Financial Hardship

Financial Hardship

Under the General Insurance Code of Practice (2020), insurers are obliged to have in place arrangements to assist individuals experiencing Financial Hardship.

Financial Hardship means you have difficulty meeting your financial obligations to your insurer.  You may be entitled to support because you are suffering Financial Hardship if you are:

  1. an individual Insured or a Third Party Beneficiary who owes the insurer money — including an excess — under an insurance policy they have issued; or
  2. an individual and the insurer is seeking to recover money from you because the insurer believes you caused damage or loss to either an Insured or a Third Party Beneficiary who the insurer covers under an insurance policy.

(Please note that the support that the insurer must provide does not include support with paying the premiums under an insurance policy they have issued).

You also have a right to ask the insurer to fast-track a claim if you have an urgent financial need.

BizCover is committed to assisting its customers who are experiencing Financial Hardship.  If you believe you are affected by Financial Hardship, please let us know and we will arrange for your insurer to urgently contact you to discuss your situation and options.  Alternatively, our insurer partners have information on Financial Hardship on their websites which you can easily access yourself.

You may also want to consider contacting the National Debt Helpline on 1800 007 007

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