The policy sets out the insuring clauses, exclusions, limits (including sub-limits), notification requirements, and conditions of cover. In Australia, its interpretation is governed by the Insurance Contracts Act 1984 (Cth). Policies can be designed to cover one risk exposure (such as motor insurance) or can be bundled with various risk types such as a cyber policy which can include first party response (business interruption, forensics) and third-party liability (defence costs, regulatory penalties and compensation payments).
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