Your Duty of Disclosure
This Policy is subject to the Insurance Contracts Act 1984 (Cth) (‘Act’). Under that Act You have a duty of disclosure. Before You purchase the insurance, You have a duty to tell Us of everything that You know, or could reasonably be expected to know, that 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 Your contract of insurance. The duty applies until this Policy is entered into, or where relevant, renewed, extended, varied or reinstated (‘Relevant Time’). If anything changes between when the answers are provided to Us or disclosures are made and the Relevant Time, You need to tell Us.
Your duty however does not require disclosure of matters that:
- reduce the risk We insure You for;
- are common knowledge;
- We know or, in the ordinary course of Our business should know; or
- We have told You We do not want to know.
If You do not comply with Your duty of disclosure, We may cancel Your contract or reduce the amount We will pay You if You make a claim, or both. If Your failure to tell Us is fraudulent, We may refuse to pay a claim and treat the contract as if it never existed.
