Australia General Insurance Code of Practice (2020 Code as updated) gicop-p8-79-82-cash-settlements-total-loss-denials-information: Explain cash settlements under home building policies, treat total losses sensitively without demanding proof of ownership where it was lost in the event, give written reasons and rights on a denial or partial payment, and supply the information and expert reports relied on within ten business days of request

What does gicop-p8-79-82-cash-settlements-total-loss-denials-information require?

When offering a cash settlement under a home building policy the insurer provides information to help the customer understand how cash settlements work and how decisions are made. A total loss is handled with sensitivity by the insurer and its Service Suppliers, and where a home building and contents total loss has been accepted and the customer cannot prove ownership because the proof was lost or damaged in the event (and ownership appears clear), the insurer will not require proof of ownership or a list of lost or damaged property. On denying a claim or not paying it in full the insurer tells the customer in writing which aspects are not accepted, the reasons, the right to ask for the information relied on, the right to copies of any Service Supplier or External Expert reports relied on, and the complaints process; requested information and reports are provided within 10 Business Days as set out in Part 12.