By requesting a quote, you authorise us to obtain quotations on your behalf and to contact you to obtain further information which may be required. You further acknowledge the terms and information contained in our Financial Services Guide (FSG), which is available HERE or ask us for a copy.
When we provide a quotation, we will issue to you further documentation including the insurer’s policy wording/product disclosure statement. The insurer may also require an application form to be completed. These documents will contain a number of important items you need to read and understand.
To understand your business and risks, we will need to conduct a review with you. We will then provide you with personal advice – which is advice based on your particular needs. Alternatively, if you do not require personal advice, or do not provide us with the information required to provide personal advice, our advice will be limited to general advice only.
Note all of the information contained on our website is general information only and should not be relied upon. Should you require advice on your risk and insurance needs, please contact one of our qualified advisers to discuss your circumstances and needs.
Duty of Disclosure:
Before you enter into a contract of general insurance with an insurer, you have a duty, under the Insurance Contract Act 1984 to disclose to the insurer every matter that you know or could reasonably be expected to know, is relevant to the insurer’s decision whether to accept the risk of the insurance and, if so, on what terms. You have the same duty to disclose those matters to the insurer before you renew, extend, vary or reinstate a contract of general insurance. Your duty however does not require disclosure of matters
- that diminish the risk to be undertaken by the insurerthat is of common knowledge;
- that is of common knowledge;
- that your insurer knows, or in the ordinary course of their business, ought to know;
- for which the insurer has waived your obligation to disclose.
Non-Disclosure. If you fail to comply with your duty of disclosure the insurer may be entitled to reduce its liability under the contract in respect of a claim or may cancel the contract. If your non-disclosure is fraudulent, the insurer may also have the opportunity of voiding the contract from its beginning.
Utmost Good Faith
Every insurance policy is based on the premise of utmost good faith. This means that both you and the Insurer must act towards each other with the utmost good faith. If you do not, your right to claim under the policy may be effected.
Sums Insured – Average and Co-Insurance
Some insurance contracts require you to bear a proportion of each loss or claim if the sum insured is inadequate to cover the amount of the loss. These provisions are called ‘average’ or ‘co-insurance’ clauses.
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.
Interests of other Parties
Some insurance contracts do not cover the interest in the insured property or risk of anyone other than the person named in the contract. Common examples are where property is jointly owned or subject to finance but the contract only names one owner or does not name the financier. Please tell us about everyone who has an interest in the property insured so that we can ensure that they are noted on the contract of insurance.
You must also notify us so we can notify your insurer of any significant changes which occur during the period of insurance. If you do not, your insurances may be inadequate to fully cover you.
Waiver of Rights
Some insurance contracts seek to limit or exclude claims where the insured person has limited their rights to recover a loss from the person who was responsible for it. For example, some agreements (such as leases) disclaim or limit the liability of the other party (such as the lessor). Please tell us about any contracts of this type which you have or propose to enter into.
Claims made and notified basis of coverage
Some insurance contracts such as Professional Indemnity and Medical Indemnity are issued on a ‘Claims made and Notified’ basis. This means that you require a current insurance policy to protect yourself against claims made against you at the time the claim is made – rather than when the incident leading to the claim occurred. You need to ensure your policy includes an appropriate ‘retroactive date’. Please refer to the insurer’s policy wording which will define the claims made and notified terms. Before you switch insurers or allow a policy to lapse, you should carefully review your circumstances including loss of any ‘continuous cover’ provision and whether you have any known circumstances or claims to declare to your current insurer before allowing the policy to cease.
Please note claims made and notified policies will not cover
- Claims against you arising from incidents that occurred prior to the Retroactive Date;
- Claims against you, or facts that may result in claims against you, notified to the insurer after the end of the policy period (other than as allowed under an extended reporting benefit or under law);
- Claims made, threatened or intimated against you prior to the policy commencing;
- Facts or circumstances of which you first became aware of prior to the policy commencing – and which you knew or ought reasonably to have known had the potential to give rise to a claim.
Before you enter into a contract of general insurance with an insurer you will be required to declare that the information and statements you have made are correct, true and complete; that no information has been withheld; and that you have read the important facts including the duty of disclosure and insurer policy documentation.