Altitude Aviation Insurance Pty Ltd are delighted to confirm our engagement as your insurance broker. The following Terms of Engagement will set out how and on what terms we will manage your insurance needs.

We subscribe to and are bound by the Insurance Brokers Code of Practice a full copy of which is available from the National Insurance Brokers Association (NIBA) website, www.niba.com.au.

Altitude Aviation Insurance Pty Ltd will act on your behalf as an insurance broker, not as an agent of any insurer.

We are authorised to advise you about and arrange general insurance products. If we are unable to advise you or act on your behalf due to a conflict of interest which cannot be managed, we will immediately notify you.

We are authorised to advise and deal in general insurance products to wholesale & retail clients. In some cases, we will request additional personal information from you to provide you with tailored advice. If we do not ask for this information, or if you do not give us all of the information we request, any advice you receive may not be appropriate to your needs, objectives and financial situation.

Before taking any action, you should consider whether the advice we have provided is appropriate to you having regard to your individual circumstances. Clients should obtain and read the relevant product disclosure statements before making a decision.

More information about our services and remuneration arrangements are available in our Financial Services Guide (FSG) available on our website www.AltitudeAviationInsurance.com.au

Our Team

Altitude Aviation Insurance Pty Ltd ABN 48 679 188 777 is an Authorised Representative (No. 1311056) of Insurance Service Holdings Pty Ltd ABN 36 612 629 295, AFSL 491165

Registered Address; Suite 2, Level 1, 9-11 Grosvenor Street Neutral Bay NSW 2089

Contact: info@altitudeai.com.au

Phone: + 61 412 583 710.

Our Services

We will provide you with the following services:

• Help you identify and assess your risks and develop a proposal to submit to potential insurers;

• Advise and make recommendations as to your insurance requirements;

• Contact you with our recommendations;

• Prepare underwriting submissions;

• Seek insurance quotes (we will seek quotes from the broader general insurance market before making a recommendation. We have arrangements with a vast number of insurers, which enables us to find the right insurance product for you);

• Negotiate terms with any existing insurers and with alternative insurers;

• Place the insurances agreed upon;

• Review policy wordings and obtain signed policies from insurers;

• Confirm the placement of the insurances to you;

• Calculate, invoice and collect the premiums;

• Adjust premiums on prior year policies;

• Review your insurance arrangements:

o when you inform us about material changes to your circumstances;

o at the time of any scheduled status reviews as agreed with you;

o upon renewal of your insurances.

• Facilitate policy changes and/or cancellations as per your instructions;

• If required, assist you with any Insurance Premium Funding needs;

• If required, assist you to manage any claims you may need to make: o we will keep you informed in a timely manner regarding the progress of claims;

o when we receive an insurer’s response to a submitted claim, we will notify you of the outcome as soon as it is reasonably practical to do so;

o if a claim is either unreasonably denied or reduced by the insurer, we will act as claims advocates on your behalf to try to have the claim paid;

o we will advise you if the insurer seeks to negotiate a settlement of your claim;

o we will seek your instructions before agreeing to any settlement of your claim ;

o if the insurer declines to pay a claim, we will explain the reasons for the insurer’s decision and outline what further steps can be taken, including steps to make a complaint;

o in the event you terminate our appointment as your insurance broker we will provide details of any claim(s) to your new insurance broker so that they may continue to negotiate settlement on your behalf.

• We will take reasonable steps to contact you at least fourteen (14) days prior to your insurance cover expiry date to engage you on the next steps to be taken prior to the expiry of the policy. We will take appropriate, professional, and timely steps to seek insurance cover terms and conditions and advise you of available options (if any) for your consideration.

Many commercial or business contracts contain clauses that relate to your liability (including indemnities or hold harmless clauses). These clauses may entitle your insurers to either reduce cover, or in some cases, refuse to indemnify you at all. Please inform us of any clauses of this nature before signing and accepting such contracts. We may recommend that you seek legal advice.

Remuneration

In return for the services we provide, we will receive a commission usually between 0% and 30% per cent of the premium paid (excluding relevant taxes, charges and levies) which is paid to us by the insurer. A fee may also be charged in addition to the commission earned.

In some circumstances, in return for the services we provide, a fee will be charged in lieu of commission. This fee will be agreed with you prior to placement.

To the extent permitted by law, where we provide insurance broking services, our Remuneration is treated as being earned in full at the time of the placement of the relevant policy(ies) and we will be entitled to retain all Remuneration in respect of the full policy period, even if you engage another intermediary, place business direct with an insurer, or your policy is cancelled.

Policy Cancellation

If a policy cover is cancelled before the expiry of the period of insurance, we reserve the right to refund to you only the net return premium we receive from the insurer and not refund any part of the brokerage and/or broker fee we receive for arranging the cover. A broker fee may be charged to offset such Remuneration to process the cancellation.

Important Relationships

Insurance Service Holdings Pty Ltd is 100% owned by Agent Zero Group Pty Ltd. Agent Zero Group Pty Ltd also owns a related body corporate, Agile Underwriting Services Pty Ltd, a Lloyd’s cover holder and also operates a Lloyd’s syndicate known as Agile Syndicate 2427.

Your Disclosure Obligations

It is important that you provide us with complete and accurate information about the risk to be insured otherwise the advice we give you may not be appropriate for your needs. We rely on you to provide complete and accurate information.

Before you enter into an insurance contract with an insurer, you have a duty under the Insurance Contracts Act 1984 (Cth) to disclose information to the insurer. This Duty of Disclosure applies until the insurer agrees to either insure you or renew your insurance. The Duty of Disclosure also applies before you extend, vary or reinstate your insurance.

If you are applying for or renewing insurance in relation to consumer insurance products such as, your motor vehicle, home building and/or contents, residential strata, travel, personal accident or sickness and/or consumer credit products, you must answer the specific questions asked by the insurer truthfully and accurately. In answering those questions, you must tell the insurer all information that’s known to you and that a reasonable person would be expected to provide in answer to the questions. Not doing so may be considered by the insurer to be a breach of your ‘duty to take reasonable care not to make a misrepresentation’ and may cause issues in relation to the validity of your insurance policy and/or issues in the event of you lodging a claim.

At renewal, the insurer may either ask you to advise any changes to information you have previously disclosed, or may give you a copy of the information you previously disclosed and ask you to advise them if there have been any changes. If you do not tell the insurer about a change, you will be taken to have told the insurer there is no change.

If you are applying for or renewing any other insurance, you must tell the insurer all information that is known to you that a reasonable person could be expected to know or that is relevant to the insurer’s decision to insure you and on what terms. You do not need to tell the insurer anything:

• that reduces the risk it insures you for;

• is common knowledge;

• that the insurer knows or should know; or

• which the insurer waived you duty to tell it about.

Non-Disclosure

If you fail to comply with your Duty of Disclosure, the insurer may cancel your contract of insurance, or reduce the amount it will pay you if you make a claim, or both. If your failure to comply with the Duty of Disclosure, or you are fraudulent, the insurer may refuse to pay a claim and treat the contract of insurance as if it never existed.

If you are in doubt about whether or not a particular matter should be disclosed, please contact your Account Executive.

You must make sure you explain the Duty of Disclosure to any person you represent when we arrange any insurance cover for you. Alternatively, you may ask any person you represent to contact us, and we will explain their Duty of Disclosure to them directly.

If your circumstances change, our recommendations may no longer be appropriate. Please tell us about any changes in your circumstances so that we can confirm that your insurance continues to be suitable for your needs.

Continuity of Cover

It is important that you maintain continuity of cover. Accordingly, if a contract of insurance falls due and we are unable to contact you, we will automatically arrange for the policy to be held covered (or renewed if necessary). If you do not require the cover, we ask that you tell us as soon as possible. A short-term premium may apply. Please tell us if you do not wish us to provide this service.

Cancellation

We can only cancel a contract of insurance on the written instructions of a person authorised to represent each of the parties who are named as insureds. We cannot cancel any contract of insurance which is subject to the Marine Insurance Act 1909.

Period of Engagement

Our appointment is exclusive and, where applicable, replaces the appointment of your current broker. Our appointment is ongoing until thirty (30) days written notice of termination is provided by either party.

Unless otherwise agreed in writing, all outstanding claims will be passed on to you for future handling from the date of termination

We look forward to working with you and to a long and mutually satisfactory relationship. We encourage you to call your Account Executive at any time if you have any questions about our services or your insurances.

Premium Funding

Premium funding products enable you to pay your premiums in instalments. Premium funders do charge interest and they take a Power of Attorney over your insurance policy as they have paid it to the insurer in advance, in full, as required at the beginning of the policy period.

We can arrange premium funding on your behalf if you require it. We may receive a commission based on a percentage of the premium from the premium funder for doing so. We will tell you the basis and amount of any such payment before or at the time the premium funding is arranged.

Our Payment Terms

Invoices – We will invoice you for the premium, statutory charges (e.g. stamp duty and fire services levy) and any fees we charge for arranging your insurances. You must pay us within:

• 14 days of the date of the invoice;

• or in the case of a renewal, before the expiry date of the contract of insurance.

We reserve the right to retain all remuneration deemed earned even when an insurance policy is amended, terminated or otherwise cancelled, or another broker has been appointed.

If you do not pay the premium on time, the insurer may cancel the contract of insurance and you will not be insured. The insurer may also charge a short-term penalty premium for the time on risk.

Credit Card Fees – If you pay by credit card, we may charge you a non-refundable credit card fee. This fee will be shown on your invoice and reimburses us for bank interest, extra charges/costs and time incurred by us when providing credit card facilities.

We will notify you of any changes to terms of trade or services provided.