 |
|
|
|
1. CHANGES IN RISK INSURED - It is important that the Insurer be notified of any alteration in the risk insured, e.g. name of insured, situation of risk, details of property covered, criminal convictions relating to the Insured or any other person indemnified by the policy, etc. In particular, if a motor vehicle is insured by this policy, details of all driving convictions in the past 5 years of the Insured or any other person who may regularly drive the vehicle as well as any modifications to the vehicle insured must be made known to the Insurer. Failure to advise the Insurer of important information concerning the Insured and the risk insured could prejudice subsequent claims under the policy.
2. YOUR DUTY OF DISCLOSURE - Before you obtain a contract of general insurance, you have a duty of disclosure under the Insurance Contracts Act 1984. This duty requires you to advise the Insurer of all information that affects their decision on: 1. whether to insure you or not; and 2. what terms and conditions to offer. You have the same duty to advise them of all such information before you renew, vary or reinstate your policy. This duty does not require you to advise them of information that: 1. is about a reduction in the risk to be insured; 2. is of common knowledge; 3. the Insurer knows or in the ordinary course of business ought to know; 4. the Insurer states they do not want to know.
NON-DISCLOSURE - If you do not comply with your duty of disclosure: 1. the Insurer may reduce the amount of cover they provide when you have a claim; and 2. they may cancel your policy. If the non-disclosure is fraudulent the Insurer may also void your policy from its beginning.
3. CANCELLATION FEES - We reserve the right to retain commission on any refund premium and unless otherwise agreed broker fees are non-refundable and we may charge an additional cancellation fee in the event of early termination of the contract.
4. ADVICE - If you need advice on your insurance covers or arrangements or if you have any other query please contact one of our account executives. They are happy to answer minor queries over the phone, but written advice or confirmation should be sought in relation to any matter on which you propose to rely.
5. WARNING - WHAT SORT OF ADVICE IS BEING PROVIDED - Where a Statement of Advice has not been provided to you with this invoice then the advice that we are giving you related to this transaction is General Advice. The advice has been prepared without considering your objectives, financial situation or needs. Therefore, before acting on the advice, you should consider the appropriateness of the advice having regard to your objectives, financial situation or needs. If the advice provided relates to the acquisition or possible acquisition of a new insurance policy and the insurer has prepared a Product Disclosure Statement (PDS) we will have attached the PDS for your review. You should consider the PDS prior to making the decision to purchase this product.
6. COMPLAINTS If you are not satisfied with our services you should contact our Complaints Officer. We are members of the Insurance Brokers Disputes Limited (IBD), a free consumer service. We also adopt the Insurance Brokers Code of Practice. Further information is available from our office, or contact IBD directly on 1300 780 808 or visit www.ibdltd.com.au
The following notices only apply to the relevant sections of your General Insurance Policy.
7. SUBROGATION - Your policy of insurance provides that you will not be able to recover under it if you enter into or have entered into any agreement which excludes or limits your right of recovery from other parties: therefore you MUST NOT have agreed and MUST NOT agree to give away any of your rights because this will affect the insurers right to recover under Subrogation from other parties.
8. AVERAGE/CO-INSURANCE - It is most important that the Sum Insured you select is adequate to represent the value of the property insured, calculated in accordance with the cover being arranged, OTHERWISE you will be UNDER-INSURED and in the terms of the Average/Co-insurance provisions of your policy you may be responsible for paying part of the loss you actually suffer. The application of average applies to business interruption policies and is fully set out in the Basis of Cover. For the types of cover most usually provided the average calculation is arrived at by applying the rate of gross profit to the turnover, both factors first being adjusted appropriately as provided for in the trend of business clause. In other words if you base your cover on too low an amount you will contribute proportionately to any loss. It is most important that you also include an adequate indemnity period. If you are not back to normal trading conditions by the time the indemnity period expires then you will have a further uninsured loss.
9. 'CLAIMS MADE' CONTRACT OF INSURANCE - Your contract of insurance may provide cover subject to its terms and conditions only in respect of claims made against you and notified to the insurer during the policy period. Section 40(3) of the Insurance Contract Act, 1984 states that the insurer is not relieved of liability under your contract of insurance in respect of any claim made after the expiration of the policy period where you gave notice in writing to the insurer of any facts or circumstances that might give rise to a claim against you, provided such notice was given as soon as was reasonably practicable after you became aware of those circumstances and before the policy period expired. You may be uninsured in respect of a claim made against you after the expiry of the contract of insurance arising from events which occurred during the period of insurance of that contract where you have upon the expiry of that contract entered into a contract of insurance which responds to a claim on an occurrence basis.
10. RETROACTIVE COVER - Unless your contract of insurance contains a specific endorsement to the contrary, your contract of insurance does not provide cover in relation to events which occurred before your contract was entered into.
