A product disclosure statement is commonly referred to as a PDS and it outlines important information about the policy. This information includes things like conditions on your insurance policy, cover exclusions, limitations, sub limits and details of exactly what you are and are not covered for. It is important to consider the PDS before buying an insurance policy and keep in mind you should always read your PDS in conjunction with your policy schedule, which will form part of the agreement between you and the insurer. You should carefully read the PDS prior to making a decision about purchasing an insurance policy.