How insurance works
Insurance policies involve the transfer of risk. The insurer agrees to compensate you for a loss rather than you having to pay for that loss yourself. Usually the insurer assesses whether to accept the risk (and if so, on what terms) through information they get from you. You decide whether the terms the insurer offers meet your needs. Read the product disclosure statement to help you with this.
You and your insurer both have a role in making sure your insurance contract works. In this section, we talk about:
Products Liability Insurance
The product liability provisions of the Trade Practices Act allow persons who suffer injury or loss as the result of a defective product to take legal action for compensation against the supplier of that product. These provisions apply to goods supplied after 9 July 1992.
