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 be expected to know, is relevant to the insurer’s decision whether to accept the risk of insurance, and if so, on what terms. The same duty arises on renewal, extension, variation or reinstatement of the contract. Disclosure of matters such as cancellation or premium increase by insurer/s, past claims, physical risk, criminal convictions and insolvency will be especially important. However, disclosure is not limited to these matters, nor limited to the questions asked, nor limited to the named insured and therefore full disclosure including past business or private insurance is required.

If you fail to comply with your duty of disclosure, even innocently, the insurer may be entitled to reduce its liability 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 inception.

UNDERINSURANCE (AVERAGE)

Almost all policies covering Property (e.g. home and contents policies, fire, business interruption, industrial special risks policies)  contain an Average Clause.   This means your claim settlement is reduced in proportion to the amount of any underinsurance.  Therefore, you should always insure for full value otherwise you may get paid less than you expect in the event of a loss.

CHANGE OF YOUR RISK OR YOUR CIRCUMSTANCES

Advise us immediately of any changes to the risk covered or your circumstances.  Some examples of such changes are: change of location, risk, business activity, insured names, values to be insured, fire or burglary protection.

WAIVERS OF SUBROGATION, HOLD HARMLESS, INDEMNITIES OR OTHER AGREEMENTS

If you make any agreement that could prevent your insurer from recovering a loss from a third party, you may prejudice your rights to claim.  Therefore, when entering into a contract or agreement which affects your rights, you must seek prior agreement from your insurer in regard to such clauses or agreements.

Please contact us immediately if you require any further explanation or clarification of the information provided above.

COOLING OFF PERIOD

You may be entitled to a minimum 14 day cooling-off period during which you may return the insurance policy and receive a refund of the premium paid. Please read and check your policy and schedule carefully to ensure that cover meets with your requirements.  If the cover does not satisfy your needs, please contact us urgently to request cancellation within the cooling-off period (subject the terms and conditions of the policy).

INSURED NAME OR INTERESTS OF OTHER PARTIES

Ensure you advise us of every interested entity so they can be noted as an insured and/or for their respective rights and interests.  Most policies will not include cover for parties unless their interest is noted on the policy.

DIFFICULTIES WITH OUR SERVICE

In operating our business we comply with codes of practice specific to our industry. These codes have been developed in conjunction with recognized consumer bodies. To view these Codes, please click on the
links below:

General Insurance Code of Practice
Insurance Brokers Code of Practice

If you have any queries or wish to make a complaint, please don’t hesitate to contact us

REFUND OF PREMUM

In the event of any refund premium being allowed by the insurer for any policy transaction, we reserve the right to retain all brokerage and fees.

FLOOD EXCLUSION

Damage caused to your property caused by flood is excluded unless advised otherwise on the schedule of insurance.