What does ‘Assistance with Recovery’ means?

In the Product Disclosure Statement (PDS), ‘Assistance with Recovery’ explains what happens if money can be recovered from another party after a claim.

If you are aware of any third party that you or Fast Cover may recover money from, you must let us know. If you have already received refunds for expenses such as accommodation, travel costs, or flights back to Australia, and Fast Cover has also paid for the same or a similar expense, you must return the refunded amount to us.

Fast Cover may, at its discretion, act in your name and on your behalf to control and settle proceedings in order to recover compensation or secure indemnity from another party. You are required to assist and allow us to take the necessary steps for this recovery, even if we have not yet paid your claim in full.

If we have already paid your total loss and further money is recovered, we will keep the remaining funds. If we paid you for lost or damaged property and you later recover the property, or it is replaced by a third party, you must return to us the amount of the claim we paid you.

In cases where Fast Cover has incurred costs, expenses, or provided a guarantee of payment to a provider on a “without prejudice” basis (meaning we pay first but are not obligated to cover if the claim is later declined), we may refuse final payment or seek recovery from you. If a guarantee of payment was provided but evidence later shows the claim is not covered under your policy, you may need to pay the provider directly.