Why take out credit card insurance?
Don’t miss out on a bargain
If one of your eligible purchases drops in price within 6 months at the same store, we’ll refund the difference1.
Repair, refund, replace
We'll cover the cost of any eligible purchases that are lost, stolen or damaged within 6 months of purchase (excludes Gem CreditLine)1.
Can’t pay? Don’t stress
We’ll be there to help if you find yourself unemployed or seriously ill, up to $50001.
If your card is reported stolen
We'll pay $200 to your account just for the inconvenience (excludes Gem CreditLine)1.
1 Terms, conditions and some exclusion apply. See the Product Information Brochure and Policy for the respective cards below for full details, including details of limits that apply to the cover. The insurance is issued by Hallmark Life Insurance Company Ltd. and Hallmark General Insurance Company Ltd. (incorporated in Australia and operating in New Zealand).
Protecting yourself is easy
Either through the Online Service Centre (if you already have a card) or add insurance when you apply for your card.
Activate your card
When you call us on 0800 500 505 or log on to the Online Service Centre, add insurance when activating.
Don’t forget, we’re here if you need us. Call us on 0800 500 505.
Need to make a claim?
Insurance is issued by Hallmark Life Insurance Company Ltd. (Hallmark Life) and Hallmark General Insurance Company Ltd. (Hallmark General), (incorporated in Australia and operating in New Zealand).
Hallmark Life and Hallmark General have both received Insurer Financial Strength Ratings of ‘BBB+’ from Standard & Poors.
|'AAA'||An insurer rated 'AAA' has extremely strong financial security characteristics. 'AAA' is the highest insurer financial strength rating assigned by S&P Global Ratings.|
|'AA'||An insurer rated 'AA' has very strong financial security characteristics, differing only slightly from those rated higher.|
|'A'||An insurer rated 'A' has strong financial security characteristics but is somewhat more likely to be affected by adverse business conditions than are insurers with higher ratings.|
|'BBB'||An insurer rated 'BBB' has good financial security characteristics but is more likely to be affected by adverse business conditions than are higher-rated insurers.|
|'BB, B, CCC, and CC'||An insurer rated 'BB' or lower is regarded as having vulnerable characteristics that may outweigh its strengths. 'BB' indicates the least degree of vulnerability within the range; 'CC' the highest.|
|'BB'||An insurer rated 'BB' has marginal financial security characteristics. Positive attributes exist, but adverse business conditions could lead to insufficient ability to meet financial commitments.|
|'B'||An insurer rated 'B' has weak financial security characteristics. Adverse business conditions will likely impair its ability to meet financial commitments.|
|'CCC'||An insurer rated 'CCC' has very weak financial security characteristics and is dependent on favourable business conditions to meet financial commitments.|
|'CC'||An insurer rated 'CC' has extremely weak financial security characteristics and is likely not to meet some of its financial commitments.|
|'R'||An insurer rated 'R' is under regulatory supervision owing to its financial condition. During the pendency of the regulatory supervision, the regulators may have the power to favour one class of obligations over others or pay some obligations and not others. The rating does not apply to insurers subject only to nonfinancial actions such as market conduct violations.|
|'SD or D'||An insurer rated 'SD' (selective default) or 'D' is in default on one or more of its insurance policy obligations but is not under regulatory supervision that would involve a rating of 'R'.
The 'D' rating also will be used upon the filing of a bankruptcy petition or the taking of similar action if payments on a policy obligation are at risk. A 'D' rating is assigned when S&P Global Ratings believes that the default will be a general default and that the obligor will fail to pay substantially all of its obligations in full in accordance with the policy terms.
An 'SD' rating is assigned when S&P Global Ratings believes that the insurer has selectively defaulted on a specific class of policies but it will continue to meet its payment obligations on other classes of obligations. An 'SD' includes the completion of a distressed exchange offer. Claim denials due to lack of coverage or other legally permitted defenses are not considered defaults.
|'NR'||An insurer designated 'NR' is not rated.|
Ratings from ‘AA’ to ‘CCC’ may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the major rating categories. Refer to the Standard & Poor’s website for further details: www.standardandpoors.com.
Both Hallmark Life and Hallmark General maintain solvency positions in excess of their current requirements or obligations. Refer to the tables below:
Hallmark General (as at 30 June 2017)
|Prescribed Capital Amount (PCA)
Hallmark Life (as at 30 June 2017)
|Prescribed Capital Amount (PCA)
|Stat Fund 1:|
|Stat Fund 2:|
NOTE: Hallmark Life and Hallmark General’s solvency calculations are based on APRA’s solvency requirements.
Overseas Policyholder Preference
An overseas policyholder preference applies to Hallmark General. Under Australian law, if Hallmark General is wound up, assets in Australia must be applied to its Australian liabilities before they can be applied to overseas liabilities. To this extent, New Zealand policyholders may not be able to rely on Hallmark General’s Australian assets to satisfy New Zealand liabilities.
Frequently Asked Questions
Credit Card Insurance is completely optional, so you can cancel it at any time. You can cancel your policy by calling us on 0800 220 999 or writing to us, and we will stop debiting the premium to your account. The cancellation takes effect from the end of the statement period for your card account during which we receive your cancellation request.
The policy will cease automatically when any of the following events occur:
- your credit card account is terminated or cancelled
- you are in default on your credit card account and you have not remedied that default when asked to do so
- you cease to be a New Zealand resident
- we pay the maximum policy benefit of $20,000 the policy is cancelled by you or by us
- the policy is cancelled by you or by us
- you die.
We believe that making an insurance claim should be easy and hassle-free. To make a claim you can:
- Submit your claim online or you can download, complete and send the claim form back to us; or
- Call us on 0800 220 999 and depending on the circumstances you may be able to submit your claim over the phone, or we can send a claim form to you. You must submit your claim to us as soon as you can and we’ll tell you what additional information we may need to support your claim.
We understand that if you make a claim you will want to get it sorted out quickly, and we are committed to providing a high level of service. If your claim is successful and approved, we will make claim payments to your Credit Card account within 3 business days.