DEFINITIONS

• Daily Indemnity Rate means the weekly indemnity amount shown in the policy schedule divided by the number of days in a week
• Deferment Period means 7 days or the period shown in the policy schedule during which no payment will be made by us
• Constructive Total Loss means where we have deemed the vehicle uneconomical to repair

INDEMNITY PERIOD MEANS EITHER:

• The period of time shown on Your Schedule commencing immediately after expiration of the deferment period and during which we will pay you the daily indemnity rate; or
• If your vehicle suffers damage and is considered by us to be repairable the indemnity period commences from the date your vehicle arrives at the agreed repairer and ceases on the date the repairer confirm your vehicle has been repaired or;
• Basis of Settlement applicable to the cover

Subject to the policy conditions, limits and exclusions, after the expiration of the deferment period we will pay you the Daily Indemnity Rate for the number of days your vehicle is being replaced or repaired provided that:

• If your vehicle is considered by us to be a Constructive Total Loss, cover ceases on the date we notify you of our intention to settle your claim as a Constructive Total Loss or
• If your vehicle is stolen and not recovered we will pay you the Daily Indemnity Rate for a period of up to 15 days after expiry of the Deferment Period, provided:
• We will not pay more than the Market Value or Agreed Value shown in Your Policy Schedule or for longer than Indemnity Period shown in the policy schedule whichever is lesser for the nominated vehicle in Your Policy Schedule.