Terms and Conditions of Cover

Zurich Australian Insurance Limited, Sydney (the Insurer through Midas Insurance Brokers Pty Ltd (the Company, as agent for the Insurer) agree, subject to the cover option selected and to the other terms, exclusions, limitations and conditions contained in or endorsed on or otherwise expressed below and overleaf to insure the Household and Personal Effects and/or Motor Vehicle (the insured goods) provided this Policy is signed by a person authorised by the Company or its approved Agent. Any insurance granted will be subject to the Insured having paid the premium to the Company on behalf of the Insurers.



It is in your interest to insure your effects for full value. This means the cost at destination of replacing with new items less an allowance for condition, age, wear and tear, for items over five years old. If you underinsure your goods, CO-INSURANCE will apply. This means that you will only recover the proportion of your loss which the insured value bears to the full value determined as above.


Item valued at $1000 but insured for $500. Cost of repairs $600.
The Insurers will pay$500/1000 x $600 = $300
Subject to full value being declared, if loss or damage occurs as a result of an insured risk, the Company will pay:

  • The reasonable cost of repairs or restoration in the event of damage.
  • FULL REPLACEMENT COST for any items totally lost or destroyed, PROVIDED that such items are no more than 5 years old.
  • INDEMNITY VALUE for any items totally lost or destroyed, if items are more than 5 years old. For the purpose of this insurance indemnity value shall mean the replacement cost less an assessed allowance for condition, age, wear and tear.

MOTOR VEHICLES are to be valued at the current market value at destination.


The risk under this policy commences from the time the insured goods leave the residence or business location of the Insured at the place named herein and continues during the ordinary course of transit until delivered at the place named herein. Storage prior to shipment overseas or prior to delivery at final destination is covered for any periods indicated on the face of the Policy provided storage is in an enclosed warehouse.



COVER A (Full Cover):

In respect of PROFESSIONALLY PACKED GOODS - All Risks of loss of or damage to the insured goods from any external cause including accidental damage during packing by the carrier. In respect to OWNER PACKED GOODS - Cover is as COVER B below.

In respect to MOTOR VEHICLES - All Risks of loss of or damage to the Motor Vehicle(s) excluding loss or damage while being driven under own power except while being driven by an authorised employee of the freight forwarder or their agent for the purposes of loading or unloading.

COVER B (Restricted Cover)

Loss of or damage to the insured goods resulting from:

  • Fire and/or explosion
  • Collision of vessel, aircraft, or conveyance 
  • Overturning and/or derailment of conveyance
  • Crashing and/or forced landing of aircraft
  • Stranding, sinking or contact of vessel with any external object (ice included) other than water
  • Entry of water into any vessel, hold, container, liftvan or place of storage
  • Theft, pilferage or non-delivery


War (sea and air transit risks) and strikes, riots and civil commotions in the terms of Institute of London Underwriters Clauses current at the time of shipment.

General Average and salvage charges, adjusted or determined according to the contract of affreightment and/or the governing law and practice, incurred to avoid or in connection with the avoidance of loss from any cause except those excluded elsewhere in the policy.


Loss damage or expense caused by:

  1. Delay
  2. Confiscation or detention by Customs or other officials or authorities.
  3. Wear and tear, moths, vermin, normal atmospheric or climatic conditions.
  4. Inherent vice.
  5. Mechanical, electrical or electronic breakdown or derangement unless there is external evidence of the breakdown having been caused by an insured risk.
  6. Non-delivery of owner packed items unless an itemised, valued list of contents is supplied prior to the commencement of transit.
  7. Nuclear matter in terms of the Institute Radioactive Contamination Exclusion Clause current at the date of the policy.


PAIRS AND SET CLAUSE:Where any insured item consists of articles in a pair or set, the insurance is not to pay more than the insured value of any particular part or parts which may have been damaged or lost and no more than a proportionate part of the insured value of a pair or set. Reference shall not be made to any special value which such article or articles may have as part of such pair or set.

FURNITURE AND ANTIQUES CLAUSE:In the event of damage to any article of furniture of antique nature insured hereunder, the Insurers' liability is limited to the reasonable cost of repairs and no claim is to attach hereto for depreciation consequent thereon.