Ozprize & Weather Insurance Specialists is a Corporate Authorised Representative of Insurance Advisernet Australia Pty Ltd. AFSL No. 240549

Corporate Authorised Representative No. 309116 Visit the Insurance Advisernet website

Duty of Disclosure

Duty of Disclosure

Before you enter into a contract of general or life insurance with an Underwriter you have a duty, under the Insurance Contracts Act. 1984, to disclose to the Underwriter every matter that you know, or could reasonably be expected to know, is relevant to the Underwriter’s decision whether to accept the risk of the insurance and, if so, on what terms. You have the same duty to disclose these matters to the Underwriter before you renew, extend, vary or reinstate this contract of general insurance.

Your duty, however does not require disclosure of any matter:
  • that diminishes the Underwriter’s risk
  • that is of common knowledge
  • that the Underwriter knows, or in the ordinary course of business, should know
  • as to which compliance with your duty of disclosure is waived by the Underwriter.
Non-Disclosure

If you fail to comply with your duty of disclosure the Underwriter 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 Underwriter may also have the option of avoiding the contract from its beginning.

Subrogation

If you have entered into an agreement with another party which prevents the Insurer from taking a recovery action for compensation from that party it may affect your right to cover under this Policy.

Should you now be a party to such an agreement or be requested to enter such an agreement in the future please advise our office in writing.
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