YOUR DUTY OF DISCLOSURE

Before you enter into a Contract of general insurance with an insurer, you have a duty under the Insurance Contracts Act 1984 to disclose to the Insurer every matter that you know or could reasonably expect to know, is relevant to the Insurers’ decision whether to accept the risk of Insurance and if so, on what terms. You have the same duty to disclose these 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 underwritten by the Insurer
  • Are of common knowledge
  • Your Insurer knows, or in the ordinary course of business, ought to know
  • As to which compliance with your duty is waived by the Insurer

 

NON-DISCLOSURE

If you fail to comply with your duty of disclosure, the Insurer may be entitled to reduce the 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 option of avoiding the contract from its beginning.

Clients who are not fully satisfied with our services should contact our customer relations/complaints officers – John Dunk or James Dunk.

Dunk Insurance is a member of the Financial Ombudsman Service (FOS), a free consumer service, and follow the principals of the Insurance Brokers Code of Practice. Further information is available from our office, or visit www.fos.org.au