You have a duty to disclose certain matters which will help our insurers decide whether to insure you and, if so, on what terms. You have this duty when you are seeking a business insurance quote, when buying a business insurance policy, when varying your business insurance policy and when renewing your business insurance policy.
You need to explain this duty of disclosure to any other insureds you may apply on behalf of, such as other directors, officers, employees and family members.
Your duty to disclose does not require disclosure of matters that diminish the risk to be undertaken by the insurer, that is of common knowledge or that your insurer knows, or in the ordinary course of its business ought to know.
If you fail to comply with your duty of disclosure, the insurer may be entitled to reduce its liability under the contract of insurance in respect of a claim or may cancel the contract or may have the option of avoiding the contract from its beginning.
When you apply for insurance, when you want to make changes to your insurance, when you want to renew your insurance and when you make a claim, you have a legal duty of disclosure to insurers.