Our Target Market Determination

About this document

Updated 1st Feb 2023

This Target Market Determination (TMD) applies to all wedding insurance products designed and distributed in the Australian market by Niche Insurance Pty Ltd.

Niche Insurance Pty Ltd ‘Niche’, 85 642 823 443, AFSL 530784. Niche deals in wedding insurance products under its registered trading name, ‘Wedding Insurance’.

This TMD was prepared on 1st February 2023 and is effective from 1st March 2023. It will apply to policies that are purchased on or after 1st March 2023.

This TMD provides customers and distributors with information about:

  • customers for whom this product is appropriate (being the target market);
  • customers for whom this product is not appropriate;
  • any channels and distribution conditions;
  • the reporting obligations;
  • important information pertaining to the content of the document;
  • the review period(s) and events which may trigger a review of the TMD

The overall target market

This wedding insurance is suitable for couples who are getting married (that meet the acceptance criteria), who are looking to protect their wedding arrangements from a range of risks that may arise from unforeseen events within.

Our wedding insurance has been designed so that it can be tailored to meet different needs and objectives. This can be based on the amount you have spent on your wedding, options for excess, and certain optional covers.

Our wedding insurance is appropriate for:

Customers that fall within the target market if all of the following conditions apply.

  • People seeking cover to manage their wedding arrangement risks; and
  • Those living in Australia permanently who are eligible to all publicly funded health and disability services; and
  • Have booked a wedding date more than 3 months after the date of purchase and no more than 24 months after the date of purchase.

Our wedding insurance is not appropriate for:

  • Customers are not within our target market if any of the following conditions apply.
  • Customers who do not reside in Australia when buying the insurance; and / or
  • Anyone that has a wedding booked within 3 months (90 days) of purchasing a policy.

Channel and distribution conditions

This wedding insurance is only available to buy via our website at www.weddinginsurance.com.au or phoning our sales team on 1300 774 956.

All staff have been adequately trained in the wedding insurance products, the customer(s) they are intended for, and the underwriting criteria. We have structured our purchase path to ask questions and guide customers that fall within the target market of our insurance product.

Review of this document

This policy will be reviewed regularly to ensure that it remains appropriate for customers and complies with the requirements under the Design and Distribution Obligations under Part 7.8A of the Corporations Act 2001 (Cth). The initial review will be conducted within 12 months of its first publication date. Then within 3 years of completion of the previous review thereafter.

In addition to scheduled reviews, there may be events that trigger a review. If we determine that there has been an event or circumstance that reasonably suggests that this TMD needs to change, we will review the TMD within 10 business days.

Review triggers may include (but are not limited to):

  • material changes to the insurance terms;
  • adverse trends in policy and claims data, loss ratios or complaints indicating the product is not performing as expected;
  • information received from and/or in relation to customers or distributors.
  • changes to our underwriting guidelines, acceptance criteria, pricing, or reinsurance requirements; and
  • feedback or policy from ASIC, AFCA, Code Governance Committee and/or other relevant bodies.