A VERY IMPORTANT DOCUMENT
When you receive your insurance policy, by post or email from your broker or insurer, you will get a copy of the Product Disclosure Statement (PDS). This is a small but important booklet of between 50 and 100 pages that sets out the terms and conditions of your insurance cover. It states clearly what’s covered in your policy and what’s not.
For most of us, PDS booklets are not a particularly thrilling read but the PDS needs to be read so you know where you stand if the worst happens and you need to make an insurance claim.
Chances are, if you got your cover through the services of a CQIB broker, he or she has already had a hand in selecting the cover to suit your needs and this guidance is reflected in the document… but it’s about your cover, your investment. How it makes things right in the event of a claim should be known and understood. Fifteen or 20 minutes with a PDS can save untold heartache further down the track.
Want to check the quality of your insurance cover? It’s all in the PDS.
Want to avoid buying the wrong cover? – See next article for more about your PDS and what it can tell you.