Will depreciation be applied to my lost or damaged items?

Yes, depreciation is generally applied when calculating a claim for lost, stolen, or damaged items under the Luggage and Personal Effects benefit. This means the amount paid reflects the item’s current value, not the original purchase price. Calculation of the depreciation will be done as per the depreciation table in our PDS. 

However, no depreciation will be applied to: 

• Luggage and personal effects purchased duty free before your departure 
• Luggage and personal effects purchased during your trip 
• Specified High Value Items listed on your Certificate of Insurance 

Where an item is part of a pair or set, we will pay no more than the value of the lost, damaged or stolen part, regardless of any special value that the item may have had as part of a pair or set. A pair or related set of items are considered as only one item, and the appropriate single item limit will be applied unless you separately insure each individual item as a specified high value item. A pair or related set of items examples include, but is not limited to: a camera, lenses (attached or not), tripod and accessories; or a matching pair of earrings. 

If you choose to specify a High Value Item on your policy, it will be covered up to the amount you nominated (subject to the policy terms and limits). 

Every claim is reviewed individually on a case-by-case basis and will only be paid if it meets the terms, conditions, limits, and exclusions in your policy. Always check the PDS carefully so you know exactly what’s included before you travel.