Product Disclosure Statement (PDS)
Trōv Protection is specifically designed to protect a single item. We have designed our product and processes to put you in control when it comes to protecting the items you care about. If we can help answer any questions, please contact us through the Trōv app or the website http://au.trov.help.
This is a PDS, an important legal document that contains details of Trōv Protection. Before you decide to protect your item, please read this PDS. If you purchase Trōv Protection, your policy is this PDS and your protection summary.
Throughout this PDS you will be referred to a guide called the PPG. This guide will provide you with further information and is available at trov.com/au/legal .
AAI Limited ABN 48 005 297 807 AFSL No. 230859 is the insurer and issuer of the policy and this PDS. When arranging insurance, Trōv will be acting under authority given by us as our authorised representative.
Some words in this PDS have specific meanings and are defined in the ‘Definitions’ on page 11. Headings used in this PDS do not form part of the PDS. Their purpose is to give you a guide about the content of the text.
The excess is the amount you will pay each time you make a claim for loss or damage to your protected item. We will deduct the excess from the amount we pay you. You can choose the excess. Refer to the PPG for further information.
We cover you during the protection period for accidental loss of or damage to your protected item anywhere in Australia and New Zealand.
You are not covered for any loss of or damage caused by, arising from or in connection with:
When your policy starts or you renew your policy for another protection period, you have 14 days to consider the information in the PDS. This is a ‘cooling off period’. During this period you can cancel your policy unless you have made a claim. When you cancel the policy during this period the policy ends and we will refund an amount for the unexpired protection period less any non-refundable government charges.
To cancel any other time, please see ‘Turning Off Protection’ below.
You can turn on (commence) protection through the Trōv app at any time. The protection period is specified in your protection summary. Your protection period on inception will be the remaining days of the month in which you purchase cover for the protected item plus the following calendar month.
You can turn off (cancel) protection at any time. If you cancel your policy you will be refunded an amount for the unexpired protection period less any non-refundable government charges.
If we offer you renewal we will send you a notice which will include details of your protected item including any changes to the protected value or price you pay. Unless you turn off your protection or since sending you the renewal notice we have cancelled your protection (e.g. due to late payment), we will automatically renew your policy on these terms on the first day of the next calendar month using the payment method nominated in your Trōv profile.
The protection period on renewal will be one calendar month.
If you do not pay for the renewal by the due date, you will have no protection from the due date. If we accept your late payment, we will recommence your protection from the date in your notice.
The protected value is determined by the Trōv app and is specified in your protection summary. It may change at each renewal. You cannot change the protected value.
Payment for cover of your protected item will be collected using the payment method nominated in your Trōv Profile. You can change your payment preference details by updating your Trōv profile.
We will cover your protected item but here are your responsibilities:
You must not:
If you do not meet your responsibilities, we may:
You must contact us as soon as possible if there is an event that could result in a claim. To make a claim, please use the Trōv app. If you are not able to access the Trōv app, please email email@example.com for assistance.
When making a claim you must tell us what happened and provide us with all reasonable assistance to investigate your claim including, providing us with proof of ownership if we ask. If you do not do this, we will not be able to pay your claim.
You authorise us to obtain the following:
If you still have your protected item and it is repairable, we may ask you to obtain a quote for the necessary repairs.
Where the quote is less than the protected value you may proceed with the repair of your protected item. You will need to attach the receipt for the repair to your claim in the Trōv app and once reviewed and accepted by us, we will pay you the costs of repair less the excess and any amount you are required to pay but have not yet paid for protection of the protected item.
If we do not pay the full protected value, we will automatically reinstate the protected value at no extra cost and your cover will continue for the remainder of the protection period.
Where the repair quote is more than the protected value you may still proceed with the repair of your protected item, however we will not pay more than the protected value less the excess and any amount you are required to pay but have not yet paid for protection of the protected item.
Refer to the PPG for further information.
When your protected item cannot be repaired or you no longer have the item, and we have accepted your claim, we will pay you the protected value less the excess and any amount you are required to pay but have not yet paid for protection of the protected item.
If we pay the full protected value, cover for your protected item will end and we will refund an amount for the unexpired protection period (less any non-refundable government charges) calculated from the date of loss or damage to your protected item. If you want to protect a new replacement item, you will need to apply for protection for the new item through the Trōv app.
Refer to the PPG for further information.
Payments will be made to you via electronic transfer to your nominated bank account.
If we decline a claim we will provide reasons for our decision and send you an email confirming our decision.
We can cancel your policy if the law allows us to do so. If we cancel you will be refunded an amount for the unexpired protection period less any non-refundable government charges. If we cancel your policy due to fraud, we will not refund any money to you.
You must allow us to take legal action in your name against another person to recover any payment we have made on a claim whether before or after we have paid your claim, or whether or not you have been compensated or paid in full for your actual loss.
Your policy documents and related communications will be available to you in the Trōv app and provided to you electronically by email to your nominated email address. Each electronic communication will be deemed to be received by you at the time it leaves our information system.
If we ask, you must tell us about the input tax credit (ITC) you are entitled to for the price of your cover, and each time you claim. If you do not give us this information or if you tell us an incorrect ITC, we will not pay any GST liability you incur. Our liability to you will be calculated taking into account any ITC to which you are entitled for any acquisition which is relevant to your claim, or to which you would have been entitled were you to have made a relevant acquisition. This outline of the effect of the GST on your policy is for general information only. You should not rely on this information without first seeking expert advice on the application of the GST to your particular circumstances.
If you have a complaint concerning this product, our services or a decision made in relation to your cover, please let us know by following the complaint handling process below.
When you first let us know about your complaint or concern, we will review your complaint and try to resolve it immediately. If we cannot, we will refer you to a manager or a delegate and they will try to resolve the complaint within 5 business days. You can contact us by email to firstname.lastname@example.org.
If you think we did not get our first decision right, tell us and we will refer the complaint to our Internal Dispute Resolution (IDR) team, or you can contact our IDR team directly by:
Phone: 1300 080 803
Our IDR team will review your complaint and try to send you their final decision within 15 working days from the date your complaint was first referred to them. If our IDR team require more information, assessment or investigation of your complaint, they will contact you to agree on a reasonable timeframe to resolve your complaint.
If you are still not satisfied with the IDR decision or we have not resolved your complaint to your satisfaction within 45 days, you may be able to take the complaint to the Financial Ombudsman Service Australia (FOS). They will advise you if they can help.
The FOS is an independent external dispute resolution scheme and their service is free to our customers. You can contact FOS:
By phone: 1800 367 287
By Fax: (03) 9613 6399
By email: email@example.com
In writing: Financial Ombudsman Service Australia GPO Box 3, Melbourne VIC 3001
By visiting: www.fos.org.au
We will accept a determination however you have the right to take legal action if you do not accept their decision.
We support and adhere to the General Insurance Code of Practice. You can get a copy of the code from the Insurance Council of Australia website insurancecouncil.com.au or phoning (02) 9253 5100.
This policy may be a ‘protected policy’ under the Federal Government’s Financial Claims Scheme (FCS) which is administered by the Australian Prudential Regulation Authority (APRA).
The FCS only applies in the unlikely event of an insurer becoming insolvent and the Federal Treasurer making a declaration that the FCS will apply to that insurer.
The FCS entitles certain persons, who have valid claims connected with certain protected policies issued by that insurer to be paid certain amounts by APRA.
Information about the FCS can be obtained from APRA at apra.gov.au or by calling 1300 55 88 49.
The information in this PDS was current at the date of preparation. From time to time, we may update some of the information in the PDS that is not materially adverse without notifying you. If it becomes necessary, we will issue a Supplementary Product Disclosure Statement (SPDS) or replacement PDS. You can obtain a copy of any updated information from the website trov.com/au/legal.
Accidental means unexpected and unintended from your standpoint.
Consequential loss means financial and non-financial loss or extra costs following an event covered by your policy including:
Damage means sudden and unforeseen physical damage or destruction.
Electronic data includes files, software, photographs, images, films, music or other audio or video files stored electronically on any device.
Event means an occurrence not excluded by this policy.
Loss means sudden or unforeseen physical loss, including theft.
Policy means your insurance contract. It consists of this PDS and any SPDS we have given you, and your most recent protection summary.
Protected item means the item shown in the Trōv app and specified in your protection summary.
Protection period means the period from the time your policy commences to the time it expires as specified in your protection summary.
Protection Summary the record of the particulars of your protection (protected item and protected value) which forms part of the policy. At each renewal of your policy, the renewal protection summary becomes your current protection summary.
We / Us / Our means AAI Limited ABN 48 005 297 807.
You / Your means the person named in the protection summary.
PDS prepared 18/02/2016
This insurance is issued by:
AAI Limited ABN 48 005 297 807
AFSL No. 230859This insurance is issued by: