Fergusons Insurance Brokers

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39B Davey St Frankston, Victoria
Phone: (613) 9783-3200

Consequences for non-disclosure of all information

Insurance cover is based and rated on the customer disclosing all of the required and correct information regarding a certain risk, which then enables the insurance company to accurately rate, accept or decline a risk.

When answering questions from the insurance company, the customer is required to be honest and holds a duty under law to tell the insurer anything known to them and which a reasonable person in the circumstances would include in answer to the questions.

If you do not answer the questions honestly, the insurer may reduce or refuse to pay a claim, or cancel your insurance. If the customer answers the questions fraudulently, the insurer may refuse to pay a claim and treat the insurance as never having commenced.

When answering questions with incorrect information, you run the risk of being uninsured against the exact event you wanted to buy the insurance for in the first place.

If you are unsure about what needs to be disclosed your broker can assist you in determining this in order to meet your duty.