Background to Disclosure requirements
All insurance Contracts are based on the Principle that all parties will act with Utmost Good Faith in all their dealings. This is recognised at law and reinforces the reason that “Your Duty of Disclosure “is required to be stated here and in the Policy Wording.
Effective 5/10/2021, The Financial Sector Reform (Hayne Royal Commission Response) Act 2020 amends the Duty of Disclosure for “consumer Insurance Contracts
Our Duty of Disclosure
We at Landcover subscribe the Insurance Industry’s Code of Practice to be honest, efficient, fair, transparent and timely in dealing with you, our customer.
We ensure that our staff and those representing us are appropriately trained and have sufficient product knowledge to conduct themselves professionally in all aspects of the services we provide.
Your Duty of Disclosure
You, when applying for Landcover Insurance are obligated to comply with what the Insurance Industry, Legislation and the Insurance Contract Act 1984 refers to as “Your Duty Of Disclosure”.
We must point out that your failure to comply or in the event of any non-disclosure by you that is found to be fraudulent may result in your Insurer cancelling your policy or reducing their liability in respect of claim.
When applying to purchase Landcover Insurance for your personal or domestic or household purpose you have a duty to take reasonable care not to make a misrepresentation to an insurer.
For all other purposes when applying to purchase Landcover insurance you need to tell us because Landcover, in arranging this insurance policy, acts on behalf of the Insurer, everything that you know or could be reasonably expected to know that is relevant to our acceptance of your Landcover Insurance Application.
Now you do not need to tell us anything that will reduce the insurance risk, that is common knowledge or is already something that we should know.
Please, if you do not understand your Duty of Disclosure, please click here to submit your question