Declaration and Duty of Disclosure
When you apply for an insurance policy, or renew or extend your existing policy, you have to tell the insurer everything about you and your situation that is relevant or could reasonably be expected to be relevant to the insurer’s decision to insure you. You don’t need to disclose something you don’t know, that reduces the insurer’s risk, that is common knowledge, that the insurer knows or ought to know, or something that’s not relevant or the insurer has told you that you don’t need to disclose. With insurance, honesty is the best policy.
1. Has the insured or any insured party ever had a claim cancelled, declined or terms imposed?
2. Ever been declared bankrupt?
3. Ever been involved in a company or business which became insolvent or subject to any form of insolvency or voluntary administration (e.g. liquidation or receivership)?
4. Been convicted of any criminal offence within the past 5 years (other than minor traffic convictions?)
5. Been liable for any civil offence or pecuniary penalty (exceeding $5,000)?
6. Any claims in the last 5 years under the sections to be insured?
7. If applicable, Is any of the property in disrepair or in poor condition or are there any other facts that could affect the insurers assessment of the risk?
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