on 1 February 2022.

The remaining Sum Insured is $42,000.

On 20 March 2022 You make a second claim for Very Destructive Winds and will receive a 100% Settlement of $42,000.

As the full Sum Insured has been paid across the two claims You will not be covered for any future events unless You take out a new policy.

30% of Sum Insured Settlement - Buffer Zone Winds claim

Economic Loss due to Buffer Zone Winds occurring at the Insured Situation during the Period of Insurance as a result of a Severe Tropical Cyclone – subject to Policy terms.

Not applicable if the 100% Settlement is made. You do not ever receive both types of settlement for a single event.

However, if You receive a 30% Settlement from one event, We will reduce the Sum Insured by this amount and You will still be entitled to make a further claim, or claims, calculated as a percentage of the remaining Sum Insured if a subsequent covered event(s) occur during the Period of Insurance, subject to the Policy terms.

For example, You take out a Policy on 1 December 2021 with a Sum Insured of $60,000 and receive a 30% Settlement of $18,000 for Buffer Zone Winds on 1 February 2022.

The remaining Sum Insured is $42,000.

On 20 March 2022 You make a second claim for Buffer Zone Winds and will receive a 30% Settlement of $12,600 ($42,000 x30%).

The remaining Sum Insured will then be $29,400 for any further events that occur during the Period of Insurance.

Our total liability for Economic Loss under the Policy for any one claim or all claims combined, made in relation to any one event or for all events which occur during the Period of Insurance, shall not exceed the Sum Insured.