Duty of Disclosure
Before you enter into a contract of insurance, you have a duty under the Insurance Contracts Act 1984 to disclose to your 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 and, if so, on what terms. The duty also applies when you renew, extend, vary or reinstate a contract of insurance.
You do not have to disclose anything that:
- Reduces the risk to be undertaken by the insurer
- Is common knowledge
- Your insurer knows, or in the ordinary course of business, ought to know, or
- The insurer has waived your obligation to disclose
If you do not comply with your duty of disclosure, your insurer may be entitled to reduce it’s liability in respect of a claim or may cancel your contract of insurance. If the non-disclosure was fraudulent, the insurer may be able to avoid (or cancel) the contract of insurance from its beginning.
At Preserve Ag, We give priority to protecting the privacy of Your personal information. We do this by handling personal information in a responsible manner and in accordance with the Privacy Act 1988 (Cth). We collect Your personal information to enable Us to review your insurance requirements and to research and determine products or services that may suit You, in our role as an insurance broker. We may disclose Your personal information to others with whom We have business arrangements for the purposes listed above or to enable them to offer their products and services to You. These parties may include insurers, underwriting agencies, related companies, persons involved in claims. Disclosure may also be made to the government, law enforcement, dispute resolution, statutory or regulatory bodies, or as required by law.
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