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Duty of Disclosure
Under the Insurance Contracts Act, you have to disclose every matter that you know, or could reasonably be expected to know, is relevant to the Insurers decision whether to accept the risk of insurance and on what terms. The duty of disclosure applies on each and every occasion you seek new insurance cover or renewal, alter or extend existing cover.
Your duty does not require discloser on any matter
- that diminishes the risk to be undertaken
- that is common knowledge
- that the Insurance Company knows or in the ordinary course of its business ought to know
- as to which the Insurer waives compliance with your duty
It is essential that you comply with your duty of disclosure as the Insurance Company may be entitled to deny a claim, reduce it’s liability under the contract of insurance or cancel the contract from its beginning.