Transport and Plant Insurance | Business Insurance | Professional Indemnity Insurance | Mining Contractors Insurance | Civil Contractors Insurance
Transport and Plant Insurance | Business Insurance | Professional Indemnity Insurance | Mining Contractors Insurance | Civil Contractors Insurance
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.
Personal Insurance e.g. home and contents policies, and Business Insurance e.g. fire, business interruption, industrial special risks policies often contain an Average Clause. Such clauses enable the insurer to reduce your claim settlement in proportion to the amount of any underinsurance. Therefore, you should always insure for full value which may be replacement, indemnity or market value depending on the cover arranged.
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 subject to the Corporations Act and the terms and conditions of the policy. 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.
Advise us immediately of any changes to the risk covered or your circumstances. Some examples of such changes are: change of location, risk, activity, insured names, values to be insured, fire or burglary protection.
Always ensure you advise us of every interested entity so that each can be properly advised to the insurer and noted as insured and/or for their respective rights and interests. Most policies will exclude indemnity to parties unless their interest is noted on the policy.
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, please don’t hesitate to contact us
We reserve the right to retain all brokerage and fees in the event of any refund premium being allowed by the insurer for any policy transaction.
We wish to advise you that any Damage caused to your property caused by flood is excluded unless advised otherwise on the schedule of insurance.
If you make any agreement that could prevent your insurer from recovering any loss from a third party to a claim, you may prejudice your rights to that claim. Therefore, you must seek prior agreement from your insurer in regard to such clauses or agreements.
If you require any further explanation or clarification of any of the above important information, please contact us immediately.
“ East West Insurance Brokers has remained our broker for over 18 years because of their practical advice and smooth administration. ”
Alan Cadd, Managing Director Informed Sources Milton Qld
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