IMPORTANT INFORMATION

CHANGES AND DEVELOPMENTS

Keep us informed of material alterations.
These may include:-

  1. Acquisition of new premises, alteration to existing premises; construction of new premises; demolition of existing premises; new plant or new key machines.
  2. Acquisitions of new Companies or assets in New Zealand or Overseas.
  3. Mortgages, Debentures, or other Liens on property.
  4. Increases in Value.
  5. Removal of Stock or equipment to new locations, including the premises of others.
  6. Dependence on a new Outside Supplier (or Customer).
  7. Hire, lease or borrowing of equipment (Inwards or Outward).
  8. Changes in processes, systems or products, and occupancy of any buildings by yourselves or other tenants.
  9. Proposed installation of pressure plant or new key machines.
  10. Alterations, amendment or disconnection of fire or burglary protection systems.
  11. Assumption of Liabilities under Contract, or the granting of Indemnities or Hold Harmless Agreements to others.
  12. Motor Vehicles – Additions and Deletions.
  13. Changes to your health, occupation, sporting or leisure pursuits (particularly hazardous activities such as rock climbing, mountaineering, blue water sailing, piloting or flying in a light plane or helicopter).

 

YOUR DUTY OF DISCLOSURE

The duty of disclosure is an important legal requirement, which applies to insurance. To help you to understand what this means to you, we have explained the main points below:

When you apply for insurance you have a legal duty of disclosure. This means you must tell us all information you know (or could reasonably be expected to know) which would influence the judgement of a prudent underwriter:

  1. Whether or not to accept your application, and
  2. If it is accepted, on what terms, and at what cost.

You also have this duty each time your insurance renews, and whenever you make any change to it.

Examples of information you may need to disclose include:

  1. Any change in circumstances which could increase the risk of an insurance claim;
  2. Any criminal offence or traffic offence;
  3. Any cancellation, refusal to renew insurance, or imposing of special terms by any insurance company;
  4. Any insurance claim you have made in the past.

Examples of information you do not need to disclose include:

  1. Anything you have already told us, or that we should be expected to know in the ordinary course of our business;
  2. Anything we said you did not need to tell us when you applied for insurance;
  3. Anything that is common knowledge;
  4. Anything that reduces the risk of an insurance claim.

These examples are intended as a guide to help you understand your duty of disclosure. If you are not sure whether you need to disclose a particular piece of information, please ask your Broker. Failure to meet your duty of disclosure could lead to a claim being declined.

When in doubt – disclose. Please remember that all information is treated confidentially.

DISCLAIMER:
The coverage summaries and schedules contained in this folder are prepared solely for the convenience of our client and should not be construed as an exact or complete analysis of the policies nor as legal evidence of insurance.  In case of any claim under the policies, or questions with regard thereto, the provisions of the original policies will prevail.