May 1, 2012
Speedway Australia Personal Accident/Injury Insurance FAQ Update
Speedway Australia General Manager Dale Gilson, Risk Management Officer Shane Collins and Mark Holmes of Marsh Ltd recently attended the ASCF/SSA and SCCA national conferences, where a question concerning the interpretation of Speedway Australia's Personal Accident/Injury Policy was raised.
It was brought to Speedway Australia's attention that a number of Speedway Australia licence holders believe that insurers will deduct sick leave entitlements from payments for loss of income.
This is not the case.
The insurers will only deduct sick leave actually taken and paid to the worker by their employer. There are many circumstances where employees have accumulated sick leave entitlements over many years of service.
It is not a policy requirement that employees exhaust sick leave entitlements before claiming loss of income from Speedway Australia’s insurers. Sick leaveentitlements are not paid sick leave.
Please note Conditions clause 5.2 from the Schedule of Benefits:
5.2 Compensation offset
Insured Persons may not recover under Section 2 or 3 an amount that exceeds the amount of their Loss of income. For the purposes of this clause, Loss of income payable under section 2 or 3 as stated in the Policy Schedule will be reduced by;
- (i) paid sick leave;
- (ii) any entitlements under any workers’ compensation, motor accident or accident compensation legislation, or any other similar legislation.
The full Schedule of Benefits and Product Disclosure Statement can be downloaded here: Insurance.
Should you have further queries regarding the Speedway Australia Personal Accident Insurance Policy, please contact Marsh Ltd directly on (08) 8385 3612.
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