IMPORTANT INFORMATION
1. AVERAGE
The Material Damage and Consequential Loss sections of this Policy each contain a condition of “average” which means that if there is underinsurance at the time of a loss, a part of the loss will not be covered. In addition the Policy will never pay more than the Sum(s) Insured.
It is essential that all Sums Insured be carefully checked to ensure their adequacy at the time of completing the proposal and throughout the current of the cover.
2. DUTY OF DISCLOSURE
Before you enter into a contract of general insurance with an Insurer, you have a duty, under the Insurance Contracts Act 1984, to disclose to the insurer’s decision whether to accept the risk of the insurance and, if so, on what terms. You have the same duty to disclose those matters to the insurer before you renew, extend, vary or reinstate a contract of general insurance. You do not need to disclose any matter:
that diminishes the risk to be untaken by the insurer;
that is of common knowledge;
that your insurer knows, or in the ordinary course of his business, ought to know;
as to which compliance with your duty is waived by the insurer.
If you fail to comply with your duty of disclosure, the insurer may be entitled to reduce his liability under the contract in respect of claim or may cancel the contract. If you non-disclosure is fraudulent, the insurer may also have the option of avoiding the contract from its beginning.
3. GOODS & SERVICES TAX (GST)
To ensure you do not incur any unnecessary GST liabilities on claim settlements, please ensure your Australia Business Number (ABN) and tax status are entered in the space provided on this Proposal.
DECLARATION & SIGNATURE
I/WE DECLARED THAT
The answers given herein are in every respect True & Correct
I/We have not withheld any information likely to affect the acceptance of this proposal
I/We have read and understood the proposal and the policy condition
