Rental Vehicle (Collision Damage Waiver)

Product Approval Process

This product has been reviewed by MGAM’s Product Oversight Group (POG) which concluded that the product risk review was sucessfully completed, including consideration of the wording, and did not identify any concerns or require any further actions. The product is suitable for the target businesses and shop owners that retail to members of the public and responds to their exposure to losses arising in relation to legal exposures, loss/damage to property, and other relevant perils. The POG did not identify characteristics in relation to the various areas of potential risk.

Who this Product is suitable for:

Target market is Vehicle Hire Companies who own the vehicles which are rented out. Collision Damage Waiver insurance for Rental Vehicles. Cover provided for when a Rental Vehicle or any part of it suffers Accidental Damage or Theft or Vandalism or any damage arising from such Theft or Vandalism during the course of a Rental Agreement.

Who this Product is not suitable for:

Consumers other commercial businesses who do not have an insurable interest in the vehicle being rented.

Product Suitable Distrubution Strategy