First to Pay after a severe tropical cyclone

Redicova Solution

Redicova provides money when you need it most and it's totally up to you what you spend it on.

You can use your settlement funds however you choose:

  • Buy groceries and household supplies
  • Pay emergency or extraordinary expenses
  • Pay an insurance excess
  • Replant crops or clean up farms
  • Replace or fix uninsured items
  • Pay employee wages
  • Replace your own income
  • Pay your mortgage and bills as they fall due
  • Buy or hire a generator to run a freezer
  • Any additional costs or expenses incurred by you post event
  • Get on with life!

Redicova is designed for persons who may suffer economic or financial loss (including property damage or personal injury) due to certain defined types of winds occurring at an Insured Situation located in the defined Catchment Area of Northern Australia which are caused by a defined Severe Tropical Cyclone (essentially one classified by the BoM as a Category 3, 4 or 5 cyclone).

This simply means that you insure for your Economic Loss after a Severe Tropical Cyclone. So you don’t need to suffer any physical damage, but you might be an employee who loses their job or business owner who can’t operate because your customers have no income or disposable cash.

Redicova can only be applied for by persons who are eighteen (18) years of age or over and reside, or legally own Real Property, or operate a commercial or agricultural enterprise from a location, in the Catchment Area of Northern Australia. Other eligibility criteria applies.

What is the Catchment Area of Northern Australia?

A location that is:

  • within 300km inland of the Australian Coastline; and
  • if Your Insured Situation is in Western Australia - north of and including Carnarvon (WA) postcode 6701; or
  • if Your Insured Situation is in QLD – north of and including Bundaberg (QLD) postcode 4670; or
  • if your Insured Situation is in the Northern Territory – anywhere in the Northern  Territory.

What is Economic Loss?

Any economic or financial loss (including property damage or personal injury) suffered by you caused by Very Destructive Winds as a result of a Severe Tropical Cyclone or winds within the Buffer Zone, occurring at the Insured Situation during the Period of Insurance.