Financial Services Guide

Part 3

This Financial Services Guide is an important document and is designed to help you decide whether to use the financial services offered. It contains information about how Cover-More Insurance Services Pty Ltd (Cover-More) AFSL 241713, is paid and how any complaints are handled. If you have a complaint about the financial services provided by Cover-More you should contact Cover-More on 1300 72 88 22. If you are not satisfied with our response please see page 12 for details.

What financial services are provided?

Cover-More provides general financial product advice about travel insurance products and issues these products to you. Any advice given to you about travel insurance will be of a general nature only and will not take account of your personal objectives, financial situation or needs.
Cover-More acts under a binder authority. This means that Cover-More can enter into these policies and/or handle or settle claims on the insurer’s behalf. Cover-More acts for the insurer when providing these financial services under a binder and will not be acting on your behalf. You can find full details, including responsibilities, of Cover-More and the insurer in the PDS.

How are we paid?

Cover-More is paid a commission by the insurer when you are issued with an insurance policy. The commission is included in the premium charged by the insurer and is received after you have paid the premium. This commission is calculated as a percentage of the gross premium (premium including taxes but excluding GST). Cover-More may also receive a share of profit earned by Great Lakes Australia if Great Lakes Australia makes an underwriting profit in accordance with the underwriting targets it has set. This amount is calculated and paid retrospectively only when Great Lakes Australia exceeds its underwriting target in a given year. Cover-More’s employees are paid an annual salary and may be paid a bonus based on business performance.
For more information about the remuneration (including commission) or other benefits received for the insurance services provided, please contact us before the financial service is provided.

What professional indemnity insurance arrangements do we have in place?

Cover-More has a professional indemnity insurance policy which covers errors and mistakes relating to our insurance services. The policy meets the requirements of the Corporations Act and provides cover for claims relating to the conduct of us or our employees, even after that person ceases to be employed, provided that the claim is notified to the insurer when it arises and within the relevant policy period.

Who is responsible for this document?

Cover-More Insurance Services is responsible for the Financial Services Guide in this document and Great Lakes Australia is responsible for the Product Disclosure Statement in this document.
This Combined FSG and PDS was prepared on 01 June 2009.