> _Markdown transcription of NZI NZI Steadfast Commercial Motor Vehicle policy wording, effective 2020-01-01. Source: https://baileysinsurance.co.nz/wp-content/uploads/2025/07/NZI-Steadfast-Commercial-Motor-Policy-Wording_01-2020_-_FINAL-Plus-Endorsements.pdf_ --- Commercial Motor Vehicle Insurance Policy Wording  Commercial Motor Vehicle Insurance | 1 Contents Contents 1 INTRODUCTION 2 INSURANCE AGREEMENT 3 POLICY COVER OPTIONS 3 WHEN COVER APPLIES 4 SECTION 1: COVER FOR THE INSURED VEHICLE 5 SECTION 1: AUTOMATIC POLICY EXTENSIONS 5 SECTION 1: OPTIONAL POLICY EXTENSIONS 13 SECTION 1: EXCLUSIONS 15 SECTION 1: BASIS OF SETTLEMENT 17 SECTION 2: LIABILITY TO THIRD PARTIES 18 SECTION 2: AUTOMATIC POLICY EXTENSIONS 19 SECTION 2: EXCLUSIONS 23 SECTION 2: BASIS OF SETTLEMENT 25 GENERAL POLICY EXTENSIONS APPLICABLE TO SECTIONS 1 AND 2 AUTOMATIC EXTENSIONS 25 OPTIONAL POLICY EXTENSIONS 28 GENERAL POLICY EXCLUSIONS 29 HOW TO CLAIM 33 GENERAL CONDITIONS 35 DEFINTIONS 39 NZI – Steadfast Commercial Motor Vehicle Wording (01.2020) © 2019 Steadfast Group Limited  Commercial Motor Vehicle Insurance | 2 INTRODUCTION Welcome Welcome to NZI. Thank you for selecting us as your insurer. About this Policy Your Commercial Motor Vehicle Policy consists of: 1. This policy document, and 2. The schedule, and 3. Any endorsements or warranties that we apply, and 4. The information you have provided in the application for insurance to us. About Steadfast Steadfast NZ Ltd (Steadfast) is part of Steadfast Group Ltd, an Australian Stock Exchange listed company. It includes a network of insurance brokerages who operate in New Zealand as Steadfast Brokers. This policy is available exclusively to you through a Steadfast broker. Steadfast does not issue, guarantee or underwrite this policy. Your Duty of Disclosure When you apply for insurance, you have a legal duty of disclosure. This means you or anyone acting on your behalf must tell us everything you know (or could be reasonably expected to know) that a prudent insurer would want to take into account in deciding: 1. To accept or decline your insurance, and/or 2. The cost or terms of the insurance, including the excess. You also have this duty every time your insurance renews and when you make any changes to it. Information you will need to disclose includes: − Circumstances which could increase the risk of an insurance claim; − Any criminal offences or convictions; − Any cancellation, refusal to renew insurance or imposing of special terms by another insurer; − Insurance claims you have made in the past. Information you do NOT need to disclose includes: − Circumstances which would diminish the risk of an insurance claim; − Anything that we know or would be expected to know in the ordinary course of our business; NZI – Steadfast Commercial Motor Vehicle Wording (01.2020) © 2019 Steadfast Group Limited  Commercial Motor Vehicle Insurance | 3 − Anything that we advise you do not need to disclose. Examples of relevant facts for Motor Vehicle insurance may include: a. Any previous traffic violations including speeding, reckless driving, drink-driving or drug driving. b. Any non-factory modifications (whether structural, performance or cosmetic) to an insured motor vehicle. c. Any change of use of an insured motor vehicle (for example a private car now used for business use) d. Any previous accidents, or history of your losses, whether you were insured at the time or not. If you or anyone acting on your behalf breaches this duty, we may treat this policy as being of no effect and to have never existed. Examples We have used examples and comments to make parts of this policy document easier to understand. These examples and comments are printed in italics and do not affect or limit the meaning of the section they refer to. Headings The headings in this policy document are for reference only and do not form part of it. They must not be used when interpreting the policy document. Defined words If a word is shown in bold, it has a specific meaning. There is a list of these words and what they mean in this policy in the section ‘DEFINITIONS’. INSURANCE AGREEMENT Our Agreement You agree to pay us the premium and comply with this policy. In exchange, we agree to insure you as set out in this policy. POLICY COVER OPTIONS Your vehicles will be insured under one of the following Policy Cover Options. The option that applies will be shown on the schedule. NZI – Steadfast Commercial Motor Vehicle Wording (01.2020) © 2019 Steadfast Group Limited  Commercial Motor Vehicle Insurance | 4 Comprehensive Cover Provides: 1. Full cover under ‘Section 1: Cover for the Insured Vehicle’, and 2. Full cover under ‘Section 2: Liability to third parties’ 3. Full cover under ‘General Policy Extensions Applicable To Sections 1 And 2 Automatic Extensions' Third Party, Fire and Theft Provides: 1. Limited cover under ‘Section 1 – Cover for the Insured Vehicle’ only covering accidental loss to the insured vehicle caused by: fire, lightning, explosion, theft or unlawful conversion (including attempted theft), and 2. Cover under ‘Section 1: Automatic Extensions – Uninsured Third-Party Protection’, and 3. Full cover under ‘Section 2: Liability to third parties’ Third Party Only Provides: 1. Cover under ‘Section 1: Automatic Extensions – Uninsured Third-Party Protection’, and 2. Full cover under ‘Section 2: Liability to third parties’ WHEN COVER APPLIES There is only cover under this policy when any vehicle insured under this policy is being used by any driver with your consent: 1. For your business or occupation as advised to us prior to inception of this policy or any renewal, or 2. For private, social or domestic purposes. NZI – Steadfast Commercial Motor Vehicle Wording (01.2020) © 2019 Steadfast Group Limited  Commercial Motor Vehicle Insurance | 5 SECTION 1: COVER FOR THE INSURED VEHICLE Cover We will insure you for accidental loss to an insured vehicle occurring anywhere in New Zealand, including transit between islands of New Zealand, during the period of insurance. SECTION 1: AUTOMATIC POLICY EXTENSIONS In addition to the cover under ’Section 1: Cover for the Insured Vehicle’, we also provide the following automatic policy extensions. These extensions apply automatically where you have: 1. Comprehensive cover option shown in the schedule; or 2. Third Party Fire and Theft cover option shown in the schedule and there is a claim under Section 1 of this policy for fire or theft or unlawful conversion of the insured vehicle; and 3. There is a valid claim under ’Section 1: Cover for the Insured Vehicle’, unless specified otherwise. These extensions are otherwise subject to the terms and exclusions of the policy. Except as otherwise stated, where a limit is specified in the extension, this is in addition to the maximum liability under ‘Section 1: Basis of Settlement’. Otherwise, any payment under an extension is subject to the maximum amount payable under ‘Section 1: Basis of settlement’. Claim Preparation Costs Section 1 is extended to cover costs and expenses reasonably incurred by you for the preparation, presentation, negotiation, certification and/or justification of claims made under this policy (but not costs incurred in disputing a claim). There is no cover under this extension for costs and expenses for any one claim unless it exceeds $100 in total or if any claim is not admissible under this policy. The most we will pay under this extension is $5,000 for any one event, unless a different amount is shown in the schedule. NZI – Steadfast Commercial Motor Vehicle Wording (01.2020) © 2019 Steadfast Group Limited  Commercial Motor Vehicle Insurance | 6 Completion of Journey Costs and Emergency Accommodation Section 1 is extended to cover the reasonable costs for the completion of journey and accommodation when, as a result of a loss covered under Section 1, your journey cannot be continued, this extension covers: a. Hiring another vehicle of similar make and model to complete the journey, or to return you or your driver to where the journey first commenced; and b. Returning the insured vehicle to the premises where it is normally based following its repair, or the cost of recovering it in the event of theft or unlawful conversion; and c. the cost of accommodation for you or your driver. The most we will pay under this extension is $10,000 for any one event, unless a different amount is shown in the schedule. Death by Accident Section 1 is extended to cover the death as a direct result of an accident causing loss to an insured vehicle covered under Section 1 of this policy of the driver and or any immediate family of the driver, or employee who is a passenger in the insured vehicle Death must occur within 12 months of the accident. The most we will pay under this extension is $10,000 to the deceased estate, regardless of any other insurance. Disability Modifications Section 1 is extended to cover the reasonable costs for modifications to one vehicle (e.g. hand controls) following loss to an insured vehicle which directly results in you or any of your employees sustaining permanent disabilities that will require vehicle modifications to drive in the future. The most we will pay under this extension is $10,000, in excess of any amount payable by the Accident Compensation Corporation for any one event, unless a different amount is shown in the schedule. Employees’ Vehicles Section 1 is extended to cover vehicles owned by your employees that are occasionally used in the course of your business, provided: a. Your employee has personal vehicle insurance for the vehicle but that policy does not respond because of this business use, and b. the vehicle is not ordinarily used for your business purposes, and c. the person using the vehicle meets all the same terms of this policy that you must meet. NZI – Steadfast Commercial Motor Vehicle Wording (01.2020) © 2019 Steadfast Group Limited  Commercial Motor Vehicle Insurance | 7 The most we will pay under this extension is $100,000 for any one event, unless a different amount is shown in the schedule. Expediting Expenses Section 1 is extended to cover the reasonable costs of express freight including airfreight and overtime to expedite repairs to the insured vehicle as a result of loss covered under Section 1 of this policy. First Aid Kits Section 1 is extended to cover the cost to replace or restock any first aid kits or equipment in the vehicle damaged or used as a result of loss to an insured vehicle covered under Section 1 of this policy. Fit out Removal and Reinstallation Section 1 is extended to cover you for costs associated with the de-installation/reinstallation of: a. LPG, CNG units, in-vehicle cameras, meters and the like. b. Any customised fit-out of the insured vehicle (for the purpose of conducting your business, such as custom interiors, shelving and cabinetry, permanently affixed plant and equipment). There is no cover under this extension for costs incurred to repair or replace any of the above items. This extension only applies following accidental loss covered under Section 1 of this policy which results in the insured vehicle becoming a total loss. The most we will pay under this extension is: a. $2,500 per event, unless a different amount is shown in the schedule; b. $10,000 per event, unless a different amount is shown in the schedule. Funeral Expenses Section 1 is extended to cover all funeral expenses associated with burial or cremation, in excess of any amount payable by the Accident Compensation Corporation for the driver, immediate family of the driver, or your employee who dies within 12 months as the direct result of a loss to an insured vehicle covered by Section 1 of this policy. This policy also covers any travel costs within New Zealand of the deceased’s immediate family (e.g. parents, spouse or partner, children, or siblings) necessarily incurred as a result of attending the funeral. The most we will pay under this extension is $10,000 for any one event, unless a different amount is shown in the schedule. NZI – Steadfast Commercial Motor Vehicle Wording (01.2020) © 2019 Steadfast Group Limited  Commercial Motor Vehicle Insurance | 8 Goods in Transit Section 1 is extended to cover loss to goods owned by you, that are being carried on or in an insured vehicle, for the purpose of a single relocation (such as a delivery to a customer’s premises or to a warehouse) resulting from loss to an insured vehicle covered under Section 1 of this policy. The most we will pay under this extension is $10,000 for any one event, unless a different amount is shown in the schedule. An excess of $100 applies to any claim under this extension. Hoists, Hydraulic Lifts and Rams Section 1 is extended to cover mechanical breakdown or mechanical failure of any hoists or hydraulic rams permanently attached to the insured vehicle, where such failure or breakdown is not due to wear and tear or lack of regular maintenance. ‘Section 1: Exclusions - Vehicle Parts’, does not apply to this extension. The most we will pay under this extension is $10,000 for any one event unless a different amount is shown in the schedule. An excess of $500 applies for any claim under this extension. Ingestion or Entanglement of Foreign Objects Section 1 is extended to cover accidental loss resulting from entry, entanglement or ingestion of any foreign object into any mulching, chipping or agricultural implement or machine, provided this occurs whilst the insured vehicle is being operated for the purpose for which it was designed and in conjunction with the implement or machine. The most we will pay under this extension is $50,000 for any one event unless a different amount is shown in the schedule. Our liability will be within the maximum liability under ‘Section 1: Basis of Settlement’. Keys and Locks Section 1 is extended to cover the reasonable costs incurred in replacing keys, altering or replacing locking mechanisms, including the digital re-coding of these items, where any key giving access to an insured vehicle is lost, stolen or believed on reasonable grounds to have been duplicated without your permission during the period of insurance. The most we will pay under this extension is $5,000 for any event involving an individual insured vehicle or $20,000 for any one event involving multiple insured vehicles, unless a different amount is shown in the schedule. Our liability will be within the maximum liability under ‘Section 1: Basis of Settlement’. An excess of $250 applies for any one event under this extension. NZI – Steadfast Commercial Motor Vehicle Wording (01.2020) © 2019 Steadfast Group Limited  Commercial Motor Vehicle Insurance | 9 Lease Value Section 1 is extended to cover the greater of the reasonable market value or residual value of the insured vehicle if the insured vehicle is leased and becomes a total loss as a result of a loss covered under Section 1 of this policy. There is no cover for: a. Penalties for early termination, or b. Penalties for any additional distance travelled, or unpaid obligations under the lease at the time of the loss, or c. Penalties resulting from lack of servicing or poor maintenance, or d. ‘Balloon’ payments, or e. the amount by which the residual value of the insured vehicle exceeds 120% of its market value. Load Recovery and Debris Removal costs Section 1 is extended to cover the reasonable costs incurred in removing any debris and salvaging any load carried by an insured vehicle following an accident. This includes the reasonable costs of reloading or trans-shipping the load to the nearest place of safe storage and necessary disposal costs. This extension does not cover any fines or penalties incurred by you. The most we will pay under this extension is $25,000 for any one event, unless a different amount is shown in the schedule. Misfuelling and Fuel Contamination Section 1 is extended to cover accidental loss to an insured vehicle directly caused by: 1. Operation of the insured vehicle with the incorrect fuel type (diesel into a petrol vehicle or petrol into a diesel vehicle). 2. The accidental introduction of any diesel exhaust fluid (such as Ad-Blu or other emission control liquids) into the fuel system of the insured vehicle. ‘Section 1: Exclusions – Vehicle Parts’ does not apply to this extension. Cover under part 2. of this extension is limited to one claim per policy per period of insurance regardless of the number of vehicles covered by this policy. The most we will pay under part 2. of this extension is $10,000. An excess of $500 or the Section 1 insured vehicle excess shown in the schedule applies, whichever is the greater. NZI – Steadfast Commercial Motor Vehicle Wording (01.2020) © 2019 Steadfast Group Limited  Commercial Motor Vehicle Insurance | 10 Mutually Acceptable Assessors An assessor mutually agreed upon by us and you will assess any loss under this policy. New Replacement Vehicle Section 1 is extended to cover you if a car, station wagon, utility, van or four-wheel drive vehicle under 3,500kgs suffers a total loss covered under Section 1 of the policy within 12 months of it being first registered as a new vehicle in New Zealand. We will either: a. Provide a new replacement vehicle of the same make, model and specification, or b. If a new replacement is not available, pay the price for which such a vehicle was last available. If you elect not to have the insured vehicle replaced in accordance with this extension, we will indemnify you in accordance with ‘Section 1: Basis of Settlement’. Off Road Tyre/Track Damage Section 1 is extended to cover accidental loss during the period of insurance to any tyre (including its inner tube) or tracks fitted to an insured vehicle not principally used for driving on public roads, regardless of whether there has been loss to any other part of the insured vehicle or not. We will indemnify you at our option by: a. Repairing the damage; or b. Paying an amount equal to the reasonable cost of repair; or c. Replacing the tyre or tracks; or d. Paying an amount equal to the value of the tyre or tracks immediately prior to the loss. ‘Section 1: Exclusions – Tyres’, does not apply to this extension. The most we will pay under this extension is the purchase price of a new replacement tyre or tracks, less a reasonable deduction for the damaged tyre’s or track’s wear and tear, but in all cases not exceeding $5,000 per period of insurance. No excess applies to this extension. Personal Effects Section 1 is extended to cover the accidental loss to any personal effects of any driver or employee, following accidental loss to the insured vehicle covered under Section 1 of this policy. For the purpose of this extension ‘personal effects’ means any item not otherwise insured, of clothing (including reading and sunglasses) or any personal item normally carried (such as a handbag, wallet, personal music device or mobile phone) but excluding any laptop or item of NZI – Steadfast Commercial Motor Vehicle Wording (01.2020) © 2019 Steadfast Group Limited  Commercial Motor Vehicle Insurance | 11 luggage. The personal effects are insured for their market value. The most we will pay for under this extension is $3,000 for any one event unless a different amount is specified in the schedule. An excess of $500 applies to this extension. Relief Driver Costs Section 1 is extended to cover the reasonable costs necessarily incurred to engage a relief driver to continue your business, if as the result of an accident involving an insured vehicle which was primarily used for the purpose of transporting goods for reward or fare-paying passengers following loss covered under Section 1 of this policy, your driver is: a. Injured and unable to return to work; or b. Temporarily stood down for counselling purposes (such as for counselling following a fatal accident), The most we will pay under this extension: 1. $250 for any single day; and 2. $5,000 in total for any one event, unless a different amount is specified in the schedule. Repair Authorisation You may authorise any reasonable repairs for accidental loss to an insured vehicle up to a maximum of $2,500 without prior notice to us. If the estimated repair costs exceed this amount, repairs must not be commenced without our consent or our assessor’s consent and our assessor must be given the opportunity of examining the loss to the insured vehicle prior to repair. Rewards Section 1 is extended to cover any reward offered by you with our prior approval, to secure the return of an insured vehicle that has been stolen or unlawfully converted if the theft or unlawful conversion is covered under Section 1 of this policy. The most we will pay under this extension is $5,000 for any one event, unless a different amount is shown in the schedule. Salvage, Safety and Security Section 1 is extended to cover the reasonable costs incurred in salvaging or recovering the insured vehicle, including the costs of ensuring its safety, security and delivery to a place of suitable repair or inspection, as a result of loss covered under Section 1 of this policy. We will also cover the reasonable costs of storage of the insured vehicle after a claim for loss NZI – Steadfast Commercial Motor Vehicle Wording (01.2020) © 2019 Steadfast Group Limited  Commercial Motor Vehicle Insurance | 12 has been lodged and which has been accepted by us. Sets (wheel rims) Section 1 is extended to cover you following accidental loss to a wheel rim of an insured vehicle that is part of a set and that wheel rim is unable to be repaired or replaced, we will: a. Replace the set with a set that is equivalent in style, quality, and pre-damage condition, or b. Pay you an amount equal to the cost of replacing the set that is equivalent in style, quality, and pre-damage condition. As a condition of cover under this extension, you agree to surrender the complete set, including any undamaged parts of the set to us. The most we will pay under this extension is $10,000 for any one event. Our liability will be within the maximum liability under ‘Section 1: Basis of Settlement’. Signwriting Section 1 is extended to cover the reasonable cost incurred to repair or replace signwriting, artwork, wraps and or graphics that exist at the time of loss, following the total loss covered under Section 1 of this policy. Provided that the market value plus the value of the replacement signwriting does not exceed the insured vehicle’s value as provided in the vehicle declaration; and the value of the signwriting does not exceed $10,000 per insured vehicle. Theft Cost – Hire of alternative vehicle Section 1 is extended to cover the necessary and reasonable costs incurred by you of hiring another vehicle of a similar make and model following loss caused by theft or unlawful conversion of an insured vehicle covered under Section 1, provided that: a. The period of cover for the extension begins at the date the insured vehicle is stolen and ends when we have settled the claim in full or the insured vehicle is recovered and is not a total loss, and has been repaired if needed and; b. The cost of the first 7 days of hire is not covered; and c. This extension does not cover costs charged by the hire company for insurance, petrol or normal running costs. The most we will pay under this extension is $5,000 for any one event, unless a different amount is shown in the schedule. Uninsured Third-Party Protection Section 1 is extended to cover any uninsured accidental loss (including any excess) caused by an identifiable and uninsured driver of another vehicle occurring in New Zealand during the period of insurance, provided that: NZI – Steadfast Commercial Motor Vehicle Wording (01.2020) © 2019 Steadfast Group Limited  Commercial Motor Vehicle Insurance | 13 a. Full liability is admitted by that third party, or you have provided us with evidence establishing full liability of that third party; and b. You supply us with enough information to identify the third party (such as the correct registration, their name and address). The most we will pay under this extension for any one insured vehicle for any one event is $5,000. Unspecified Trailers Section 1 is extended to cover any unspecified trailer you own, hire or borrow for accidental loss or damage, or stolen, provided it is not otherwise insured. We will pay at our option either: a. The market value or b. The cost to repair the trailer The most we will pay for under this extension is $2,000 for any one event unless a different amount is specified in the schedule. Windscreens and Window Glass If your claim under Section 1 is solely for loss to windscreens, sunroof, headlights, tail lights, indicator light glass, mirror glass or window glass (including scratching or damage to bodywork resulting solely from broken glass) then no excess applies to this extension, unless otherwise shown in the schedule. Where there was tinting or signwriting affixed to any of the above, we will also pay to have the tinting or signwriting reinstated on that part that suffered the loss, however we will not pay for any costs associated with joining or associated tinting or signwriting on other parts of the insured vehicle under this extension. SECTION 1: OPTIONAL POLICY EXTENSIONS These optional extensions only apply where specified in the schedule. They are subject to the terms and exclusions of the policy. Accessories and spare parts away from the vehicle Section 1 is extended to cover any insured vehicle accessories and its spare parts while not fitted to the insured vehicle and stored at: NZI – Steadfast Commercial Motor Vehicle Wording (01.2020) © 2019 Steadfast Group Limited  Commercial Motor Vehicle Insurance | 14 a) Your office or depot, b) Your home, or c) Any secured worksite. The most we will pay under this extension is $5,000 for any one event unless a different amount is specified in the schedule. Agreed Value In the event of a total loss covered under Section 1, we will pay the agreed value as specified in the schedule. Loss of Use In the event of: a. loss to an insured vehicle covered under Section 1, or b. a natural disaster which prevents you being able to recover an insured vehicle from a building or carpark due solely to the denial of access to that building or carpark by a local, regional or national authority due to safety concerns of the structure, section 1 is extended to cover the reasonable costs incurred to hire a substitute vehicle of a similar make, model and specification that is capable of carrying out the activities of the insured vehicle during the ‘Period of Cover’ (as defined below). Cover under this extension is subject to the following: 1. It only applies to the insured vehicle(s) stated in the schedule as being subject to this extension; 2. The extension does not apply if you have available a free substitute vehicle or once you purchase an additional vehicle; 3. The repair of the insured vehicle must be carried out as soon as reasonably practicable; 4. This extension does not cover costs charged by the hire company for insurance, petrol or normal running costs; and 5. This extension does not apply if you have made a claim under ‘Section 1: Automatic Policy Extensions - Theft Cost – hire of alternative vehicle’. If no vehicle of a similar make, model and specification is available for hire (you have consulted with us as to availability of such a vehicle), subject to the application of all other terms of this extension, we will pay you the daily rate shown in the schedule for the ‘Period of Cover’ subject to the following terms. For the purposes of this extension, ‘Period of Cover’ means the period: a. Beginning: i. When the insured vehicle is delivered to a repairer agreed to by us to start the repair; or NZI – Steadfast Commercial Motor Vehicle Wording (01.2020) © 2019 Steadfast Group Limited  Commercial Motor Vehicle Insurance | 15 ii. The date of the loss, if the insured vehicle cannot be driven, or is deemed a total loss at that date; or iii. The date of the natural disaster that results in the insured vehicle becoming unrecoverable from a building or carpark, and b. Ending: i. In the case of repair, when the repairs are completed and the insured vehicle is available to be collected or delivered, or ii. In the case of a total loss, when we have settled your claim under Section 1 in full, or iii. When the building or carpark that the insured vehicle was unrecoverable from is cleared by a local, regional or national authority to be safe to remove the insured vehicle from, or iv. When you have returned the substitute hire vehicle, whichever occurs first. The most we will pay under this extension for any one insured vehicle is the limit stated in the schedule. An excess equal to the cost of the first 7 days hire applies to all claims under this extension. Portable Electronic Equipment Section 1 is extended to cover accidental loss to portable electronic equipment specified in the schedule. We will pay the reasonable replacement cost of the portable electronic equipment. The most we will pay for under this extension are the amounts specified in the schedule. An excess of $250 applies to any claim under this extension including where the cause of loss is theft. Where the insured vehicle suffers a total loss, the amount payable under this extension is in addition to the ‘Section 1: Basis of Settlement’. SECTION 1: EXCLUSIONS The following exclusions apply only to Section 1. The ‘General Policy Exclusions’ also apply to Section 1 of this policy. Consequential Loss This policy does not insure: a. Loss of use of any kind whatsoever, or costs or expenses that result from that loss of use, unless expressly insured under ‘Section 1: Automatic Extensions’, ‘Section 1: Optional Extensions’, or under ‘General Policy Extensions Applicable To Sections 1 And 2 Automatic Extensions' or b. Depreciation or reduction in value. NZI – Steadfast Commercial Motor Vehicle Wording (01.2020) © 2019 Steadfast Group Limited  Commercial Motor Vehicle Insurance | 16 Drilling Equipment This policy does not insure loss to any drill shaft or bit of any type of drilling rig or machinery whilst being used for the purpose of drilling below ground or surface level. Faulty Design This policy does not insure loss caused by or in connection with the insured vehicle’s faulty or defective design, specification or materials. However, this exclusion is limited to the part immediately affected and does not apply to any resultant loss to any other part of the insured vehicle. Tyres This policy does not insure damage to or destruction of tyres. However, this exclusion will not apply if the damage or destruction results from separate loss that is covered by this policy. Vehicle Parts 1. This policy does not insure loss to the following parts of an insured vehicle: a. Engine and all engine parts, b. Cooling systems, including but not limited to radiators, heat exchangers, cooling fans, pressure caps, water pumps, thermostats and hoses, c. Hydraulic system, including but not limited to shock absorbers and suspension systems, d. Transmission system, including but not limited to gearbox, drive shafts, axles, differentials, clutches, and wheel hubs, e. Fuel systems, f. Braking systems, g. Electrical/electronic systems, computer systems, and mechanical systems, h. Pumping and vacuuming systems, i. Any fixed plant machinery (including but not limited to food/drink preparation equipment), j. Underground exploratory devices. 2. However, this exclusion does not apply to loss that is the direct result of: a. fire, b. the insured vehicle or a conveying vehicle overturning, c. the insured vehicle suffering an impact or collision with an external object, d. he insured vehicle being partly or fully immersed in a body of water, e. the insured vehicle being stolen or converted, f. the insured vehicle being maliciously damaged, NZI – Steadfast Commercial Motor Vehicle Wording (01.2020) © 2019 Steadfast Group Limited  Commercial Motor Vehicle Insurance | 17 g. hail, snow, storm or lightning, h. natural disaster, i. impact or damage by animals. Wear and Tear This policy does not insure loss caused by or in connection with: 1. wear and tear; or 2. rust or corrosion; or 3. action of light and fading. SECTION 1: BASIS OF SETTLEMENT Basis of Settlement 1) If we consider the vehicle is economic to repair, we will at our option: a) pay the reasonable cost of repairs carried out to the insured vehicle; or b) pay the cash equivalent of the reasonable cost of repairs to the insured vehicle; If we consider the vehicle is a total loss, we will settle your claim by whichever of the following applies: a. we will pay you the market value of the insured vehicle; or b. if the insured vehicle is hired, rented, borrowed or loaned we will pay the market value of that vehicle to a maximum of $250,000; or c. we will replace the insured vehicle as outlined in ‘Section 1: Automatic Extensions – New Replacement Vehicle’; or d. if the insured vehicle is leased, we will settle as outlined in ‘Section 1: Automatic Extensions – Lease Value’; or e. If ‘Section 1: Optional Policy Extensions – Agreed Value’ applies, we will pay you in accordance with the terms of that extension. 2) We are not liable for that portion of any repair or replacement that improves the condition of the insured vehicle beyond its condition before the loss. 3) If any part or component of the insured vehicle is no longer manufactured, we are not liable for more than the supplier’s or manufacturer’s list price. Where no such list price applies, the most we will pay will be the lesser of: a) The price of the part’s closest New Zealand equivalent; or b) The last known list price in New Zealand; or NZI – Steadfast Commercial Motor Vehicle Wording (01.2020) © 2019 Steadfast Group Limited  Commercial Motor Vehicle Insurance | 18 c) The cost of making a new part. 4) The excess shown in the schedule and any excess payable under any extension in ‘Section 1: Automatic Policy Extensions’ or ‘Section 1: Optional Policy Extensions’ will be deducted from the amount of the loss for each event. Where the cause of loss is theft or unlawful conversion or fire (fire not resulting from impact) to the insured vehicle, no excess will apply to the Section 1 claim unless stated in the schedule or payable under any ‘Section 1: Automatic Policy Extension’ or ‘Section 1: Optional Policy Extension’. If more than one insured vehicle suffers loss from a single event, only one excess shown in the schedule will apply, being the highest excess, together with any excess payable under any extension in ‘Section 1: Automatic Policy Extensions’ or ‘Section 1: Optional Policy Extensions’. SECTION 2: LIABILITY TO THIRD PARTIES Cover We will insure you against your legal liability to pay damages for: 1. Accidental bodily injury to any person; or 2. Accidental loss to any property, occurring in New Zealand during the period of insurance and arising from the use of an insured vehicle (including whilst being loaded or unloaded). Provided all of the above criteria are met, this cover extends to cover your legal liability: 1. In connection with the lawful movement by you of any vehicle which: a. Is parked in a position which prevents or impedes the loading or unloading of the insured vehicle; or b. Prevents or impedes the legitimate passage of the insured vehicle. ‘Section 2: Exclusions - Property in Care, Custody or Control’ will not apply to the vehicle being moved; and 2. In connection with the insured vehicle being used in accordance with the permitted use, for the purpose of towing any one trailer or caravan, or any one incapacitated vehicle, while attached to the insured vehicle. However, the towing must not be for hire or reward. We will insure you for your legal defence costs and expenses reasonably and necessarily incurred, provided that they are incurred: a. With our consent, b. To defend any civil proceeding (or threat of a civil proceeding) brought against you, NZI – Steadfast Commercial Motor Vehicle Wording (01.2020) © 2019 Steadfast Group Limited  Commercial Motor Vehicle Insurance | 19 c. In respect of any alleged liability that, if proven, would be covered under section 2 of this policy. We will meet these costs even if the civil proceeding seems groundless. We will not pay for legal defence costs and expenses in connection with any criminal proceeding, whether actual or threatened, including where a victim is seeking reparation. SECTION 2: AUTOMATIC POLICY EXTENSIONS In addition to the cover under ‘Section 2: Liability to third parties’, we also provide the following automatic policy extensions. All amounts in these extensions included in the limits of liability shown on the schedule for Section 2. They are subject to the terms and exclusions of the policy. Airside Liability Section 2 is extended to cover your liability arising out of the ownership, operation or maintenance of any vehicles within the restricted area of any airport used for scheduled commercial flights. The most we will pay under this automatic extension for any event is $2,000,000, unless a different amount is shown in the schedule. ‘Section 2: Exclusions – Airside Liability’ does not apply to claims under this extension. Cleaning up Costs Section 2 is extended to cover all costs lawfully charged by any government body or authority or any other entity for cleaning or restoring the site of an accident following loss, which is covered under ‘Section 1: Cover For The Insured Vehicle’ of this policy. The most we will pay under this extension is $50,000 for any one event, unless a different amount is shown in the schedule. An excess of $500 applies for each event to claims under this extension. Criminal Court Action/Inquiries/Inquests Section 2 is extended to cover legal costs and expenses necessarily and reasonably incurred to: a. Defend a charge of manslaughter, or dangerous driving causing death or careless driving causing death, and NZI – Steadfast Commercial Motor Vehicle Wording (01.2020) © 2019 Steadfast Group Limited  Commercial Motor Vehicle Insurance | 20 b. For legal representation at any inquiry or coroner’s inquest in connection with the death; resulting from any person covered under Section 2 of this policy using a vehicle insured under this policy. The most we will pay under this automatic extension for any event is $10,000. ‘Section 2: Exclusions – Criminal Offences’ does not apply to claims under this extension. Driver’s Indemnity Section 2 is extended to cover the legal liability and legal costs and expenses of any other person caused by or through or in connection with their use of an insured vehicle or a vehicle covered under ‘Section 1: Automatic Extensions – Employee’s Vehicles’, in the same manner as we cover you, provided: a. Such use has your permission, and b. Their liability is not covered by any other insurance, and c. The person using the insured vehicle meets all the same terms of this policy that you must meet. Exemplary Damages Section 2 is extended to indemnify you and any driver who is in charge of the insured vehicle with your consent against liability for punitive or exemplary damages for: a. accidental bodily injury, or b. accidental loss to any property arising from use of an insured vehicle (including whilst being loaded or unloaded) which occurs in New Zealand during the period of insurance. The most we will pay under this extension is $500,000 for any one claim, or series of claims arising from one accident, and $1,000,000 in the aggregate for all claims during the period of insurance, unless different amounts are shown in the schedule. In addition to any other policy excess, each claim under this extension will be subject to an excess of 10% of any sum for which you or the driver is found legally liable. However, a minimum excess of $5,000 applies to each claim. There is no indemnity under this extension: i. Arising from any dishonest, fraudulent or malicious act or omission by you or anyone acting on your behalf; or ii. arising from any claim first notified to you but not notified to us within six months of that date. ‘Section 2: Exclusions – Exemplary Damages’ does not apply to claims under this extension. Financial Charge Section 2 covers the balance of any outstanding charge on an insured vehicle where: NZI – Steadfast Commercial Motor Vehicle Wording (01.2020) © 2019 Steadfast Group Limited  Commercial Motor Vehicle Insurance | 21 a. The insured vehicle is purchased during the period of insurance; and b. The insured vehicle suffers loss which is covered under Section 1 of the policy; and c. You have made proper enquires in relation to the existence of any charge before making the purchase; and d. You are liable to pay the outstanding charge. The most we will pay under this extension is $5,000 for any one insured vehicle, unless a different amount is shown in the schedule. Hired in Vehicle – Consequential Loss if you hire or rent a vehicle during the period of insurance and you reject the owner’s statutory offer of insurance, Section 2 is extended to cover your liability to the owner of that vehicle for consequential losses caused by loss covered under Section 1. The most we will pay under this extension for any one event is $50,000 unless a different amount is shown on the schedule. ‘Section 2: Exclusions – Property in Care, Custody or Control’ does not apply to claims under this extension. Marine Liability Section 2 is extended to cover your liability for any resulting General Average and salvage charges recoverable from you it at law, if an insured vehicle is transported by sea between places in New Zealand during the period of insurance. This applies regardless of whether or not the insured vehicle suffers loss. General Average means the general average and salvage charges incurred to avoid a loss covered under this policy that are determined by the contract of carriage, and/or governing law and practice of carriage. Passenger Liability Section 2 is extended to cover the legal liability of any person in connection with their being a passenger in (including getting into or out of) any insured vehicle. Provided that the person’s liability is not covered under any other insurance or under any other clause in this policy. Principal’s Indemnity Section 2 is extended to indemnify the principal of any construction or works project for their vicarious liability: a. Where the liability arises in connection with the use of an insured vehicle by you, or your employees on that project, and b. The liability is for accidental loss to property or accidental bodily injury occurring in New NZI – Steadfast Commercial Motor Vehicle Wording (01.2020) © 2019 Steadfast Group Limited  Commercial Motor Vehicle Insurance | 22 Zealand during the period of insurance. Reparations Section 2 is extended to cover your liability for any reparation that you become legally liable to pay arising from accidental bodily injury or accidental loss to property happening during the period of insurance in connection with use of an insured vehicle, including while it is being loaded or unloaded. Amounts payable under this extension are included in, and not additional to, the limits of our liability shown on the schedule for ‘Section 2: Liability to third parties’, in respect of any one claim or claims arising directly or indirectly from any one loss. The most we will pay for any one event is 1,000,000 unless a different amount is shown on the schedule. Cover for defence costs do not apply to a claim under this extension. We will not pay defence costs in relation to an offence. This extension does not cover reparation arising from prosecution of an offence under the Health and Safety in Employment Act 1992 and/or the Health and Safety at Work Act 2015 (or any replacement Act) and any subsequent amendments. Vibration or Weight Damage Section 2 is extended to cover your liability for accidental loss to any property (including roads) during the period of insurance caused by: a. vibration caused by the insured vehicle, or b. the weight of the load carried by the insured vehicle, or c. the weight of the insured vehicle, or d. the combined weight of the load and the insured vehicle. The most we will pay under this extension is $500,000 for each claim or series of claims arising from one event, unless a different amount is shown in the schedule. An excess of $2,000 will apply to each event. ‘Section 2: Exclusions - Vibration or Weight’ does not apply to claims under this extension. Vicarious liability Section 2 is extended to cover your legal liability while: a. Any vehicle not belonging to you and not provided by you, is being used for your business by any person in your employment, or b. Any vehicle hired in by you is being used for your business by any hired-in or temporary driver. We will not cover you for: NZI – Steadfast Commercial Motor Vehicle Wording (01.2020) © 2019 Steadfast Group Limited  Commercial Motor Vehicle Insurance | 23 a. Loss to that vehicle or to property being transported by it, or contained in it; b. Any part of the liability which is also covered under any other existing insurance. SECTION 2: EXCLUSIONS The following exclusions apply only to Section 2. The ‘General Policy Exclusions’ also apply to Section 2 of this policy. This policy does not insure: Airside Liability Liability arising out of the ownership, operation or maintenance of any vehicle within the restricted area of any airport used for scheduled commercial flights. Note: Please see ‘Section 2: Automatic Extensions – Airside Liability’. Contractual Liability Liability arising out of a contract or agreement unless you would have been liable even without such contract or agreement. Criminal Offences Any legal defence costs, fines or court costs arising from the prosecution of any offence under any Act of Parliament including any regulations, rules or by-laws made under any Act of Parliament. Note: Please see ‘Section 2: Automatic Extensions – Criminal Court Action/Inquiries/Inquests’. Drivers Liability of any driver, including the insured, for or arising from: a. Bodily injury to, or b. Loss to any property owned by, that driver, who claims under Section 2 of this policy. Exemplary Damages Liability for punitive or exemplary damages. Note: Please see ‘Section 2: Automatic Extensions – Exemplary Damages’. NZI – Steadfast Commercial Motor Vehicle Wording (01.2020) © 2019 Steadfast Group Limited  Commercial Motor Vehicle Insurance | 24 Liability Determined by Foreign Court Liability determined by any court outside New Zealand. Operation of Plant or Machinery Liability arising directly or indirectly out of the use of any mechanical plant component while it is being used or operated for the purpose for which it was designed (e.g. the operation of a crane or back hoe) however, this exclusion does not apply to the operation of any vehicle mounted mechanical plant whilst being used to load or unload that vehicle, or of any fork hoist. Property in Care, Custody or Control Liability for loss to any property that belongs to, or is/was in your care, custody or control, other than: a. Personal baggage and wearing apparel of any passenger; or b. A building leased or rented by you; or c. A vehicle (which is not insured under Section 1 of the policy or owned by you), which is being towed by an insured vehicle. However, this does not apply to vehicles which are towed or recovered for reward where your business includes a vehicle recovery service. Transporting of a Load Liability in connection with the transporting of a load to, or away from, the insured vehicle. However, this exclusion does not apply to the actual loading or unloading of the insured vehicle. Vehicles Liability for loss to any vehicle that is insured under this policy. Vibration or Weight Liability for loss to property (including a road) arising from: a. Vibration caused by the insured vehicle, or b. The weight of the load carried by the insured vehicle, or c. The weight of the insured vehicle, or d. The combined weight of the load and the insured vehicle. Note: Please see ‘Section 2: Automatic Extensions - Vibration or Weight Damage’. NZI – Steadfast Commercial Motor Vehicle Wording (01.2020) © 2019 Steadfast Group Limited  Commercial Motor Vehicle Insurance | 25 SECTION 2: BASIS OF SETTLEMENT Basis of Settlement 1. The most we will pay for any event under Section 2: a. For legal liability is $10,000,000 unless otherwise stated in the schedule. b. For legal defence costs and expenses is $1,000,000 unless otherwise stated in the schedule. 2. The legal defence costs and expenses cover is additional to the cover available for legal liability. 3. If our maximum liability is insufficient to cover you and any other party entitled to cover under Section 2, it will apply first to you. 4. We are not liable for any Section 2 excess shown in the policy or schedule. 5. The most we will pay under each automatic or optional extension will be the higher of: a. The amount specified in the policy; or b. The amount specified in the schedule. GENERAL POLICY EXTENSIONS APPLICABLE TO SECTIONS 1 AND 2 AUTOMATIC EXTENSIONS Additions and Deletions 1. Additions Any vehicle purchased or leased by you during the period of insurance is an insured vehicle under this policy from the date of purchase or commencement of the lease. ‘Section 1: Basis of Settlement’ will apply for any claim, however, the most we will pay under this extension is $300,000. 2. Deletions If an insured vehicle is sold or the lease ends during the period of insurance, it ceases to be an insured vehicle under this policy from the date of sale or the date the lease ends. 3. Premium adjustment a. If there are 14 or less vehicles noted on the vehicle declaration at policy inception, you must advise of any acquisitions within 30 days of its acquisition, and an additional premium NZI – Steadfast Commercial Motor Vehicle Wording (01.2020) © 2019 Steadfast Group Limited  Commercial Motor Vehicle Insurance | 26 must be paid. b. Where 15 or more vehicles are noted on the vehicle declaration at policy inception, the premium payable by you under this policy will be adjusted at the end of the period of insurance to reflect insured vehicles added or deleted under this extension during the period of insurance. We will apply the additions and deletions premium rate as agreed, to 50% of the difference in value between all additions and deletions, to calculate any additional premium to be paid to us by you, or any refund of premium we are to pay to you for that period of insurance, and you will pay any additional premium, or we will refund such sum. 4. Pre-Renewal Period If a vehicle is purchased or disposed of after you have begun the renewal process of a current policy, and you have completed the vehicle declaration, these vehicles will be treated as Additions and Deletions per 1 & 2 above, even though the transactions are outside the current period of insurance. Premium adjustments for these vehicles are calculated from the date of acquisition or disposal. Breach of Condition This policy will not be invalidated by any breach of condition, where the breach occurs prior to the loss and without your knowledge or consent, provided that we are advised immediately after you become aware of the breach and you pay us any additional premium we may require. Counselling If an event involving an insured vehicle that is covered under this policy involves a fatality, we will cover you for the reasonable costs incurred in your driver obtaining professional counselling in excess of any entitlement under Accident Compensation Corporation. The most we will pay under this extension is $5,000 for any one event, unless a different amount is shown in the schedule. No excess applies to this extension. Emergency Public Relations You are insured for the reasonable costs of public relations expenses incurred with our prior written consent, as a result of a claim payable under this policy. The most we will pay under this extension for any one event is $25,000 unless a different amount is shown in the schedule. An excess of $2,500 applies to this extension. Hired In Vehicles If you hire in or rent in a vehicle during the period of insurance and you accept the rental owner’s statutory offer of insurance, this extension covers: NZI – Steadfast Commercial Motor Vehicle Wording (01.2020) © 2019 Steadfast Group Limited  Commercial Motor Vehicle Insurance | 27 1. Liability to third parties as provided under ‘Section 2: Liability to third parties’ and ‘Section 2: Automatic Policy Extensions‘ but only for the difference between the amount payable for liability under the statutory offer of insurance and the maximum amount payable under ‘Section 2: Basis of Settlement’, and 2. The difference between the Section 1 excess under this policy and any deductible that would have been applicable under the rental vehicle owner’s insurance had you accepted the offer of such cover, for any event. For the sake of clarity, this includes non-owned trailers. Hired Out Vehicle If you hire out or rent out an insured vehicle during the period of insurance then the policy is extended to cover: 1. loss to the insured vehicle under Section 1; and 2. liability, defence costs and expenses of any other person caused by or through or in connection with their use of the insured vehicle under Section 2. Provided that: a. The hirer does not breach any express or implied term of the agreement to hire or rent the insured vehicle; b. There is no other insurance which covers the loss; and c. Use by the hirer is comparable with your business or occupation. ‘General Exclusions, Vehicle Use (1)’ and ‘General Policy Extensions Applicable To Sections 1 And 2 Automatic Extensions – Invalidation’ do not apply to any claim under this extension. Invalidation This policy covers you for loss or liability that arises when an insured vehicle is being used in the circumstances excluded in: 1. General Policy Exclusions – ‘Alcohol, Drugs and Other Intoxicating Substances’, 2. General Policy Exclusions – ‘Overloaded Vehicles, 3. General Policy Exclusions – ‘Intentional or Reckless Acts’, 4. General Policy Exclusions – ‘Unlicensed Drivers’, 5. General Policy Exclusions – ‘Unsafe Vehicles’, 6. General Policy Exclusions – ‘Driving Hours’, Provided that: a. The driving in those excluded circumstances was without your knowledge or consent; and b. You have not waived any right of recovery against the driver, and, NZI – Steadfast Commercial Motor Vehicle Wording (01.2020) © 2019 Steadfast Group Limited  Commercial Motor Vehicle Insurance | 28 c. You cooperate fully with us and the police in pursuit of compensation from the driver. The liability of the driver or person responsible for the loss or liability is not insured under this extension. For the purposes of this extension only, your knowledge is deemed to include the knowledge of: a. Any person employed by you with your delegated authority to control the conduct of the driver or b. The driver, if the driver is of such senior position within your business that his/her knowledge or consent is by law deemed to be your knowledge or consent. Release of Liability Where you are required by legislation or by contractual agreement to release: a. Any fire protection equipment suppliers; b. New Zealand Government trading as Kiwi Rail; c. Any oil company; or d. Any other party to an agreement which has been declared to and accepted by us, from liability arising from loss insured by this policy, the release is allowed without prejudice to this insurance. OPTIONAL POLICY EXTENSIONS These extensions are optional and only apply when stated in the schedule. They are subject to the terms and exclusions of the policy. Burning Cost The premium payable under this policy shall be adjusted on claim costs incurred (claim costs paid plus outstanding estimates) during the period of insurance. This will be calculated as follows: 1. 30 days after the end of the period of insurance the ‘Total Premium’ shall be adjusted by dividing the ‘Incurred Claims’ cost by the multiplier as agreed in the schedule. 2. If the premium produced is greater than the ‘Total Premium’ paid, you shall pay the difference but not exceeding the percentage of the deposit premium as agreed in the schedule. 3. If the premium produced is less than the ‘Total Premium’ paid, we shall refund the difference to a minimum retained premium of the agreed percentage in the schedule of the deposit premium. For the purposes of this extension: ‘Total Premium’ shall mean deposit premium plus any additional or return premium adjustments processed during the period of insurance. NZI – Steadfast Commercial Motor Vehicle Wording (01.2020) © 2019 Steadfast Group Limited  Commercial Motor Vehicle Insurance | 29 ‘Incurred Claim’ costs will mean the total amount of claims paid and reasonable estimates of claims yet to be paid, including fees, net of actual and estimated recoveries. Profit Share If, at the end of the period of insurance, you agree to renew the insurance with us, we will adjust the premium paid for that period of insurance as follows: 1. 30 days after the end of the period of insurance the ‘Net Premium’ will be totaled together with ‘Incurred Claims’ costs as a result of accidents during the period of insurance, and 2. A loss ratio will be calculated by comparing the ‘Net Premium’ to the total ‘Incurred Claims’ costs, and 3. If this loss ratio is more than 60%, no profit share refund is payable. If the loss ratio is 60% or less, the amount of profit share refund will be calculated by using one of the following profit share percentages. Profit Share Percentage a. If the loss ratio is 40% or less – 20% profit share refund b. If the loss ratio is between 41% and 50% – 15% profit share refund c. If the loss ratio is 51% or more but not greater than 60% – 10% profit share refund If a profit share is payable, then it will be calculated by multiplying the profit share percentage against the sum of ‘Net Premium’, less ‘Incurred Claim’ costs. This adjustment is processed net of commission. For the purposes of this extension: ‘Net Premium’ will mean gross premium and any additional or return premium adjustment, less commission if applicable ‘Incurred Claim costs’ will mean the total amount of claims paid and reasonable estimates of claims yet to be paid for claims arising in the period of insurance, including fees, net of actual and estimated recoveries. GENERAL POLICY EXCLUSIONS These exclusions apply to all parts of this policy. Accident Compensation Act This policy does not insure: 1. Liability for bodily injury which is covered by the Accident Compensation Act 2001 (‘Act’), and 2. In particular, liability for bodily injury payable as reparation for any amounts which are covered by the Act, or would be covered but for: NZI – Steadfast Commercial Motor Vehicle Wording (01.2020) © 2019 Steadfast Group Limited  Commercial Motor Vehicle Insurance | 30 a. A failure by the victim of offending to correctly notify a claim to the Accident Compensation Corporation within the time required under the Act, b. The victim’s decision, for whatever reason, not to claim any amount he or she would be entitled to claim under the Act, c. A decision by the Accident Compensation Corporation to decline a claim or limit its liability in whole or in part and for any reason whatsoever. Alcohol, Drugs and Other Intoxicating Substances This policy does not insure loss or liability when a vehicle is being driven by any person, including you, who: 1. Has a proportion of alcohol in their breath or blood that exceeds the legal limit, or 2. Is under the influence of any intoxicating substance or drug, or 3. Fails or refuses to supply a breath or blood sample as required by law, or 4. Fails or refuses to stop, or remain at the scene, following an accident as required by law. This exclusion does not apply to any claim for loss arising from theft or unlawful conversion of the insured vehicle. It will be assumed that for 1. above, that at the time of the loss or when liability arose, the proportion of alcohol was no less than the proportion of alcohol in any subsequent blood sample or breath test subsequently carried out. Asbestos This policy does not insure loss or liability arising from use or driving of any vehicle insured under this policy in connection with asbestos in any form, whether used, carried, stored, worked upon or otherwise. Confiscation This policy does not insure loss or liability in connection with confiscation, nationalisation, requisition, destruction of, or damage to property by order of any Government, Public or Local Authority unless the order is given to prevent or control any accidental loss or damage that would otherwise have been covered by this policy. Driving Hours This policy does not insure loss or liability when a vehicle is being driven by any person, including you, who drives or operates a vehicle in breach of any enactment or regulation relating to ‘Work Time and Log Books’ requirements under New Zealand Law. NZI – Steadfast Commercial Motor Vehicle Wording (01.2020) © 2019 Steadfast Group Limited  Commercial Motor Vehicle Insurance | 31 Electronic Data This policy does not insure loss of any electronic data in a computer operating system, programme, software, information repository, microchip, integrated circuit or similar device in computer equipment or non-computer equipment. This includes: 1. loss of, alteration of, or damage to, or 2. any cost in correcting or reprogramming any electronic data, or 3. a reduction in the functionality, availability or operation of, or 4. the cost involved in retrieving data, or 5. the value of any data This policy also does not insure any costs or expenses associated with prosecution or liability resulting from the above. However, parts 1,2,3 or 4 of the exclusion above do not apply to loss of electronic data that results directly from a separate claimable event under Section 1 of this policy. Intentional or Reckless Acts This policy does not insure loss or liability in connection with any actual or alleged: a. dishonest, fraudulent, criminal, unlawful, or malicious act or omission; b. willful breach of any statute, contract, or duty; c. conduct intended to cause damage, loss, or liability with reckless disregard for the consequences. Nuclear This policy does not insure loss or liability of any type in connection with nuclear weapons material, ionising radiations or contamination by radioactivity from any nuclear fuel or from any nuclear waste from the combustion (including self-sustaining process of nuclear fission) of nuclear fuel. Overloaded Vehicles This policy does not insure loss or liability if the vehicle is loaded or operated contrary to the manufacturer’s recommended specifications or loaded or operated contrary to regulations or statute. This exclusion does not apply to any claim for loss arising from theft or unlawful conversion. Sanctions This policy does not insure loss or liability of any type to the extent that the provision of such cover or the payment of such claim would contravene any sanction, prohibition or restriction under any United Nations resolution or trade or economic sanctions, laws or regulations of New Zealand, Australia, United Kingdom, the United States of America, or the European Union. NZI – Steadfast Commercial Motor Vehicle Wording (01.2020) © 2019 Steadfast Group Limited  Commercial Motor Vehicle Insurance | 32 Seepage, Pollution and Contamination This policy does not insure loss or liability of any type in connection with seepage, pollution or contamination, unless sudden, unintended and unexpected, occurring during the period of insurance. The coverage under this policy is limited to costs and expenses reasonably and necessarily incurred to: 1. Remove, store and/or dispose of debris or the decontamination, demolish, dismantle, dewater, shore up, prop, underpin or carry out other temporary repairs consequent upon damage which is covered by the policy and caused by an insured event. 2. Demolish and remove any property belonging to the insured which is no longer useful for the purpose it was intended for, provided such demolition and removal is necessary for the purpose of the reinstatement or replacement. 3. Clean up and remove pollutants from land confined to insured premises if the discharge, dispersal, seepage, migration, release or escape of the pollutants is caused by an insured event. Terrorism This policy does not insure loss or liability of any type in connection with any act of terrorism regardless of any other cause or event contributing concurrently or in any other sequence and including in connection with controlling, preventing, suppressing, retaliating against or responding to any act of terrorism. Unlawful to Insure This policy does not insure loss or liability of any type in connection with any activity, event or occurrence deemed to be unlawful to insure against. Unlicensed Drivers This policy does not insure loss or liability if the insured vehicle is being used or driven by any person who: 1. Does not have a license that is in full force and effect to drive the insured vehicle at the time and place of the loss; or 2. Is not complying with the conditions of their license. This exclusion will not apply if: a. Prior to the loss, the driver had held the appropriate license, is not disqualified from holding or obtaining the appropriate license, and actually obtains the appropriate license without carrying out a further test; or b. The vehicle is being used for the purpose of teaching a learner to drive, if all requirements of the law are being complied with. NZI – Steadfast Commercial Motor Vehicle Wording (01.2020) © 2019 Steadfast Group Limited  Commercial Motor Vehicle Insurance | 33 Unsafe Vehicles This policy does not insure loss or liability if the vehicle is being used in an unsafe condition. This includes any condition: 1. Which is contrary to any recommendation by the manufacturer of the vehicle, or 2. As a result of which the vehicle is not fit to deal with any peril likely to be encountered during the course of its operation, when you, or any driver was (or should have been) aware of that condition. This exclusion does not apply to any claim for loss arising from theft or unlawful conversion of the vehicle Vehicle use This policy does not insure loss or liability arising from use or driving of any vehicle insured under this policy whilst: 1. Hired out or leased out to a third party for reward; or 2. On a race track, or for pace making, reliability trials, hill climbs or speed tests, or while being used in preparation for any one of these activities. War This policy does not insure loss or liability of any type in connection with controlling, preventing or suppressing any of the following: war, invasion, act of foreign enemy, hostilities or warlike operations (whether war is declared or not), civil war, civil commotion assuming the proportions of or amounting to a popular rising, military rising, mutiny, rebellion, revolution, insurrection, military or usurped power. HOW TO CLAIM What You Must Do If anything happens that may lead to a claim under this policy, you must: 1. Do what you can to take care of the vehicle and to prevent any further loss, expense or liability, and 2. Tell us as soon as possible, and 3. Notify the police as soon as possible if it is believed any loss was caused by an illegal act of a person other than a person covered by this policy, and 4. Allow us to examine the vehicle before any permanent repairs are started, and 5. Send to us, as soon as possible, anything received from anyone about a claim or possible claim NZI – Steadfast Commercial Motor Vehicle Wording (01.2020) © 2019 Steadfast Group Limited  Commercial Motor Vehicle Insurance | 34 against you, or anyone else entitled to cover under this policy, and 6. Give us any information or help that we ask for, and 7. Consent to your personal information in connection with the claim being: a. Disclosed to us, and b. Transferred to Insurance Claims Register Limited, and 8. Tell us immediately if you, or anyone else entitled to cover under this policy, are charged with any offence in connection with the use of an insured vehicle which resulted in loss of property or bodily injury to another person. What You Must Obtain Our Agreement To Do You, and anyone else entitled to cover under this policy, must obtain our agreement before you: 1. Incur any expenses in connection with any claim under this policy, or 2. Negotiate, pay, settle, admit or deny any claim or reparation order made against you, or anyone else entitled to cover under this policy, or 3. Negotiate, make or agree any offer of amends to a victim of offending by any person covered by this policy, or 4. Do anything that may prejudice our rights of recovery. Things You Must Do After We Pay A Claim You and anyone else entitled to cover under this policy must: 1. Tell us if any lost or stolen property which was part of the claim is found or recovered, and hand it over to us if we request it. 2. Tell us if any person is ordered to make reparation to you for any loss or cost which is part of the claim and reimburse us for that payment as soon as any reparation is received. Actions We May Take 1. Subrogation Once we have accepted any part of a claim under this policy, we may assume your, or any other person entitled to cover under this policy’s, legal right of recovery. If we initiate a recovery, we will include any excess, and any other uninsured losses suffered. Where we do this, you (or other person entitled to cover) agree to pay your or their proportional share of the recovery costs, and subsequently the proceeds of the recovery will be shared on the same proportional basis, except that we will reimburse the excess first. You, or any other person entitled to cover, must fully co- operate with any recovery process. If you don’t, we may recover from you the amount paid in relation to the claim. 2. Conduct Of Defence We have the sole right to act in your name, or in the name of any other person entitled to cover NZI – Steadfast Commercial Motor Vehicle Wording (01.2020) © 2019 Steadfast Group Limited  Commercial Motor Vehicle Insurance | 35 under this policy, and on your or their behalf to defend, negotiate or settle any liability covered under ‘Section 2: Liability to third parties’ as we see fit (this will be done at our expense). We may elect at any time to pay the maximum amount payable under this policy, or any lesser sum that the liability can be settled for. Once we have paid this (plus any defence costs and expenses covered by this policy and already incurred, but less any applicable excess) our responsibility to you or any other person covered under this policy is met in full. The lawyers we instruct to act on your behalf or on the behalf of any other person entitled to cover, are authorised by you or such other person, to disclose to us any information the lawyers receive in that capacity, including information they receive from you or any other person. 3. Waiver Of Subrogation (Group Of Related Companies) Where you are a parent or subsidiary in a ‘group of related companies’, we waive any right of recovery you may have against any other company in the same group. A ‘Group Of Related Companies’ means a group of companies related to one another by virtue of such ownership. 4. Recoveries If an insured vehicle or any property we have paid a claim for is later found or recovered, you must tell us immediately and hand it over to us if we request it. We have the right to keep the insured vehicle and any property that we have paid a claim for under this policy, including any proceeds if it is sold. 5. Reparation If any person is ordered to make reparation to you for loss to an insured vehicle that we have paid a claim for under this policy, then you must tell us. Any payments received must first reimburse our claims payment up to the amount of any reparation received. GENERAL CONDITIONS YOUR OBLIGATIONS 1. Breach Of Any Condition If: a. you, or b. any other person we insure under any section of this policy, or c. anyone acting on your behalf, breaches any of the conditions of this policy, we may: i. Decline the claim either in whole or in part, ii. Decline any claim connected with the same event that you make on any other policies you have with us, NZI – Steadfast Commercial Motor Vehicle Wording (01.2020) © 2019 Steadfast Group Limited  Commercial Motor Vehicle Insurance | 36 iii. Declare either this policy or all insurance you have with us to be unenforceable. This is at our sole discretion. 2. True Statements And Answers The application is the basis of this policy. Complete and correct statements and answers must be given (whether by you or any other person) when you: a. Apply for this insurance, and/or b. Notify us regarding any change in circumstances, and/or c. Make a claim under this policy. 3. Reasonable Care You and anyone using an insured vehicle, must take reasonable care at all times to avoid circumstances that could result in a claim. There is no cover if you are reckless or grossly negligent. 4. Complying With This Policy We will not pay any claim unless you, or any person who acts on your behalf, complies with this policy. This also applies to any other person who can claim under the policy. 5. Changes In Circumstances You must tell us immediately if there are any: a. Modifications to an insured vehicle, or b. Change in the use of an insured vehicle, or c. Material changes that might alter the nature of the risk insured or increase the chance of a claim under this policy. Information is ‘material’ where we would have made different decisions about either: i. Accepting your insurance, or ii. Setting the terms of your insurance, if we had known that information. If in any doubt, notify us anyway. The ‘risk insured’ refers to both: i. The actual property or liabilities covered (known as physical hazard), and ii. You or other persons covered by this policy (known as moral hazard). 6. Vehicle Values All values of insured vehicles stated in the vehicle declaration must represent, as nearly as possible, their market value. Values such as book value, depreciated cost, written down value and residual value are not sufficient to comply with this policy condition. We may require you to provide vehicle declarations showing their book value, depreciated cost, written down value or residual value in your business records. NZI – Steadfast Commercial Motor Vehicle Wording (01.2020) © 2019 Steadfast Group Limited  Commercial Motor Vehicle Insurance | 37 7. Priority of Clauses If there is any conflict or inconsistency between an extension and any other terms of this policy (other than the Policy Exclusions or Conditions), then the terms most favorable to you prevail. Cancellation BY THE INSURED You may cancel this policy at any time. If you do, we will refund any premium that is due based on the unused portion of the period of insurance. BY US We may cancel this policy by giving you notice in writing or by electronic means at your last known address. The policy will be cancelled from 4pm on the 30th day after the date of the notice. We will refund you any premium that is due based on the unused portion of the period of insurance. HOW WE ADMINISTER THIS POLICY Change of Terms We may change the terms of this policy (including the excess) by giving you notice in writing or by electronic means at the last known address we have for you. The policy will be changed from 4pm on the 30th day after the date of the notice. Other Insurance You must tell us as soon as you know about any other insurance which covers an insured vehicle. This policy does not cover loss or liability at all if it is insured to any extent under any other insurance policy. We will not contribute towards any claim under any other insurance policy. Joint Insurance If this policy insures more than one person, then all persons are jointly insured. This means that a breach of this policy by any one person affects everyone’s ability to claim under this policy. We may choose to pay any claim in full to the person who is named first in the schedule, and this will meet all our obligations under this policy for that claim. Interests of Other Parties If we know of anyone who has a financial interest over an insured vehicle, we can pay them part or all of any claim proceeds. This payment goes towards meeting our obligations under the policy. However, anyone recorded as having a financial interest under this policy is not covered by it and has no right to make a claim. NZI – Steadfast Commercial Motor Vehicle Wording (01.2020) © 2019 Steadfast Group Limited  Commercial Motor Vehicle Insurance | 38 We are also authorised by you to disclose personal information about you to anyone who holds a financial interest in an insured vehicle. Total loss If we pay a claim for an insured vehicle that we determine is a total loss: 1. That insured vehicle will become our property, and 2. That vehicle is no longer an insured vehicle under this policy, and 3. We will not give any refund of premium, and 4. In the event premium for the period of insurance is paid in instalments, any unpaid premium for the balance of the period of insurance is due immediately and may be deducted from any payment made by us. LAWS AND ACTS THAT GOVERN THIS POLICY Governing Law and Jurisdiction The law of New Zealand applies to this policy and the New Zealand Courts have exclusive jurisdiction. Legislation Changes Where this policy refers to any Act of Parliament, it also includes any sub-ordinate legislation made under it, and any subsequent Acts or Regulations. Insurance Law Reform Acts The exclusions and conditions in this policy are subject to your rights under the Insurance Law Reform Acts 1977 and 1985. Currency Any amount shown in this policy or the schedule is in New Zealand dollars. Goods and Services Tax Where GST is recoverable by us under the Goods and Services Tax Act 1985: 1. all vehicle values specified in the vehicle declaration exclude GST, and 2. all limits and sub limits exclude GST, and 3. all excesses include GST, and GST will be added, where applicable, to claim payments. NZI – Steadfast Commercial Motor Vehicle Wording (01.2020) © 2019 Steadfast Group Limited  Commercial Motor Vehicle Insurance | 39 DEFINTIONS The definitions apply to the plural and any derivatives of the bolded words. For example, the definition of ‘accident’ also applies to the words ‘accidentally’, ‘accidental’ and ‘accidents’. Accessories A fitting or attachment that alters the performance, characteristics of, or is designed for use in, a vehicle to which it is attached but without which the vehicle would still operate, car tools, spare parts, and emergency aids, used exclusively for the insured vehicle (including when temporarily removed from the insured vehicle), for example but not limited to: on board computers, telephone installations, satellite navigation devices, remote controls for attached plant, load securing or protection equipment in, on or in connection with the insured vehicle, ropes, tarpaulins and racking installed in tradesmen’s vehicles, but not any mobile telephone or personal audio equipment unless permanently attached to the vehicle. Accident An event occurring in New Zealand that is unintended, unexpected and unforeseen by you. Act of terrorism Includes any unlawful act, or preparation in respect of action, or threat of action designed to influence or coerce the government de jure or de facto of any nation or any political division therefore, or in pursuit of political, religious, ideological, or in pursuit of political, religious, ideological, or similar purposes to intimidate the public or a section of the public of any nation by any person or group(s) of persons whether acting alone or on behalf of or in connection with any organisation(s) or government(s) de jure or de facto, and that 1. Involves violence against one or more persons, or 2. Involves damage to property, or 3. Endangers life other than that of the person committing the action, or 4. Creates a risk to health or safety of the public or a section of the public, or 5. Is designed to interfere with or disrupt an electronic system. Application The information provided to us by you or on your behalf when you purchased this insurance or requested a quotation for this insurance from us. It also includes any subsequent information you provide us with. NZI – Steadfast Commercial Motor Vehicle Wording (01.2020) © 2019 Steadfast Group Limited  Commercial Motor Vehicle Insurance | 40 Bodily injury The accidental death of or the accidental bodily injury to any person during the period of insurance, including sickness, disease, disability, shock, fright, mental anguish or mental injury. Driver The person driving or operating any component of the insured vehicle (for example a crane or hoist). Electronic data Facts, concepts and information converted to a form useable for communications, display, distribution, interpretation or processing by electronic and electromechanical data processing or electronically controlled equipment and includes programs, software and other coded instructions for such equipment. Excess The first amount of any claim that you must pay for an event, specified in the schedule or in this policy. Event An event or series of events, arising from one source or original cause. Insured vehicle 1. All vehicles listed in the vehicle declaration provided to us; and 2. Any other vehicle not owned by you that is a. Hired in or rented in (and you do not accept the rental owner’s statutory offer of insurance), or b. Borrowed or loaned (for example a motor mechanic’s or panel beater’s loan vehicle ) Note additional vehicles that you purchase or lease during the period of insurance are covered under the ‘General Policy Extensions Applicable To Sections 1 And 2 Automatic Extensions - Additions and Deletions’. Lease/leased A contract between you and someone else under which you have the right to use a vehicle for a term not less than 12 months in return for payment of money. NZI – Steadfast Commercial Motor Vehicle Wording (01.2020) © 2019 Steadfast Group Limited  Commercial Motor Vehicle Insurance | 41 Loss Physical loss or physical damage. Market value The reasonable sale price of the same or a comparable vehicle of similar pre-loss age, condition and specification, including the value of any accessories but excluding the value of any sign- writing. Mechanical plant A vehicle, that has either plant or machinery attached to it, or is primarily designed as mobile plant or mobile machinery. Natural disaster Earthquake, tsunami, volcanic activity, hydrothermal activity, geothermal activity, or subterranean fire, or fire following any of these. Period of insurance The period of time stated in the schedule that specifies the start and end dates of this insurance contract. Permitted use Used by you or anyone with your consent: 1. For your business or occupation; or 2. For your private, social or domestic purposes; or 3. For a business or occupation comparable with your business or occupation, when temporarily lent out by you. Reparation An amount ordered by a New Zealand Court to be paid to the victim of an offence under Section 32 of the Sentencing Act 2002. Residual value The residual value of a leased insured vehicle calculated in accordance with the lease agreement relating to that insured vehicle. NZI – Steadfast Commercial Motor Vehicle Wording (01.2020) © 2019 Steadfast Group Limited  Commercial Motor Vehicle Insurance | 42 Schedule The latest document issued to you which specifies limits and or sub limits and any applicable excesses under individual parts of the policy wording. This document forms part of your policy wording. Subsidiary A company with more than half the nominal value of its equity share capital owned by a parent company, either directly or through other subsidiaries. Total loss Actual total loss, or if we determine the insured vehicle is uneconomic to repair. Vehicle Any type of motor vehicle, machine on wheels, tracks or rollers (but not rails) that is propelled by its own power, and anything designed to be towed by such motor vehicle, or machine, including any accessories and fit out of such a machine. Vehicle declaration The list of insured vehicles stating their values (including the value for any signwriting) provided by you at the inception of this policy, and any subsequent endorsement or renewal. We NZI, a business division of IAG New Zealand Ltd. We may also use the words ‘us’ ‘our’ or ‘company’ to describe NZI. You The person(s) or entity named in the schedule as ‘Insured’ including any: 1. Subsidiary, or 2. Associated management company, or 3. Associated social or sporting club, or 4. New organisation or company formed or acquired by you during the period of insurance; We may also use the word ‘Insured’ to describe you. NZI – Steadfast Commercial Motor Vehicle Wording (01.2020) © 2019 Steadfast Group Limited  Commercial Motor Vehicle Insurance | 43 NZI – Steadfast Commercial Motor Vehicle Wording (01.2020) © 2019 Steadfast Group Limited Electronic Data Exclusion and Vehicle Parts Exclusion Commercial Motor Vehicle Policy Endorsement Your policy is amended as follows: Notwithstanding anything to the contrary in this policy or any endorsement, the following Electronic Data Exclusion applies to all sections/parts of the policy and the following Vehicle Parts Exclusion applies to section 1 of the policy. Any equivalent, corresponding or comparable electronic data exclusion and vehicle parts exclusion (whether in the policy or in any endorsement) are deleted. Important note: Any equivalent, corresponding or comparable electronic data exclusion and vehicle parts exclusion that apply to your policy may not be called by, or have a heading, with the same name (or may not have any name or heading). For example (and depending on your policy), Electronic Data Exclusion may be named or known as loss of electronic data and the Vehicle Parts Exclusion may be named or known as vehicle parts, vehicle components, breakdown, or mechanical and/or electrical breakdown/failure. Electronic Data Exclusion 1. This policy does not insure loss of data or loss of data value or liability of any type in connection with any loss of data or loss of data value. 2. This policy does not insure any costs or expenses of any type (including defence costs, fines or court costs) arising from any prosecution, claim or liability in connection with any loss of data or loss of data value. This exclusion does not apply to loss of data that results directly from physical loss or physical damage that is covered by Section 1 of the policy. The following definitions apply to this Electronic Data Exclusion: computer system includes any computer operating system, hardware, programme, software, communications system, information repository, microchip, integrated circuit or similar device in computer equipment or non-computer equipment, including any similar system or configuration of the aforementioned, whether the insured’s property or not. electronic data means information, facts, concepts, code or any other information of any kind and whether owned by the insured or not that is recorded or transmitted in a form to be used, accessed, processed, transmitted or stored by any computer system. loss of data includes any actual or alleged: 1. loss of, alteration of, or damage to any electronic data, or 2. cost in correcting or reprogramming any electronic data, or 3. reduction in the functionality, availability or operation of any electronic data, or 4. cost involved in retrieving electronic data. loss of data value means any actual or alleged loss in the value (whether financial or otherwise) of any electronic data. Continued NZ303/1 11/22 / Page 1 of 2 Electronic Data Exclusion and Vehicle Parts Exclusion   Commercial Motor Vehicle Policy Endorsement Vehicle Parts Exclusion 1. This policy does not insure any physical loss of or physical damage to, or any cost or expense, in connection with any of the following parts (including any components of those parts) of any vehicle: (a) engine and all engine parts, (b) cooling systems, including but not limited to radiators, heat exchangers, cooling fans, pressure caps, water pumps, thermostats and hoses, (c) hydraulic systems, including but not limited to shock absorbers and suspension systems, (d) transmission system, including but not limited to gearbox, drive shafts, axles, differentials, clutches, and wheel hubs, (e) fuel systems, (f) braking systems, (g) electrical or electronic systems, computer systems, and mechanical systems, (h) pumping and vacuuming systems, (i) any fixed plant machinery (including but not limited to food or drink preparation equipment), (j) underground exploratory devices. 2. Exclusion (1) does not apply to any resultant sudden and accidental physical loss or physical damage to any other vehicle part not included in 1 (a) – (j). 3. Exclusion (1) does not apply to any physical loss or physical damage that is caused directly by any of the following: (a) fire, (b) the vehicle or a conveying vehicle overturning, (c) the vehicle suffering an impact or collision with an external object, (d) the vehicle being partly or fully immersed in a body of water, (e) the vehicle being stolen or converted, (f) the vehicle being maliciously damaged by non-electronic means, (g) the vehicle being accidentally operated with the incorrect fuel type, including but not limited to diesel in a petrol engine or petrol in a diesel engine. This does not include operating the vehicle with fuel of the correct type which is contaminated, (h) hail, snow, storm or lightning, (i) earthquake, subterranean fire, hydrothermal activity, geothermal activity, volcanic activity, or tsunami, (j) impact or damage by animals. NZ303/1 11/22 / Page 2 of 2 Communicable Disease Exclusion – Commercial Motor Vehicle Policy Endorsement Your policy is amended as follows: Notwithstanding any provision to the contrary in this policy or any other endorsement, this policy does not insure any: 1. contamination costs directly or indirectly arising out of or attributable to the presence or potential presence, or threat or fear of the presence, of any disease: (a) stated to be a quarantinable disease under the Health Act 1956, or (b) in respect of which a state of emergency has been declared under the Civil Defence Emergency Management Act 2002, or (c) in respect of which a pandemic or epidemic has been declared by the World Health Organisation or the New Zealand government or any New Zealand government agency or lawful authority, or (d) declared by the World Health Organisation to be a Public Health Emergency of International Concern (PHEIC). 2. liability directly or indirectly arising from any actual or alleged injury resulting from the transmission of any communicable disease. References in this exclusion to legislation and legislative and official terms include any amended, replacement, re-enacted, successor, equivalent, substituted, corresponding, or similar legislation (including any secondary legislation made under such legislation) and legislative and official terms. For the purpose of this exclusion only, the following definitions apply: contamination costs means all costs to clean, neutralise, disinfect, treat, decontaminate, restore, rectify, destroy, remove, dispose of, repair, replace or reinstate any property, and any loss of value or loss of use of any property; and includes any liability for or arising from such costs or loss of value or loss of use of property. injury includes bodily injury, sickness, disease, disability, impairment, incapacity, mental anguish, emotional distress, shock, fright or death of any person. NZ7251/1 11/22 / Page 1 Sanctions Exclusion Policy Endorsement This policy is amended as follows: This Sanctions exclusion applies despite anything to the contrary in the policy or any endorsement. This policy is deemed not to provide any cover, and no payment will be made or benefit provided, to the extent that the provision of such cover, payment, or benefit may breach or risk exposure to any: 1. sanction, prohibition or restriction under United Nations resolutions; or 2. trade or economic sanction, law or regulation of New Zealand, Australia, the United Kingdom, the United States of America or the European Union. Any equivalent clause applying to the policy is superseded by the Sanctions exclusion above. An equivalent clause may exclude, restrict, or deny cover, payments, services and/or benefits due to any sanction, prohibition, penalty, or restriction of any United Nations resolution, or the trade or economic sanctions, laws, or regulations of any country, and/or the European Union. Page 1 of 1 / NZ7428/1 07/23 NZI, a business division of IAG New Zealand Limited.