Financial Hardship Policy

 

Australasia Underwriting Pty Ltd ABN 20 626 490 711, AFS Licence Number 510185, , referred as ‘Australasia Underwriting’, we’, ‘us’, or ‘our’ in this Policy) is committed to supporting customers (‘you’ or ‘your’) who are experiencing financial hardship.

 

SCOPE

You may be entitled to support where you are an individual:

  • insured under an insurance policy issued by us and you owe us money — including an excess that we are seeking to recover money from because we believe you caused damage or loss to an individual who we cover under an insurance policy; and
  • making a claim under your policy due to an event that has caused you to also be in Financial Hardship and in urgent financial need of the benefits that you entitled to under your policy

WHAT IS FINANCIAL HARDSHIP

For the purposes of this Policy, “financial hardship” means difficulty meeting your financial obligations, including obligations owed to us, where the financial hardship has each of the following characteristics:

  • Significant – The financial hardship represents a significant impact on your ability to meet your financial obligations. This can be either caused by Your ability to generate income being impacted or caused by additional unavoidable expenses
  • Urgent – The financial hardship requires immediate action to assist You to alleviate your financial situation
  • Unforeseen – The financial hardship is an unforeseen change to your situation and is outside your control
  • Temporary – The financial hardship is temporary and you expect that the financial emergency will pass

All of the above characteristics must be present for this Policy to apply.

FINANCIAL HARDSHIP APPLICATION

Where you are experiencing financial hardship and you owe money to us or you are in urgent financial need of the benefits you are entitled  to under a policy you have with us due to an event for which you are making a claim (such as a natural disaster), please get in touch with us immediately to apply for financial hardship support in writing to:

Compliance Manager,

Australasia Underwriting Pty Ltd, 5B 148 Chesterville Road, Moorabbin, 3189

Email: admin@australasiaunderwriting.com.au

We will use the information you provide to assess your request for financial hardship support. Depending on the circumstances of your request, we may ask you for further information.

OUR DECISION

We will inform you in writing of the result of your application within 21 calendar days after we receive your application and any additional information that we have requested. We will put any recovery action on hold pending the outcome of your Financial Hardship Application.

NATIONAL DEBT HELPLINE

Free, confidential, independent financial advice is available to you through the National Debt Helpline

National Debt Helpline Telephone: 1800 007 007

Further information and access to online chat with a Financial Counsellor can be obtained at the National Debt Helpline website https://ndh.org.au