Chubb Target Market

Determination

Q Report Jewellery Insurance

Chubb Target Market Determination

Important Information
This Target Market Determination (TMD) is required under section 994B of the
Corporations Act 2001 (Cth) and has been prepared by the product issuer Chubb
Insurance Australia Limited (Chubb) AFSL 239687 ABN 23 001 642 020. The
TMD is designed to assist customers, distributors and Chubb staff to understand
who this product has been designed for and who it is not suitable for. The TMD
identifies triggers for Chubb to review the target market and sets out the
conditions and restrictions on distribution of the product described below. It also
sets out the reporting obligations of Chubb’s distributors. This document is not a
Product Disclosure Statement (PDS) and is not a summary of the product features
or terms of the product. This document does not take into account any person’s
individual objectives, financial situation or needs and is not intended to constitute
personal advice. Persons interested in acquiring this product should carefully
read the PDS before deciding whether to purchase this product.

This TMD is effective from the date of publication until its replacement or
withdrawal

Where a word is capitalised in this TMD and not otherwise defined, the
definition of the word can be found in the policy wording/PDS.
The PDS for the product can be found here.

Chubb Target Market Determination, Q Report Jewellery Insurance, Australia. Published 10/2021. 2
©2021 Chubb Insurance Australia Limited. Chubb®, its logos, and Chubb. Insured.SM are protected
trademarks of Chubb.
 Target Market Determination

1. Details

Product Name/s: Q Report Jewellery Insurance PLD / QR PDS 03-21 (the Product)

Publication date of 5 October 2021

TMD:

Initial Review Date: 5 October 2023 (2 years from date of publication)

Frequency of Product Every 2 years from date of publication, subject to intervening review triggers as
Reviews outlined in section 4 of this TMD

2. Product Target Market

What is the Product?

This Product provides insurance coverage for physical loss or damage to single items of jewellery or a
collection of items including watches (Valuable Article) owned by individuals.

Key covers/attributes
The main benefits of this Product include:

 cover for the Valuable Article in the event of accidental loss, damage or theft;

 cover for the Valuable Article in Australia and while travelling overseas;

The Product allows for:

 repair or replacement of the Valuable Article by the customer’s original or preferred jeweller where
possible; and

 payment up to 150% of the sum insured if the cost of repair or replacement exceeds the sum
insured.

Key exclusions
Some of the main exclusions of the Product include:

× loss or damage caused by cleaning and renovations;

× wear and tear;

× some countries are excluded from world-wide cover due to international sanctions for example, Iran,
Syria, North Korea, North Sudan, Crimea and Cuba.

Customers the Product was designed for

 This product was designed for individuals who want to insure their Valuable Articles valued over
$1,000.

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 Classes of Customers

The class of customers for whom this product is targeted can be categorised as

 Individuals who own jewellery and/or watches valued over $1,000.

Customer's likely objectives, financial situation, and needs

Objectives The likely objectives for customers in this target market are that they are seeking to limit
their exposure to financial loss for a valuable asset.

Financial The likely financial situation for customers in this target market is that they can pay the
situation premium and applicable excess and they own jewellery that exceeds the value of the
applicable excess. Their financial situations will range from those just starting out in life
making their first significant purchase (e.g. an engagement ring) to those in comfortable
financial circumstances making a collectors or lifestyle purchase.

Needs The likely needs customers in this target market are that they will be looking to protect a
financial investment in an item of significant value which is not covered by a home
contents policy or insufficiently covered by their home contents policy.

Customers the Product was not designed for

This product is not suitable for persons who:

× want to insure business related property;

× want to insure items valued less than $1000;

× own very large items or large collections in excess of $250,000. This product may be suitable for
some such customers after individual assessment of their circumstances by Chubb;

× are not Australian residents.

Why Product is consistent with the Target Market

Chubb views that the Product is consistent with the Target market as the target market comprises
individuals who want to insure jewellery/watches and the product provides jewellery insurance which
includes worldwide cover, the opportunity to return to the customer’s preferred jeweller in the event of a
claim. It is therefore likely that the Product will meet the needs, or go towards meeting the needs, of those
in the target market.

3. Conditions/Restrictions on product Distribution

Restriction/ Description
Condition

Method of This Product may be distributed:

distribution
• online www.qreport.com.au as a standalone insurance purchase; or

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©2021 Chubb Insurance Australia Limited. Chubb®, its logos, and Chubb. Insured.SM are protected trademarks of Chubb. 4
 • as an add-on insurance product when purchasing an item of jewellery in select
jewellery stores throughout Australia who are affiliated with the Distributors
identified in section 5 (Distributors);

Chubb has authorised the Distributors to distribute the Product on its behalf.

In distributing this Product the Distributors can not provide any financial product
advice, unless the Distributor is appointed as an Authorised Representative, in which
case they are permitted to provide general product advice but not personal advice.

Jewellery store operators and staff are not permitted to provide any financial product
advice and must refer all product related queries to the Distributors.

Deferred Sales Model – applicable when sold as an add-on product

The distribution of this Product is subject to the Deferred Sales Model (DSM), governed
by the Australian Securities and Investments Commission Act 2001 as it is an add-on
insurance product.

Pursuant to the DSM, there must be a four (4) day pause between the sale of the prinipal
jewellery product and the sale of the add-on insurance Product (Deferral Period).

Once the customer has committed to the principal jewellery product, in order to trigger
the Deferral Period the Distributors are required to provide the customer with the
prescribed customer information.

During the Defferal Period and for five weeks and three days from the conclusion of the
Deferral Period (Post Deferral Period), the Distributors may only communicate in
writing with customers in respect of the insurance Product

Anti-hawking

At the expiry of the PostDeferral Period, the anti-hawking prohibition will immediately
commence. Under the anti-hawking prohibition, the Distributors must not issue, sell,
request or invite the purchase of the Product by a customer as a result of unsolicited
contact.

Underwriting The Distributors are required to distribute the product in accordance with Chubb’s
criteria underwriting criteria.

Promotional Any promotional material which is used by the Distributors in relation to the Product
Material must be pre-approved by Chubb and must contain an electronic link to this TMD.

Distribution The Product must only be distributed in accordance with this TMD and the contractual
in accordance arrangements in place between Chubb and the Distributors.
with TMD

Explanation

Customers who obtain the Product in accordance the distribution conditions set out above are more likely
to be in the target market for this product because they own or are actively purchasing a jewellery item from
a network of jewellers affilated with the Distributor and would be interested in obtaining insurance for that
item

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 4. Product Review

Periods of Mandatory periodic reviews of the TMD will occur at least every 2 years subject to
review: intervening review triggers (see below).

Review triggers:

Review triggers are events that suggest the TMD may no longer be appropriate and may trigger a review
prior to periodic review as set out above. The review triggers for this product are set out below.

1. Any material change to the Product, including a change to the PDS.

2. Changes to relevant laws, regulatory guidance, or industry codes.

3. Any determination of or feedback from regulators, the Australian Financial Complaints Authority, a
court or a tribunal suggesting that the target market may no longer be appropriate (including the
use of Product Intervention Powers).

4. The nature of feedback regarding the Product, including whether complaints have increased
significantly from consumers or distributors.

5. Distribution or purchasing of the Product in a manner significantly inconsistent with the TMD.

5. Reporting Obligations

Chubb's third party distributors must report the following information to [email protected] in
order to ascertain whether or not the TMD remains appropriate to assist us in improving our product for
our customers.

Distributors authorised by Chubb to distribute the Product

Distributor Role of Distributor Distributor Contact Details

Jewellers Loop Pty Ltd Authorised Level10, 61-63 Market Street, Sydney 200, phone
(ABN 47 110 767 087) Representative (AR 1300 882 018 and website www.qreport.com.au
number 295163)

Australian Jewellers Authorised Distributor Level 10, 61-63 Market Street, Sydney 200, phone
Consortium Pty Ltd 1300 882 018 and website www.qreport.com.au
(ABN 86 076 730 642)

Distributor Reporting Obligations

Type of Description Reporting Period

Report

Complaints The number of complaints received regarding the Quarterly (10 business days
Product during the reporting period and the nature after the quarter has closed)
and details of the complaints.
(even when the number of
Complaint is defined in the Australian Securities and complaints received is zero)
Investment Commission (ASIC) Regulatory Guide
RG 271.

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 Significant A significant dealing in the Product which is not Within 10 business days of
dealings consistent with this TMD must be notified to ASIC. becoming aware of the
What amounts to a "significant dealing" will be significant dealing.
determined by the circumstances of each case but
generally regard should be had to:

• the proportion of consumers purchasing the

product who are not in the target market;
• the actual or potential harm to those
consumers;
• the nature and extent of the inconsistency of
distribution with the TMD; and
• current ASIC guidelines when determining
what may constitute a significant dealing.

If in doubt, Distributors must report the dealing to

Chubb, so that Chubb can undertake the necessary
assessments.

The report must include:

• Date(s) of the significant dealing;

• Description of the significant dealing;
• Why the dealing is considered significant;
• How the significant dealing was identified;
• What steps, if any, have been taken in
relation to persons affected by the significant
dealing; and
Steps which have been, or will be, taken to ensure
that the significant dealing does not occur again.

Sales The number of sales of the Product (only if In accordance with existing
information Distributor has binding authority) contractual arrangements

6. Appropriateness

Chubb has assessed the Product’s key attributes and formed the view that it is likely to be consistent with
the likely objectives, financial situation and needs of consumers in the target market as described within
this TMD.

Chubb Target Market Determination, Q Report Jewellery Insurance, Australia. Published 10/2021.
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About Chubb in Australia Contact Us

Chubb is the world’s largest publicly Chubb Insurance Australia Limited

traded property and casualty insurer. ABN: 23 001 642 020 AFSL: 239687
Chubb, via acquisitions by its predecessor
companies, has been present in Australia Grosvenor Place
for 100 years. Its operation in Australia Level 38, 225 George Street
(Chubb Insurance Australia Limited) Sydney NSW 2000
provides specialised and customised O +61 2 9335 3200
coverages including Business Package, www.chubb.com/au
Marine, Property, Liability, Energy,
Professional Indemnity, Directors &
Officers, Financial Lines, Utilities as well
as Accident & Health, to a broad client
base, including many of the country’s
largest companies. Chubb also serves
successful individuals with substantial
assets to insure and consumers purchasing
travel insurance.

More information can be found at

www.chubb.com/au.

This content is brought to you by Chubb Insurance Australia Limited (“Chubb”) as a convenience to readers
and is not intended to constitute advice (professional or otherwise) or recommendations upon
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Reference in this content (if any) to any specific commercial product, process, or service, and links from this
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and shall not be used for advertising or service/product endorsement purposes.

Chubb Target Market Determination, Q Report Jewellery Insurance, Australia. Published 10/2021. ©2021
Chubb Insurance Australia Limited ABN: 23 001 642 020 AFSL: 239687. Chubb®, its logos, and Chubb.
Insured.SM are protected trademarks of Chubb. Chubb17-212-1021