Target Market Determination - 1 August 2023

This Target Market Determination (TMD) applies to all travel insurance products (“the Insurance”) designed and distributed in the Australian market by Fast Cover Pty Ltd ABN 98 143 196 098, AFSL 538708 ("Fast Cover") on behalf of certain underwriters at Lloyd’s. This TMD is made by the underwriters (“we, our and Us”) and was prepared on 1 August 2023.

About this document

The Corporations Act requires us to make this TMD and include certain information in it. Any terms used in this TMD that are defined in the Corporations Act have the same meaning as in that Act.

This TMD is not intended to be a consumer facing disclosure document and does not form part of the terms of the product.

Any information or examples given in the TMD must not be read as a complete list of eligibility or the standard terms and conditions and limitations that apply to the product.

Customers must refer to the PDS and other policy documents to understand the terms and conditions of the product that will apply and must refer to the PDS before deciding. The PDS is available at fastcover.com.au. Any terms used in this TMD have the same meaning as defined in the PDS.

This TMD does not consider any customer’s individual needs, objectives or financial situation and does not provide financial product advice or recommendation on the cover.

(A) Who is the target market for this Insurance and what types of cover are available?

Product Description including key attributes

There are two main types of cover available under the Insurance:

Domestic Travel Insurance, which provides cover against certain travel risks arising from travel within Australia, providing the travel is at least 200km from your home.
Overseas Travel Insurance, which provides cover against certain travel risks arising from travel overseas.

Types of Policies

Travel Insurance Benefits (“Benefits”) for the abovementioned domestic and overseas cover types, are listed below in the applicable tables, and are available under 6 different policies as follows:

Comprehensive;
Standard Saver;
Basics;
Snow Sports Plus;
Domestic Plus;
Frequent Traveller Saver.

Not all Benefits are available under each policy type. We have set out which Benefits are included under each policy type in the tables below. Customers should ensure that they read the PDS as terms, conditions, exclusions and limits apply to each type of policy.

The different policy types can be selected by customers to suit their travel plans and circumstances. This combined with other matters described in this TMD makes it reasonable to conclude that the Insurance is likely to be consistent with the likely objectives, needs and financial situation of customers in the target market.

Already Overseas

We may also offer cover under certain policy types for those customers already overseas at the time of purchasing the policy. Our Basics Policy, Domestic Plus Policy and Frequent Traveller Saver Policy are not eligible for purchase if a customer is already overseas.

Customers need to refer to the PDS for additional terms and conditions relating to policies purchased whilst already overseas.

Insured Persons

Each policy type is available (subject to eligibility criteria) to cover people travelling alone (Single), with a travelling companion where you are travelling together for 75% of the time (Duo) or with other family members (Family).

Cover for accompanying dependants of the customer applying for cover is available (subject to eligibility criteria) under the Single and Family Policies, but not the Duo Policy. Dependants are their children or grandchildren or children or grandchildren of whom they are the legal guardian. Up to 10 accompanying dependants can be added to a policy, but each dependant must:

not be in full time employment;
be aged 20 years of age or under;
be travelling with the customer for 100% of the trip; and
meet any other eligibility criteria we may advise at the time of application.

Pre-existing Medical Conditions

The Insurance provides certain cover for claims relating to or arising from 43 listed Pre-existing Medical Conditions if the insured person has met the underwriting criteria for the specific listed condition, has not been hospitalised for the condition in the past 24 months and any medications for the condition have remained unchanged for the past 6 months prior to taking out the Insurance. Cover is not provided for any pre-existing medical condition that is not listed in the PDS.

Activities

Not all activities are covered under the Policy types. We have a list of certain covered Sports and Leisure Activities that are included under all Policy types and listed in the PDS. However, a customer may add on or choose one or more of the following options to cover certain additional activities and related events:

Adventure Pack to cover certain more adventurous activities (not available on the Basics Policy);
Snow Sports Plus Policy to cover certain snow sports activities and events (snow sports is included under the Domestic Plus Policy so will not need to be chosen if you choose a Domestic Plus Policy);
Motorcycle Pack to cover certain events if the insured person is the rider or passenger on a motorcycle, moped or scooter (not available under the Domestic Plus Policy);
Bicycle Pack to provide certain cover for damage to the insured person’s bicycle (not available under the Basics Policy);
Cruise Cover to cover sea and ocean cruising;
Rental Vehicle Excess covers the rental vehicle excess component of the rental vehicle insurance that the insured person has with their car hire company (not available under a Basics Policy and cover of $5000 is included under a Domestic Plus Policy).

The above optional or other covers will be subject to an additional or higher premium. The Benefits covering, and the exclusions, terms and conditions that apply to these additional cover options, are described in the PDS.

COVID-19 Cover

The Insurance provides certain cover for overseas emergency medical, hospital and medical evacuation claims relating to or arising from an insured person contracting COVID-19, as well as limited cover for trip cancellation and trip disruption claims relating to or arising from an insured person or covered travelling companion or close relative in Australia contracting COVID-19.

There is no cover for COVID-19 Trip Cancellation and Disruption under the Basics Policy.

We will cover the events and circumstances described in the PDS available on our website, subject to terms, conditions, exclusions and limitations in the PDS.

Likely objectives, financial situation and needs of customers in the target market

Generally:

the likely objectives and needs of a customer in the target market are to:
- transfer unexpected travel risks through insurance protection of the types covered by; and
- obtain non-financial assistance of the type specified in,

the Insurance for a period and on terms and conditions (including limits and excesses and price) acceptable to them.

The likely financial situation of the person in the target market is that they can afford to pay:

the premium for the Insurance;
or bear any applicable excess in the event of a claim;
or bear any uninsured loss or expense (including above any limits or sub limits that apply);
any required co-payment;
the full amount up front for covered loss (including expenses) which the Policy provides reimbursement for once paid for. However, consideration will be made and exceptions made by us to each individual's circumstances, vulnerability or hardship.
Claims may be fulfilled either by assistance services, repair, replacement, reimbursement or by cash settlement payment depending on the circumstances.

The overall target market for the Insurance comprises people:

who reside in Australia; and
who plan to travel away from their home:
- either alone, with one companion or with family members;
- within 12 months of buying the Insurance; and
who hold a valid Australian Medicare Card or are covered by an Australian Private Health Insurance Policy that satisfies Government Health Insurance requirements for their visa type; and
whose initial planned trip is up to 12 months and which can be extended for an additional 12 months up to a total of 24 months, where it is requested and we have received and accepted; and
who intend to return to their home in Australia at the end of their trip; and
who are aged 79 years or less, but age limits will vary depending on the type of policy chosen and what cover is required; and
who require cover to manage travel risks arising from a single or multiple trips (multiple trips include an unlimited number of trips in a 12 month period up to a specified number of days for each trip); and
who have the financial capacity to pay the applicable premium; and
who have the financial capacity to pay or bear any excess; and
who have the financial capacity to pay or bear any uninsured loss or expense (including above any limits or sub limits that apply) and
who have the financial capacity to pay the full amount up front for covered loss (including expenses) which the Policy provides reimbursement for once paid for. However, consideration will be made and exceptions made by us to each individual's circumstances, vulnerability or hardship considerations. Claims may be fulfilled either by assistance services, repair, replacement, reimbursement or by cash settlement payment depending on the circumstances; and
who do not have any pre-existing medical conditions except for the 43 Pre-existing Medical Conditions listed in the PDS, have met the underwriting criteria for the specific listed condition, has have not been hospitalised for the listed condition(s) in the past 24 months and whose medications for the listed condition(s) have remained unchanged for the past 6 months; and
who wish to travel on a cruise ship and if for 1 night or more in Australia or 4 nights or more overseas, choose the Cruise cover option at the time of policy purchase; and
who want cover for the type of person(s), property, usage; and loss, damage and/or liability, (as applicable) we can agree to provide cover for under our underwriting rules, subject to the excess(es), terms, conditions, limits, exclusions that apply; and
who meet any other eligibility criteria that has been approved by us in writing relevant to the Insurance. We tell a customer as part of the approved application process if they are eligible or not.

The Insurance is not designed for people who:

do not reside in Australia when buying the Insurance;
do not intend to start and end their trip in Australia unless they meet the underwriting criteria and are eligible to purchase a policy whilst already overseas;
intend to leave Australia permanently;
are aged 80 years or more at the time of policy purchase;
do not fit within the age limits of the policy and cover that they are seeking at the time of policy purchase;
do not meet the boarding requirements of their chosen airline, shipping line, other carrier, or the entry requirements of the government authorities of their travel destination(s).
intend to travel to a country that the Australian Department of Foreign Affairs and Trade has, before the start date of your trip, issued a travel advisory risk rating of ‘Level 4 – Do Not Travel’ (or equivalent if the term is replaced);
may not be able to travel, continue with their trip, or want to cut their trip short because any government body or local health authority closes its borders or imposes any other travel restriction in a relevant area;
intend to travel to Cuba, Iran or North Korea, as these countries are excluded in the PDS;
do not have the financial capacity to pay the applicable premium and excess;
do not have the financial capacity to pay claims above the accepted claim amount;
do not have the financial capacity to pay the full amount up front for eligible expenses under benefits that are covered under the policy, before submitting a claim to seek reimbursement for those out-of-pocket expenses. However, consideration will be made and exceptions made by us to each individual's circumstances, vulnerability, or hardship considerations. Claims may be fulfilled either by assistance services, repair, replacement, reimbursement or by cash settlement payment depending on the circumstances;
have any Pre-existing Medical Conditions except for the 43 Pre-existing Medical Conditions listed in the PDS and do not comply with the other underwriting criteria for the listed Pre-Existing Medical conditions in the PDS;
travel against the advice of any medical practitioner;
are planning on cruising the sea or ocean for 1 night or more in Australian waters or 4 nights or more overseas, unless the Cruise Cover option has been added at the time of policy purchase;
do not comply with any other eligibility criteria that we apply and tell them at the time of application.

Who is the target market for each type of cover?

Domestic Travel Insurance

Domestic Travel Insurance cover is contained in our Domestic Plus Policy and provides certain cover against the following travel risks:

expenses due to trip cancellation, disruption and resumption; and
damage, loss or theft of luggage and personal effects; and
personal liability cover for causing bodily injury and/or property damage in an accident or series of accidents during your trip; and
risks covered under the additional included covers; and
risks covered under the optional covers (where selected) as described in the PDS.

The target market for our Domestic Plus Policy comprises customers who:

are within the overall target market for the Insurance described above;
plan to travel within Australia only;
require insurance to manage travel risks of the type covered;
require cover for snow related expenses;
require cover for the activities listed in the covered Sport and Leisure activities in the PDS and do not require cover for more adventurous activities included in the Adventure Pack;
require cover for activities listed in the covered Sport and Leisure activities as well as cover for more adventurous activities and choose the Adventure Pack at an additional premium;
comply with any other eligibility criteria that we apply and tell them at the time of application.

The Domestic Plus Policy is not suitable for customers who:

are not within the overall target market for the Insurance described above;
are intending to cover any medical or hospital expenses;
travel against the advice of any medical practitioner;
plan to travel overseas as part of their trip;
may not be able to travel, continue with their trip, or want to cut their trip short because any government body or local health authority closes its borders or imposes any other travel restriction in a relevant area;
require cover for sport and leisure activities that are not listed in the Covered Sports and Leisure Activities or are participating in more adventurous activities and do not take out the Adventure Pack for those Sport and Leisure activities;
may require cover for participating in sports and leisure activities in a professional capacity on their trip;
require cover for racing or participating in a race other than a race on foot;
require cover for trip cancellation or trip disruption expenses caused by cancellation, delays or re-scheduling by an airline, shipping line, or other carrier unless it is due to a strike, riot, hijack, civil protest, severe weather or natural disaster;
do not comply with any other eligibility criteria that we apply and tell them at the time of application.

The target market for our Domestic Plus Policy also includes customers who wish to add one or more of the optional covers such as the Adventure Pack or Bicycle pack. The key attributes of the included and optional covers available under the Insurance are set out in the table below.

Types of Travel Risks	(/) Included / Optional
Trip Cancellation Expenses (Unlimited)	(/)
Trip Disruption Expenses (Up to $50,000)	(/)
Trip Resumption Expenses (Up to $3,000)	(/)
Accidental Death (Up to $25,000)	(/)
Luggage and personal effects (Up to $7,500 unspecified)	(/)
Luggage and personal effects (Up to $10,000 specified)	Optional
Travel Delay Expenses ($200 per day up to $2,000)	(/)
Special Event Transport Expenses (Up to $5,000)	(/)
Personal Liability (Up to $5,000,000)	(/)
Rental Vehicle Excess (Up to $5,000)	Optional
Snow Sports Equipment (Up to $1,500)	(/)
Snow Equipment Replacement Hire (Up to $1,500)	(/)
Snow Prepaid Expenses (Up to $750)	(/)
Snow Resort Closure ($100 per day up to $1,000)	(/)
Adventure Pack (includes cover for Adventure Activities)	Optional
Bicycle Pack for loss, theft or damage (Up to $5,000 per bicycle)	Optional
COVID-19 Trip Cancellation and Disruption (Up to $3,500)	(/)

You will need to read and consider the relevant PDS to understand the full extent of each cover and other terms, conditions, limits and exclusions that may apply.

Overseas Travel Insurance

Overseas Travel Insurance, which provides certain cover against the following travel risks:

emergency medical, hospital and dental treatment while outside of Australia;
expenses due to trip cancellation, disruption and resumption;
damage, loss or theft of luggage and personal effects;
personal liability cover for causing bodily injury and/or property damage in an accident or series of accidents during your trip;
risk covered under the additional included covers; and
risks covered under the optional covers (where selected) as described in the PDS.

Overseas Travel Insurance only provides cover for travel to select countries approved at the time of application. The list of select countries can change over time, depending on various factors, including information issued by the Australian Department of Home Affairs and Smartraveller travel advice from the Department of Foreign Affairs and Trade. Our list of select countries are available at fastcover.com.au.

Overseas Travel Insurance allows customers to select from 3 different Policy types, taking into account the amount of cover they require and their ability to pay the applicable premium.

The 3 different Policy types are:

Comprehensive, which provides the most extensive cover and has the highest premium;
Standard Saver, excludes some covers and often has lower benefit limits than Comprehensive together with a lower premium; and
Basics, which provides cover for limited risks at the lowest premium.

The target market for Overseas Travel Insurance comprises customers who:

are within the overall target market for the Insurance;
plan to travel overseas, including at least one country or region that is on our list of select countries and/or regions;
require insurance to manage travel risks;
require cover for the activities listed in the Covered Sport and Leisure activities and do not require cover for more adventurous activities included in the Adventure Pack;
require cover for the activities listed in the Covered Sport and Leisure Activities as well as the more adventurous activities and choose the Adventure Pack Option at an additional premium;
require cover for snow related expenses and take out the Snow Sports Plus Policy; and
comply with any other eligibility criteria that we apply and tell them at the time of application.

Overseas Travel Insurance is not suitable for customers who:

are not within the overall target market for the Insurance;
require cover for a pre-existing medical condition that is not listed in the PDS under the 43 listed Covered Pre-Existing Medical Conditions or do not comply with the underwriting criteria to cover those conditions;
travel against the advice of a medical practitioner;
plan to travel wholly within Australia;
intend to travel to a country that the Australian Department of Foreign Affairs and Trade has, before the start date of your trip, issued a travel advisory risk rating of ‘Level 4 – Do Not Travel’ (or equivalent if the term is replaced) on www.smartraveller.gov.au;
may not be able to travel, continue with their trip, or want to cut their trip short because any government body or local health authority closes its borders or imposes any other travel restriction in a relevant area;
plan to travel to Cuba, Iran or North Korea as these countries are excluded in the PDS;
require cover for trip cancellation or trip disruption expenses caused by cancellation, delays or re-scheduling by an airline, shipping line, or other carrier unless it is due to a strike, riot, hijack, civil protest, severe weather or natural disaster;
require cover for sport and leisure activities that are not listed in the Covered Sports and Leisure Activities or are participating in more adventurous activities and do not take out the Adventure Pack Option for those activities;
require cover for participating in sports and leisure activities in a professional sport in a professional capacity of any kind on their trip;
require cover for racing or participating in a race other than a race on foot;
do not comply with any other eligibility criteria that we apply and tell them at the time of application.

The target market for customers travelling overseas also includes those who wish to have extended cover or add on one or more of the optional covers. The Snow Sports Plus Policy provides cover for snow related expenses in addition to the Comprehensive Policy Benefits.

The key attributes of each level of cover available under the Insurance are set out in the table below.

Types of Travel Risks	Comprehensive	Standard Saver	Basics	Snow Sports Plus
Overseas 24/7 Emergency Medical Assistance (Unlimited)	(/)	(/)	(/)	(/)
Overseas Emergency Medical and Hospital Expenses (Unlimited)	(/)	(/)	(/)	(/)
Overseas Emergency Dental	(/) Up to $1,000	(/) Up to $750	(/) Up to $500	(/) Up to $1,000
Overseas Emergency Medical Evacuation and Repatriation (Unlimited)	(/)	(/)	(/)	(/)
Trip Cancellation Expenses	(/) Unlimited	(/) Up to $25,000	(x)	(/) Unlimited
Trip Disruption Expenses	(/) Up to $50,000	(/) Up to $30,000	(x)	(/) Up to $50,000
Trip Resumption Expenses	(/) Up to $3,000	(/) Up to $2,000	(x)	(/) Up to $3,000
Overseas Hospital Cash Payment (Up to $5,000)	(/)	(x)	(x)	(/)
Accidental Death (Up to $25,000)	(/)	(x)	(x)	(/)
Permanent Disability (Up to $50,000)	(/)	(x)	(x)	(/)
Loss of Income ($400 per week up to $10,400)	(/)	(x)	(x)	(/)
Passports, Credit Cards & Credit Card Fraud	(/) Up to $5,000	(/) Up to $2,000	(x)	(/) Up to $5,000
Theft of Cash (Up to $250)	(/)	(x)	(x)	(/)
Luggage and Personal Effects (Unspecified)	(/) Up to $15,000	(/) Up to $5,000	Optional Up to $2,000	(/) Up to $15,000
Luggage and Personal Effects (Specified) (Up to $10,000)	(/)	(x)	(x)	(/)
Delay of Luggage and Personal Effects (Up to $750)	(/)	(x)	(x)	(/)
Travel Delay Expenses ($200 per day up to $2,000)	(/)	(x)	(x)	(/)
Special Event Transport Expenses (Up to $5,000)	(/)	(x)	(x)	(/)
Personal Liability (Up to $5,000,000)	(/) Up to $5M	(/) Up to $2.5M	(/) Up to $1M	(/) Up to $5M
Rental Vehicle Excess ($5,000 or $8,000 optional)	Optional	Optional	(x)	Optional
Snow Sports Equipment (Up to $1,500)	(x)	(x)	(x)	(/)
Snow Equipment Replacement Hire (Up to $1,500)	(x)	(x)	(x)	(/)
Snow Prepaid Expenses (Up to $750)	(x)	(x)	(x)	(/)
Snow Resort Closure ($100 per day up to $1,000)	(x)	(x)	(x)	(/)
Adventure Pack (includes cover for Adventure Activities)	Optional	Optional	(x)	Optional
Motorcycle Pack (includes cover for driving or riding on a motorcycle)	Optional	Optional	Optional	Optional
Bicycle Pack for loss, theft or damage (Up to $5,000 per bicycle and total Benefit limit of $15,000)	Optional	Optional	(x)	Optional
COVID-19 Overseas Emergency Medical, Hospital and Medical Evacuation Expenses	Unlimited	Unlimited	Unlimited	Unlimited
COVID-19 Trip Cancellation and Disruption	Up to $5,000	Up to $3,000	(x)	Up to $5,000

You will need to read and consider the relevant PDS to understand the full extent of each cover and other terms, conditions, limits and exclusions that may apply.

Important

It’s important to note that this TMD doesn’t take anyone’s personal circumstances into account. Even if you are a consumer in the target market, and we offer the Insurance to you, that doesn’t necessarily mean that it is appropriate for your personal circumstances. No one knows your situation better than you, so before you make any decisions about the Insurance, you should read and consider the Product Disclosure Statement (PDS) which provides complete information about the Insurance, including coverage, exclusions, excesses, limits, limitations, terms and your rights and obligations to decide if the Insurance is right for you.

Also, this TMD doesn’t include all the factors we consider when we decide whether to issue a policy. For example, we have a set of underwriting criteria we use to assess whether a risk is of a type or level we wish to insure. These factors may change over time or in different circumstances. We apply these factors when we decide whether to offer, issue, renew or agree to vary a policy.

(B) Distribution of the Product

Distribution conditions and restrictions

This product can only be issued by Fast Cover Pty Ltd AFSL 538708 on our behalf through its website or its customer service contact centre where the customer meets the eligibility criteria for the issue of the Insurance that has been approved by us in writing. We approve the eligibility criteria which is built into the website and in the scripting and supervise and monitor compliance.

Any Regulated Person acting on our behalf must not engage in retail distribution conduct unless they have been authorised in writing by us to do so and this authority has not been cancelled or suspended.

A Regulated Person must not engage in retail distribution conduct in relation to the Insurance if we have notified them or they are aware that, the TMD is no longer appropriate in accordance with s994B(8) of the Corporations Act or has been replaced or the Insurance has been suspended or is no longer offered.

Subject always to the above, any other conditions and restrictions on Retail Product Distribution Conduct in relation to the Insurance that we have agreed with a Regulated Person in writing apply, other than a condition or restriction imposed by or under another provision of the Corporations Act. This includes conditions regarding adequate training of representatives, compliance with agreed application processes and procedures (including sales scripts where used) and monitoring and supervision rights.

We believe it is reasonable to conclude that if the Insurance were to be issued in accordance with these distribution conditions it would be likely that the customer is in the target market, principally because a person won’t fit within the target market if they don’t meet the eligibility criteria approved by us and the distribution conditions require adequately trained representatives issuing the product to apply this eligibility criteria before issue and allow us to supervise and monitor compliance with this.

(C) Review of this document

We will review this TMD regularly to make sure it remains appropriate. The first review will be within 12 months of the date it is prepared, and then within 2 years of completion of the previous review thereafter. We will also review the TMD within 10 business days of becoming aware of a Review Trigger specified below and where otherwise required by law.

A Review Trigger is an event or circumstance that is identified to or by us as part of our Product Governance Framework (or otherwise), including:

the nature and number of complaints, complaints data and trends;
customer feedback and testing;
number of cancellations and lapses of the product;
data on product claim ratios, the number, nature and magnitude of claims paid, denied and withdrawn and average claim duration;
information received by and in relation to distributors;
feedback from a regulator such as ASIC or APRA or other interested parties such as the Insurance Council of Australia and Code Governance Committee;
changes to information or circumstances we took into account when developing the TMD, such as changes to the approved eligibility process, underwriting guidelines, pricing, or reinsurance requirements or the number of policies sold, including penetration rates; or
any significant dealings that are inconsistent with the TMD,

that reasonably suggests (based on criteria we identify in or as part of our Product Governance Framework) that it is no longer reasonable for us to conclude that if the cover were to be issued:

to a person in accordance with the Distribution Conditions, it would be likely that they are in our target market; or
to a person in our target market, it would likely be consistent with the likely objectives, financial situation and needs of the person.

(D) Reporting obligations

We require Fast Cover to report the following information to us, at the following times:

Reportable matter	When
The number of policies sold or renewed that are not within the target market.	As soon as practicable and in any case within 10 business days, after it became aware of the matter.
The number of policies sold.	On a monthly basis.
Responses and response rates on client communications (including renewals).	On a monthly basis.
Lapse rates and cancellation rates.	On a monthly basis.
The frequency and amount of excesses paid.	On a monthly basis.
If the Insurance is issued to a customer in breach of the TMD Distribution Conditions or outside of the target market.	As soon as practicable and in any case within 10 business days, after it became aware of the matter.
The nature and number of complaints received about the Insurance in the reporting period.	On a monthly basis.
Any significant dealings that are inconsistent with the TMD and reasonable details on the circumstances related to this.	As soon as practicable and in any case within 10 business days, after it became aware of the matter.
Any compliance incident relating to the Insurance or its distribution.	As soon as practicable and in any case within 10 business days, after it became aware of the matter.
Information as agreed in writing with Fast Cover that would reasonably to enable us to promptly identify Review Triggers or other events and circumstances that have occurred which would reasonably suggest the TMD is no longer appropriate in accordance with ss994B(8) of the Corporations Act.	To be reported as soon as practicable and in any case within 10 business days, after it forms the view.
Information identified to or by Fast Cover that would reasonably suggest to it that the TMD is no longer appropriate in accordance with ss994B(8) of the Corporations Act.	To be reported as soon as practicable and in any case within 10 business days, after it forms the view.

Things you need to know

^* See Product Disclosure Statement for full terms and conditions and exclusions and limits that apply.