Hollard Insurance has introduced new clauses into its Product Disclosure Statements (PDSs) to help protect customers experiencing family and domestic violence (FDV) and prevent perpetrators from financially benefiting from Hollard's products. 

The changes form part of Hollard’s pledge to the Respect and Protect campaign, which calls on businesses to update their terms and conditions to help prevent financial products and services from being used for financial abuse.  

Paul Fahey, Chief Executive Officer at Hollard, says the changes will help protect survivors of family violence against the weaponisation of Hollard’s insurance products. 

“We recognise that family violence is complicated, and can take many different forms, each with different impacts. These changes make it clear that we do not tolerate the use of our products to cause harm, and that when customers purchase a product from us, they can expect us to respond in a way that supports victim survivors.”  

The changes include the addition of a formal definition of family and domestic violence into Hollard's PDSs, and new clauses that allow Hollard to take specific new actions in cases where family violence or financial harm is known or suspected. For example, the changes allow Hollard, where it considers it appropriate, to cover the cost of separate temporary accommodation up to the policy limits for victim survivors, and to undertake settlement options such as repairing or rebuilding rather than cash settlement where the option would benefit victim survivors. The changes have been complemented by staff training to help identify, manage and support customers where FDV is known or reasonably suspected. 

“What these changes mean in practice is that if a perpetrator damages a home where a victim is living, and insists on a cash settlement, we can instigate repairs instead for the benefit of the victim in the home”, says Mr Fahey. “We can now also help prevent customers from becoming unknowingly uninsured by making them a separate offer of insurance and support in cases where a perpetrator changes or cancels a policy.” 

Catherine Fitzpatrick, CEO and Founder of social enterprise Flequity Ventures, which runs the Respect & Protect business initiative, commended Hollard on the changes.  

“Insurance should be a safety net, but too often perpetrators of family and domestic violence exploit policies and claims processes to maintain control, leaving victim survivors without the assets or financial security they need to rebuild their lives safely.

The changes Hollard has made to address financial abuse, including the introduction of a Conduct of Others clause, are an important step towards ensuring insurance products can’t be weaponised against the very people they’re meant to protect. They set a standard all insurers should follow.” 

In developing the changes, Hollard consulted with industry experts and those with lived experiences, including industry experts and advocate groups Safe and Equal, and Uniting Vic.Tas.

 “Understanding the different stories, approaches and support gaps means that we can engage with our customers experiencing family violence in respectful, inclusive, and most importantly, safe ways, as they navigate insurance with us,” says Mr Fahey.