Document ID: chunk:federal_register_of_legislation:F2024C01150:reg:12h
Version: federal_register_of_legislation:F2024C01150
Segment Type: reg
Provision Reference: reg 12H
Character Range: 52332–53108

12H  Meaning of add‑on limited motor vehicle or vessel insurance product
  An add‑on limited motor vehicle or vessel insurance product is an add‑on insurance product that provides insurance cover (whether or not the cover is restricted or the product also provides insurance cover in respect of other matters):
 (a) to a consumer who:
 (i) wholly or partly owns a designated vehicle or vessel; or
 (ii) has the use of a designated vehicle or vessel under a lease of at least 4 months' duration; and
 (b) in respect of either or both of the following:
 (i) loss of, or damage to, property of another person resulting from an accident in which the designated vehicle or vessel is involved;
 (ii) loss of, or damage to, the designated vehicle or vessel caused by fire or theft.