Terms, conditions and service agreement for IVAA panel membership.
IVAA is responsible for processing jewellery claims for many insurers. We take this responsibility seriously. For this reason, we maintain a panel of jewellers who share our vision for excellence. Whist there are no fiscal requirements to become or maintain IVAA panel membership, members are required to adhere to service standards. We have defined these terms, conditions and service performance requirements for IVAA panel membership.
Click here for Application for Panel Membership.
Parties
Independent Validation Advisory (Australia) Pty Ltd acting as intermediary for third parties (such as insurance companies, mutual trusts and financial organisations) - referred to as ‘IVAA’.
The supplier of jewellery and/or jewellery related products and services - referred to as ‘The Jeweller’.
Preamble
A. The representative acting on behalf of The Jeweller has disclosed sufficient information about the jewellery supplier that has enabled IVAA to make a properly informed decision to include or to continue to include The Jeweller as a current or prospective panel jeweller.
B. The representative acting on behalf of IVAA has disclosed sufficient information that has enabled The Jeweller to make a properly informed decision to become or continue to be a panel member.
C. The Jeweller and IVAA willingly enter this agreement without any coercion or duress from either party.
1.0 Interpretation
In this agreement, unless the contrary intention appears:
A. headings, notes and examples are inserted for convenience only and do not affect the interpretation of this agreement, but are to be used to understand the spirit of the agreement;
B. the word “including” or any variation is not be construed as a word of limitation;
C. a reference to a statue, ordinance, code or other law includes regulations and other instruments under it and consolidations, amendments, re-enactments or replaced of it;
D. the singular includes the plural and vice versa; and
E. reference to a clause is a reference to the whole of that clause including sub-clauses.
2.0 Definitions
For the purpose of this agreement, the following definitions apply (with capitalisation as necessary):
“Jewellery” is defined as wearable adornment including watches and/or jewellery related accessories including clocks, jewellery containers, boxes, polishing cloths, crystal-ware, figurines and other items reasonably expected to be sold by a jewellery retailer. This definition strictly prohibits currency or trading commodities including but not limited to pure and/or mixed alloys that cannot be worn.
Examples of non-jewellery items include: Gold bullion, sovereign coins, loose stones and scrap gold.
To eliminate confusion, contact IVAA for clarification in any specific case.
“Insurer” is defined by the third party insurance provider, whom has appointed IVAA to assist. The insurer may refer to an insurance company, group, mutual trust, financial organisation and/or individual.
“Claimant” or “Insured” is defined as the policyholder of insurance or insurance related products and/or services from the insurer.
3.0 IVAA Role & Procedures
IVAA assist insurers to manage jewellery insurance claims. Any information provided by IVAA is strictly confidential in nature and must not be reproduced, redistributed or displayed to anybody other than the addressee unless written confirmation to do so has been given by IVAA.
4.0 Insurances
The Jeweller is required to have active and sufficient indemnity and public liability insurance cover.
5.0 Governing Statutory Bodies & Compliance
6.0 Requests for Quotation (RFQ)
Any RFQ issued by IVAA is a request for quotation only. All care is taken to ensure available information relevant to providing an accurate quotation is provided. The RFQ is an ‘invitation to treat’ and does not represent an offer. An RFQ is only issued to jewellery suppliers whom have been approved by the relevant insurance company.
7.0 Quotations
Quotations are provided by jewellers based on the original item description provided on the RFQ. Quotations are subject to change upon sighting of new documentation, pertaining of new information or radical fluctuations in material/ service costs. If a quotation supplied does not have an expiry date, The Jeweller has the right to requote if there are significant changes in material/ service costs.
See http://www.ivaa.com.au/Terms-and-Conditions/Quote-Lodgement-Terms for further details.
8.0 Approvals
An approval from IVAA represents the authorisation on behalf of the respective insurer and claimant to make contact with the claimant in order to take the necessary steps to fulfil settlement. The intention of an approval is for the insured to explore the idea of using the elected jeweller for jewellery supply. Jewellers are expected to make contact with the claimant with 2 business days of receiving the approval.
All approvals are conditional approvals, and require the acceptance of goods and/or services from the insured.
8.1 Quote Approvals
Quoted approvals are used to establish the liability if the claimant is looking to replace the original item with similar design and specification. The main focus and discloser between IVAA and the claimant is the net amount which will be invoiced for the replacement. It is explained to the claimant that the retail or valuation amount is usually more than the net figure. Jewellers are encouraged to explain retail or insurance price with claimant. The claimant may use the net figure as an In-Store Credit approval if they prefer to do so.
8.2 In-Store Credit Approvals
An In-Store Credit approval is issued as an ‘open-order store spend’ similar to offering a gift card. IVAA disclose the retail figure available to the claim. This retail figure will remain the same regardless of which jeweller the insured elects. This In-Store Credit needs to be available to the claimant for goods and services on sale, promotion, discount, clearance or any other reduced rate price advertised and/or available.
The net amount invoiced to the insurance company is dependent on the insurance discount offered by the elected jeweller. This insurance discount is offered to the IVAA insurer due to the Panel Membership Agreement and should not influence, limit and/or restrict the claimant’s jewellery spend.
Example: The claimant has been issued a $1,000 In-Store Credit to spend at The Jeweller. The claimant will have the option to use the approval on sale items. By calculating the balance of averages, The Jeweller offers a 15% discount for In-Store Credit approvals. Although the net invoice to the Insurer will be $850, the claimant will have the in store spend of $1,000 and the insurance discount will not restrict the claimant’s entitlement.
9.0 Revokes
An approval revoke is issued upon request of the insurance company or claimant. Common reasons for a revoke include; change of approval, change of elected jeweller or withdrawal of claim. All work and supply of jewellery needs to cease immediately until further notice. If the claimant has already made collection of replacement jewellery the IVAA team needs to be notified immediately.
10.0 Jewellery Supply & Collection
Panel jewellers are expected to fulfil jewellery supply and adhere to insurer invoicing terms. Provided the elected jeweller has been issued an approval from IVAA, the elected jeweller is authorised to release jewellery to the claimant and/or authorised persons/ entities listed on the approval. It is a requirement that any person organising or collecting jewellery provides identification to confirm identity and provides written confirmation once they have accepted and collected the replacement jewellery.
All transactions must adhere to the Australian Consumer Law (ACL) published by the Australian Competition & Consumer Commission (ACCC).
11.0 Excess
A policy excess is a financial contribution from the claimant which is considered a policy requirement for claim fulfilment. IVAA will include excess details on the approval if it is applicable. The claimant needs to pay this excess and it cannot be substituted in lieu of a lesser approval unless IVAA have given written confirmation to do so. It is important the final invoice shows the excess contribution collection as a deduction of the total approval amount.
12.0 Invoicing
Insurer invoicing terms and conditions differ depending on the insurance company. Insurers will make payment to valid tax invoices within 30 days. Any specific tax invoice queries are best directed to the insurer directly.
13.0 Service Performance Requirements
Service levels are monitored and measured through real-time claim data and audit testing.
14.0 Intellectual Property
Documentation, information, processes, data, examples, networks, contacts, software, licencing and any other form of tangible or intangible intellectual property shared, obtained or given by IVAA remain the sole property of IVAA. The use of, reference to or representation of IVAA property, identity or logos are strictly prohibited unless express consent is given by IVAA. Any claim methods, resolution methods, findings and/or procedures found as a direct result of IVAA claim processing remains the property of IVAA.
15.0 Ethics
At all times The Jeweller will act honestly, forthrightly and ethically to all involved parties. The Jeweller is expected to uphold the high calibre expected by IVAA by providing and sharing ethical business practices and decision making.
16.0 Disclosure
At all times The Jeweller is expected to disclose any information relating and pertaining to a specific claim that may influence and/or affect a specific claim. The Jeweller is also expected to update IVAA on any loss/revoke/changes in membership, qualifications, licences or affiliations that may affect the decision making and/or reputation of IVAA, IVAA panel members, affiliations or clients.
17.0 Complaints & Resolution
In the event these terms and conditions have been breached by either IVAA or The Jeweller the following procedures for resolution and reprimand take place;
A. direct consultation with affected members to remediate resolution;
B. escalation to appropriate industry groups including Jewellers Association of Australia (JAA), National Council of Jewellery Valuers (NCJV), Australian and New Zealand Institute of Insurance and Finance (ANZIIF); or
C. suspension or revoke of panel membership.