Business Insurance Declaration

Liability Declaration

The following questions relate to any directors or partners.

Duty of 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 be expected to know that may be relevant to the decision of the insurer whether to accept the risk of the insurance and, if so, on what terms. The same duty arises at renewal, extension, variation or reinstatement of the policy.

Your duty, however, does not require disclosure of any matter:

  • That diminishes the risk insured under the policy;
  • That is of common knowledge;
  • That the insurer knows or, in the ordinary course of its business, ought to know; and
  • As to which compliance with your duty has been waived.

This duty continues until the time the policy is issued and applies to all persons to be covered under this policy.

If you fail to comply with your duty of disclosure, the insurer may be entitled to reduce its liability under the policy in respect of a claim or cancel a policy. If the non-disclosure is fraudulent, the may also have the option of avoiding the policy from its beginning.

By submitting this application form you hereby declare that: