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Insurance Product Information Document

Product Replacement, Accidental Damage or Breakdown Plan

Company: Studio and Ace are trading names of Studio Retail Trading Limited, an appointed representative of Frasers Group Financial Services Limited, which is authorised by the Financial Conduct Authority for customer credit and general insurance. Express House, Petre Road, Clayton Business Park, Accrington, Lancashire, BB5 5JB. Firm reference: 311908

Product Replacement, Accidental Damage or Breakdown Plan is underwritten by

Company: Novus Underwriting Limited on behalf of Helvetia Schweizerische Versicherungsgesellschaft in Liechtenstein AG. Novus Underwriting Limited is an appointed representative of Direct Insurance Group Plc, which is authorised and regulated by the Financial Conduct Authority (Firm Reference No. 306080). Helvetia Schweizerische Versicherungsgesellschaft in Liechtenstein AG. Registered Office: Aeulestrasse 60 (2. Stock) 9490 Vaduz, Liechtenstein is authorised and regulated by the Liechtenstein Financial Market Authority and subject to regulation by the Financial Conduct Authority and limited regulation by the Prudential Regulation Authority (Firm Reference No. 454140).

This Insurance Product Information Document contains only a summary of the insurance cover. The full terms and conditions of the insurance, including for example complete information on exclusions, your obligations, how to make a claim, and your complaints and cancellation rights, can be found in your Policy Document and Policy Schedule.

What is this type of insurance?

This insurance is designed to repair or replace your product if it is accidentally damaged or breaks down and fails to operate as intended by the manufacturer. Breakdown is covered outside of the manufacturer’s guarantee period.

 What is insured?

This insurance is designed to repair or replace your product if it is accidentally damaged or breaks down and fails to operate as intended by the manufacturer. Breakdown is covered outside of the manufacturers guarantee period.

If your product has an original purchase price of £200.00 or less, we will (in the event of each valid claim):
- replace your product with an identical product, or if this is not possible,
- we will arrange for a credit to be applied to the account through which the original purchase was made

If your product has an original purchase price of more than £200.00, we may (in the event of each valid claim):
- choose to pay for the cost of repairing your product, or,
- replace your product with an identical product, or,
- arrange for a credit to be applied to the account through which the original purchase was made. However, we will only pay the purchase price of the product, or £1,500, whichever is lower in each individual claim.

The maximum we will pay under this policy in total for all repairs and replacements is an amount equal to twice the original purchase price of the product or £3,000, whichever is lower. If the product is replaced, or your account is credited, the plan will terminate. If required, you will need to buy a new plan for any new product

 What is not insured?

✘ Theft or loss of the product.
✘ Products used for Commercial use.

 Are there any restrictions on cover?

! Deliberately damaging or neglecting your product;
! Electrical or mechanical breakdown for which the manufacturer, supplier or any other person may be held responsible under the terms of any guarantee or warranty;
! The replacement of or adjustment to consumable items including but not limited to discs, records, tapes, styli, cartridges, software, aerials or aerial sockets, air or water filters, light bulbs, plugs, fuses, batteries, disposable bags, belts, brushes or tools;
! Claims caused by routine servicing, inspection, maintenance or cleaning;
! Claims caused by a manufacturing defect or a product recall;
! Claims resulting from repairs carried out by a repairer not authorised by us;
! Claims resulting from wear and tear or the gradual deterioration of performance;

 Where am I covered?

In the United Kingdom

 What are my obligations?

• You must take all reasonable steps to protect your product to prevent breakdown or minimise the effects of a breakdown once it has occurred.
• All claims must be made within 30 days of discovery of the incident. Failure to do so may delay your claim.
• If you change your address, please contact Frasers Group Financial Services Limited on 0371 376 5680 with the new details.
• If the product is replaced, or your account is credited, the plan will terminate. If required, you will need to buy a new plan for any new product.

 When and how do I pay?

The full premium payable will be debited to your Ace/Studio account before the commencement of the policy.

 When does the cover start and end?

Accidental damage cover starts from the date of purchase and lasts for either two or three years. Breakdown cover starts from the date of purchase and lasts for either one or two years after the expiry of the manufactures guarantee. These dates can be found on your policy schedule.

 How do I cancel the contract?

You can cancel your policy within 30 days of the policy start date or, if later, 30 days of the date you receive this Policy Document. We will refund any premiums you have paid as long as you have not made a claim and do not intend to make a claim.

You can also cancel your policy at any other time by writing to Frasers Group Financial Services Limited, Express House, Clayton Business Park, Accrington, Lancashire, BB5 5JY or please call 0371 376 5680 or send a message on our secure webform: studiopaysupport.zendesk.com

You may be entitled to a pro-rata refund for each complete unexpired months cover, calculated at the date the cancellation request is received provided that you have not made a claim. This means that a refund will only be provided for every complete month of the plan remaining from the date you request the plan is cancelled.