Effective from 29 April 2022.

These are the terms and conditions for a multi-policy discount on policies provided by Vero Insurance New Zealand Limited ("Vero") and distributed through AMP Services (NZ) Limited (“AMP”). In these terms and conditions “we”, “our” and “us” refer to Vero, and “you” refers to the insured named on the policy schedule.

You will be eligible to receive a multi-policy discount if you meet all the following (“Eligibility Criteria”):

• You have insurance cover for two or more Eligible Insured Assets with Vero which are branded AMP; and
• The Eligible Insured Assets are:
  • Insured under the same policy; or
  • Insured under multiple policies and the policies have been linked by a matched Vero client number and a matched Master Agent Number.
• You exceed the Minimum Premium as outlined below in section 10.

Where the Eligibility Criteria are met, the following assets are eligible to be considered for a multi-policy discount (“Eligible Insured Assets”):

• House
• Car (excluding vintage/classic cars which have conditions noted on the policy schedule)
• Contents
• The following boats:
  • Trailered powerboat
  • Trailered sailboat
  • Trailered jetboat
  • Jet-ski
  • Canoe/kayak/dinghy insured under a standalone policy
  • Windsurfer insured under a standalone policy

Any other assets, including the following assets and commercial policies, are not eligible to be considered for a multi-policy discount, even if the Eligibility Criteria are met (“non-Eligible Insured Assets”):

• Moored craft
• Motorcycles
• Trailers
• Caravans
• Vintage cars (which have vintage/classic car conditions noted on the policy schedule)
• Classic cars (which have vintage/classic car conditions noted on policy schedule)
• Campervans
• Motorhomes
• Site Cover
• Transit Cover

Where the Eligibility Criteria are met, the following conditions set out how the multi-policy discount is applied:

1. If you are insured with Vero through AMP you are generally eligible for up to a 10% multi-policy discount. Except for the portion of premium excluded under clauses 3 and 4 below, the discount is applied to the company premium and natural disaster premium for each of the Eligible Insured Assets.  The company and natural disaster premium will be displayed on your policy schedule.
2. The multi-policy discount does not apply to fees, levies or GST which may be charged on the premium for the Eligible Insured Assets.  The multi-policy discount is applied to the premium before fees, levies or GST are added.
3. The multi-policy discount does not apply to premium charged for the Excess-free Windscreen and Window Glass Optional Additional Benefit.
4. The multi-policy discount does not apply to premium charged for the Accidental Damage to Contents, Cover anywhere within New Zealand, or Replacement Value for Contents Optional Additional Benefits.
5. The multi-policy discount applies once the period of insurance for two or more Eligible Insured Assets overlaps.
6. The multi-policy discount applies to all Eligible Insured Assets from the time when the second Eligible Insured Asset is insured with Vero.
7. If you no longer have two or more Eligible Insured Assets, you will no longer be eligible for a multi-policy discount.  The multi-policy discount will be removed from the premium charged for any Eligible Insured Assets that remain insured with Vero at our discretion. The multi-policy discount may remain on the policy and only be removed at the next renewal for any remaining Eligible Insured Assets.
8. Where a policy for Eligible Insured Assets is changed mid-term because of a change in circumstance, such as a change in the insured address, and this results in a change in premium for the Eligible Insured Asset, the multi-policy discount will be applied to the policy change and subsequent premium change.
9. The two or more Eligible Insured Assets must all be insured in the name of an individual or in the name of a trust or business. A multi-policy discount does not apply where:
   1. one Eligible Insured Asset is insured in the name of an individual and the other is insured in the name of a trust or business ; or
   2. one Eligible Insured Asset is insured in the name of a trust and another in the name of a business.
10. Each Eligible Insured Asset has a minimum premium threshold (‘Minimum Premium’) which is the lowest premium that can be charged for the insurance cover for that asset.  The Minimum Premium changes depending on the type of asset insured and the type of cover selected.  Any discounts applied cannot reduce the premium for an Eligible Insured Asset to less than the Minimum Premium.  This means that the multi-policy discount may not be applied in full or at all in the following scenarios:
    1. Where the premium for an Eligible Insured Asset is already at or close to the Minimum Premium;
    2. Where other discounts applied to the Eligible Insured Asset, such as no claims discounts, staff discounts or other discretionary discounts, result in the premium for an Eligible Insured Asset reducing to the level of or close to the level of the Minimum Premium;
    3. In rare cases, where the premium for all Eligible Insured Assets is already at Minimum Premium, the multi-policy discount will not reduce the premium at all.

You will be eligible to receive a multi-policy discount on any Eligible Insured Assets if you meet all the following (“Eligibility Criteria”):

• You have insurance cover for at least two Qualifying Insured Assets with Vero which are branded AMP; and
• The Qualifying Insured Assets and any Eligible Insured Assets are:
  • Insured under the same policy; or
  • Insured under multiple policies and the policies have been linked by a matched Vero client number and a matched Master Agent Number.
• You exceed the Minimum Premium as outlined below in section 10.

Where the Eligibility Criteria are met, the following assets are eligible to be considered for a multi-policy discount (“Eligible Insured Assets”):

• House
• Car (excluding vintage/classic cars which have conditions noted on the policy schedule)
• Contents
• The following boats:
  • Trailered powerboat
  • Trailered sailboat
  • Trailered jetboat
  • Jet-ski
  • Canoe/kayak/dinghy insured under a standalone policy
  • Windsurfer insured under a standalone policy

Any other assets, including the following assets and commercial policies, are not eligible to be considered for a multi-policy discount, even if the Eligibility Criteria are met (“non-Eligible Insured Assets”):

• Moored craft
• Crop (CRP)

Where the Eligibility Criteria are met, the following conditions set out how the multi-policy discount is applied:

1. If you are insured with Vero through AMP, you are generally eligible for up to a 10% multi-policy discount.  The discount is applied to the company premium for each of the Eligible Insured Assets.  The company premium will be displayed on your policy schedule and described as “company premium”.
2. The multi-policy discount does not apply to fees, levies or GST which may be charged on the premium for the Eligible Insured Assets.  The multi-policy discount is applied to the premium before fees, levies or GST are added.
3. The multi-policy discount does not apply to premium charged for the Excess-free Windscreen and Window Glass Optional Additional Benefit.
4. The multi-policy discount does not apply to premium charged for the Accidental Damage to Contents, Cover anywhere within New Zealand, or Replacement Value for Contents Optional Additional Benefits.
5. The multi-policy discount applies once the period of insurance for any Eligible Insured Asset overlaps with the period of insurance for at least two Qualifying Insured Assets.
6. The multi-policy discount applies to all Eligible Insured Assets from the time when the second Qualifying Insured Asset is insured with Vero.
7. If you no longer have at least two Qualifying Insured Assets, you will no longer be eligible for a multi-policy discount on any Eligible Insured Assets.  The multi-policy discount will be removed from the premium charged for any Eligible Insured Assets that remain insured with Vero at our discretion. The multi-policy discount may remain on the policy and only be removed at the next renewal for any remaining Eligible Insured Assets.
8. Where a policy for Eligible Insured Assets is changed mid-term because of a change in circumstance, such as a change in the insured address, and this results in a change in premium for the Eligible Insured Asset, the multi-policy discount will be applied to the policy change and subsequent premium change.
9. The Qualifying Insured Assets and Eligible Insured Assets must all be insured in the name of an individual or in the name of a trust or business. A multi-policy discount does not apply where:
   1. one or two Qualifying Insured Assets or Eligible Insured Assets are insured in the name of an individual and the others are insured in the name of a trust or business; or
   2. one or two Qualifying Insured Assets or Eligible Insured Assets are insured in the name of a trust and the others are insured in the name of a business.
10. Each Eligible Insured Asset has a minimum premium threshold (‘Minimum Premium’) which is the lowest premium that can be charged for the insurance cover for that asset.  The Minimum Premium changes depending on the type of asset insured and the type of cover selected.  Any discounts applied cannot reduce the premium for an Eligible Insured Asset to less than the Minimum Premium.  This means that the multi-policy discount may not be applied in full or at all in the following scenarios:
    1. Where the premium for an Eligible Insured Asset is already at or close to the Minimum Premium;
    2. Where other discounts applied to the Eligible Insured Asset, such as no claims discounts, staff discounts or other discretionary discounts, result in the premium for an Eligible Insured Asset reducing to the level of or close to the level of the Minimum Premium;
    3. In rare cases, where the premium for all Eligible Insured Assets is already at Minimum Premium, the multi-policy discount will not reduce the premium at all.

11. Vero reserves the right to remove a multi-policy discount where it discovers that you do not meet the Eligibility Criteria for the application of the multi-policy discount.  This includes where you have represented during the sales process that you have other Eligible Insured Assets or Qualifying Insured Assets.
12. Vero may alter these terms and conditions and the Eligibility Criteria which applies to multi-policy discounts, including whether a particular asset type is an Eligible Insured Asset or Qualifying Insured Asset, or the rate of discount applied.  This change will apply to any future renewal, except where Vero has already issued a renewal notice for the asset type.  Any changes may mean that you are no longer eligible for a multi-policy discount. Vero accepts no liability for any loss or damage related to any change in the terms and conditions which govern eligibility for a multi-policy discount.  This restriction does not apply to any rights you may have under consumer law.
13. Vero will take reasonable steps to ensure that a multi-policy discount is applied to policies covering Eligible Insured Assets.  However, you should ensure that we are advised about policies for other Eligible Insured Assets and Qualifying Insured Assets so that a multi-policy discount can be applied.  This may include contacting us to ensure that any Eligible Insured Assets and Qualifying Insured Assets are linked by Vero client number and Master Agent Number.  If you do not see a reference to a multi-policy discount on the policy schedule for each of your Eligible Insured Assets and believe you are eligible for multi-policy discount, you should contact us to check that your Eligible Insured Assets and Qualifying Insured Assets have been linked and the multi-policy discount is applied (where the criteria are met).
14. Vero will not be liable for any loss, damage, or liability as a result of you providing us with details of policies for Eligible Insured Assets or Qualifying Insured Assets which are incorrect.
15. The multi-policy discount cannot be transferred or redeemed for cash.
16. These Multi-Policy Discount Terms and Conditions are additional to your policy terms and conditions, Vero’s Quote Terms and Conditions and the Terms of Use of the AMPGo Policy Platform.  Where there is a conflict between these terms and the terms of your insurance policy, the terms of the policy will prevail.
17. Vero will collect, hold, use and share personal information about you in connection with the multi-policy discount in line with our standard privacy statement and subject to the Privacy Act.