Duty of Disclosure
Before you enter into an insurance contract with an insurer, you have a duty under the Insurance Contracts Act 1984 to disclose information to the insurer. This Duty of Disclosure applies until the insurer either agrees to insure you or renew your insurance. The Duty of Disclosure also applies before you extend, vary, or reinstate your insurance.
If you are applying for or renewing insurance in relation to consumer insurance products, you must answer the specific questions asked by the insurer truthfully and accurately. Remember, you have a duty to take reasonable care not to make a misrepresentation.
Duty of Disclosure is available here to view or download
Material Changes
You must notify your insurer of any significant changes that occur during the period of insurance. If you do not, your insurances may be inadequate to fully cover you.
We can assist you to do this and to ensure that your contract of insurance is altered to reflect those changes.
Quotation Disclaimer
Any insurance forms completed at this site are for a provisional quotation only and no cover will be arranged based on the form received. When you apply for cover, we need you to confirm the information provided and provide more information if necessary. Based on what you apply or what you tell us; we may offer cover on different terms to those in the quotation.
The quotation is not a guarantee of future acceptance. To complete cover, an application form will need to be completed and accepted by the Insurer.
Average & Co-Insurance (Sums Insured)
Some policies contain an Average or Co-insurance clause. This means that if you insure for less than the full value of the property, your claim may be reduced in proportion to the amount of the under-insurance.
If you do not want to bear a proportion of any loss, when you arrange or renew your contract of insurance, you must ensure that the amount for which you insure is adequate to cover the full potential of any loss. If you insure on a new for old basis, the sum insured must be sufficient to cover the new replacement cost of the property.
Some business interruption policies contain an Average or Co-insurance clause which has a different application. Check your policy and contact us with any questions.
Duty of Good Faith
Both parties to an insurance contract, the insurer and the insured, must act towards each other with the utmost good faith. If you fail to do so, the insurer can cancel your insurance. If the insurer fails to do so, you may be able to sue the insurer.
Additional Insured & Noting Interests
If a person is to be named on your policy or insured as a co- insured or joint insured, notify us immediately so we can request this in advance from the insurer. Your property and liability policies will not provide automatic cover for the insurable interest of other parties (e.g., mortgagees, lessors).
Check with us whether the insurer will include someone else as an insured or note their interests before you agree to this in a contract or lease. We cannot guarantee that an insurer will agree to include someone as an insured under your policy or to note their interests on your policy.
Contracts and Leases you Sign
If you sign a contract with an indemnity, “hold harmless” or release, it can invalidate your insurance – unless you obtain the insurer’s consent in advance.
These clauses are often found in leases and other contracts you sign from time to time relating to your business. Do not sign a contract or lease without contacting us and/or taking legal advice as to whether the contract terms will prejudice your policy.
Insurer Solvency
We do not warrant or guarantee the current or ongoing solvency or financial viability of the insurer because we have no control over the insurer’s performance, and this can be affected by many complex commercial and economic factors.