In order to make informed assessment of the risk and calculate the appropriate premium, you insurer needs information about the risk you are asking it to insure. For this reason, before you enter into a contract of insurance, you have a duty under the Insurance Contracts Act 1984 to disclose to your insurer every matter that you know, or could reasonably be expected to know, is relevant to the insurer’s decision whether to accept the risk and, if so , on what terms. The duty also applies when you renew, extend, vary or reinstate a contract of insurance.
You do not have to disclose anything that:
• Reduces the risk to be undertaken by the insurer;
• Is common knowledge;
• Your insurer knows, or in the ordinary course of its business, ought to know;
Or
• If the insurer has waived your obligation to disclose.
If you do not comply with your duty of disclosure, your insurer may be entitled to reduce its liability in respect of a claim or may cancel your contract of insurance. If the non – disclosure was fraudulent, the insurer may be able to avoid (or cancel) the contract of insurance from its beginning. This would have the effect that you were never insured. One important matter to be disclosed is the history of losses suffered by the person seeking insurance or any closely associated person or entity. As you are responsible for checking that you have made complete disclosure, we suggest that you keep an up to date record of all such losses and claims. If you have any questions about whether information needs to be disclosed, please contact us. Material changes you may also notify your insurer of any significant changes which occur during the period of insurance. If, you do not, your insurances may be inadequate to fully cover you. We can assist you to do this and to ensure that your contract of insurance is altered to reflect those changes.
Cooling Off Period – Retail insurers only
If you decide that you do not need a contract of retail insurance which has been arranged on your behalf, you have a minimum of 14 days from the earlier of the date you receive confirmation of the contract and the date it was arranged to change your mind. You must tell the insurer in writing that you wish to return the
insurance contract and have the premium repaid. If you do so, the insurance contract will be terminated from the time you notified the insurer and the
premium will be returned. The insurer may retain its reasonable administration and transaction costs and a short term premium. You cannot return the contract of insurance if it has already expired or if you have made a claim under it. : info@kingstoninsurancebrokers.com.au
Duty of Disclosure
In order to make informed assessment of the risk and calculate the appropriate premium, you insurer needs information about the risk you are asking it to insure. For this reason, before you enter into a contract of insurance, you have a duty under the Insurance Contracts Act 1984 to disclose to your insurer every matter that you know, or could reasonably be expected to know, is relevant to the insurer’s decision whether to accept the risk and, if so , on what terms. The duty also applies when you renew, extend, vary or reinstate a contract of insurance.
You do not have to disclose anything that:
• Reduces the risk to be undertaken by the insurer;
• Is common knowledge;
• Your insurer knows, or in the ordinary course of its business, ought to know;
Or
• If the insurer has waived your obligation to disclose.
If you do not comply with your duty of disclosure, your insurer may be entitled to reduce its liability in respect of a claim or may cancel your contract of insurance. If the non – disclosure was fraudulent, the insurer may be able to avoid (or cancel) the contract of insurance from its beginning. This would have the
effect that you were never insured. One important matter to be disclosed is the history of losses suffered by the person seeking insurance or any closely associated person or entity. As you are responsible for checking that you have made complete disclosure, we suggest that you keep an up to date record of all such losses and claims. If you have any questions about whether information needs to be disclosed, please contact us.
Material Changes
You may also notify your insurer of any significant changes which occur during the period of insurance. If you do not, your insurances may be inadequate to fully cover you. We can assist you to do this and to ensure that your contract of insurance is altered to reflect those changes.
Cooling Off Period – Retail insurers only
If you decide that you do not need a contract of retail insurance which has been arranged on your behalf, you have a minimum of 14 days from the earlier of the date you receive confirmation of the contract and the date it was arranged to change your mind. You must tell the insurer in writing that you wish to return the
insurance contract and have the premium repaid. If you do so, the insurance contract will be terminated from the time you notified the insurer and the
premium will be returned. The insurer may retain its reasonable administration and transaction costs and a short term premium. You cannot return the contract of insurance if it has already expired or if you have made a claim under it.
Kingston Insurance Brokers Pty Ltd
Ground Floor 1 Oxford Street, Oakleigh, VIC.3166
T: (03) 9569 1200 F: (03) 9569 1244
E: info@kingstoninsurancebrokers.com.au
W: www.kingstoninsurancebrokers.com.au
ABN: 97 673 798 804
ACN: 673 798 804
AFS Licence Number: 556570
Privacy
We are committed to protecting your privacy. We use the information you provide to advise about and assist with your insurance needs. We only provide your information to the insurance companies with whom you choose to deal (and their representatives). We do not trade, rent or sell information.
You can check the information we hold about you at any time. For more information about our Privacy Policy, ask us for a copy.
Sums Insured – Average and Co – Insurance
Some insurance contracts require you to bear a proportion of each loss or claim if the sum insured is inadequate to cover the amount of the loss. These provisions are called ‘average’ or ‘co –insurance’ clauses. If you do not want to bear a proportion of any loss, when you arrange or renew your contract of insurance, you must ensure that the amount for which you insure is adequate to cover the full potential of any loss. If you insure on a new for old basis, the sum insured must be sufficient to cover the new replacement cost of the property.
Interests or other Parties
Some insurance contracts do not cover the interest in the insured property or risk of any other than the person named in the contract. Common examples are where property is jointly owned or subject to finance but the contract only names one owner or does not name the financier. Please tell us about everyone who has an interest in the property insured so that we can ensure that they are noted on the contract of insurance.
Waiver of Rights
Some insurance contracts seek to limit or exclude claims where the insured person has limited their rights to recover a loss from the person who was responsible for it, eg. By signing an agreement which disclaims or a limits the liability of the other party. Please tell us about any contracts of this type which you have or propose to enter into.
Fees for Our Services
You are entitled to know how and what we will charge for our services and what other benefits we receive.
Our Remuneration
We may be paid commission by the relevant insurers when we arrange insurances on your behalf. As a general rule, the insurer will pay us an amount based on a percentage of the premium; this percentage varies between 10% and 20%. If we accept a commission, we may also charge you a broker fee. We will provide you with the specific information about the basis and amount you will be charged before or at the time we arrange your insurance. Our charges include GST. Some of our charges may be tax deductible.
How are our advisors paid
Our authorised representatives are remunerated on a commission basis.