Your duty of disclosure
Insurance policies issued by us are subject to the Insurance Contracts Act 1984 (Act). Under that Act You have a Duty of Disclosure.
Before You take out insurance with Us, You have a duty to tell Us of everything that You know, or could reasonably be expected to know, may affect Our decision to insure You and on what terms. If You are not sure whether something is relevant You should inform Us anyway.
You have the same duty to inform Us of those matters before You renew, extend, vary, or reinstate a contract of insurance. The duty applies until the policy is entered into, or where relevant, renewed, extended, varied or reinstated (Relevant Time). You need to tell Us immediately of any new information or changes to the answers that have been provided to Us and/or the disclosures You have made to Us throughout the Policy Period.
What You do not need to tell Us
You do not need to tell Us about any matter:
1. that diminishes Our risk;
2. that is of common knowledge;
3. that We know or should know as an insurer; or
4. that We tell You We do not need to know.
Who does the duty apply to?
Everyone who is insured under a policy must comply with the duty.
What happens if You or they do not comply with the duty?
If You or anyone insured under a policy do not comply with this duty, We may cancel the policy or reduce the amount We pay if You make a claim. If the non-disclosure is fraudulent, We may treat the policy as if it never existed and pay nothing.