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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 which is relevant to the Insurer’s
decision whether to accept the risk of insurance and if so, on what terms.
You have the same duty to disclose those matters to the Insurer before you renew,
extend, vary of reinstate a Contract of general insurance. Your duty however does
not require disclosure of matter:
- That diminishes the risk to be undertaken by the insurer;
- That is common knowledge;
- That your insurer knows or, in the ordinary course of business ought to know;
- As to which the compliance with your duty is waived by the insurer.
Who Needs to Tell Us
It is important that you understand you are answering our questions in this way
for yourself and anyone whom you want to be covered by the policy.
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 the claim or may cancel
the Contract.
If your non-disclosure if fraudulent, the Insurer may also have the option of avoiding
the Contract from its beginning.