Buyer protect provides cover for financial loss arising from a breach of or inaccuracy in the warranties given by the seller or on their behalf, where there is evidence that the seller had knowledge of the breach. The policy has been designed to enable buyers to more easily claim for loss as a result of the seller's non-disclosure of information which impairs the value of the business. The policy will respond where there has been a material misstatement of the seller's warranties, supported by documentary evidence of the seller's knowledge of the fact, matter or circumstance causing the breach. The policy covers all standard warranties given by a seller to a buyer in the sale of a small business or business asset. Please note, this policy does not cover for any unintentional or innocent breach of warranties by the sellers. Coverage for these types of claims can be provided by CFC's seller protect policy.

The individual who completes this application form should be involved in the transaction to acquire the target company/ business/asset. Once completed, please hit the green Submit button and this form will go to Benjamin & Benjamin Insurance Group Pty Ltd. The purpose of this application form is for us to find out more about the target you are buying and the sellers you are buying from. You must provide us with all information which may be material to the cover you wish to purchase and which may influence our decision whether to insure you, what cover we offer you and/or the premium we charge you. For the purposes of this application, "target" means the target, asset or company which you are selling.

Please ensure that the following required materials are provided to us:

Please provide the following information in relation to each individual or entity to be insured under this Policy:

Important Information

For your protection under legislation, we are required to inform you of your duty of disclosure and draw your attention to the following important information. 

Duty of Disclosure

To enable us to provide the right advice and before you enter into an insurance contract, you have a duty under the law to tell us anything that you know or could reasonably be expected to know, that may affect an Insurer's decision to insure you and on what terms.

You have this duty until you enter into an insurance contract.

You have this same duty before you renew, extend, vary or reinstate any insurance contract.

Your duty, however, does not require disclosure of a matter: 

reduces the risk you want insured; or
that is common knowledge; or
that the insurer knows or, in the ordinary course of business, should know; or
if the Insurer was waived your duty to disclose. 
Non-Disclosure

If you fail to meet your Duty of Disclosure the Insurer may be entitled to reduce its liability under the contract in respect of a claim, or may cancel the insurance contract. if your non-disclosure was fraudulent, the Insurer may have the option of voiding the contract from the beginning (i.e. treating it as if it never existed). 

 

DUTY TO TAKE REASONABLE CARE NOT TO MAKE A MISREPRESENTATION

 

You have a duty under the Insurance Contracts Act 1984 (ICA) to take reasonable care not to make a misrepresentation to the insurer

(your duty). Your duty applies only in respect of your policy that is a consumer insurance contract, which is a term defined in the ICA.

This notice includes information you have previously told us that is relevant to your policy, which we passed on to the insurer. The

insurer requires you to contact us to tell us if this information is incorrect, or if it has changed. If you do not tell us about a change to

something you have previously told us, the insurer will take this to mean that there is no change. To ensure you meet your duty,

when you contact us to advise of any information that is incorrect or has changed, the updated information you give us must be

truthful, accurate and complete. If you fail to meet your duty, the insurer may be able to cancel your contract or reduce the amount it

will pay if you make a claim, or both. If your failure is fraudulent, the insurer may be able to refuse to pay a claim and treat the

contract as if it never existed.

Complaints

1. If you have a complaint about a service provided to you please contact Benjamin & Benjamin Insurance Group and tell us about your complaint. Will do our best to resolve it quickly.
2. If your complaint is not satisfactorily resolved within 21 Days, please contact Tracy Scarella the McLardy McShane Complaints Officer at tracy@mclardymcshane.com.au or put your complaint in writing and send it to the address noted on page 1 of this FSG. McLardy McShane Partners Pty Ltd will try to resolve your complaint quickly and fairly.
3. McLardy McShane Partners Pty Ltd is a member of the Australian Financial Complaints Authority (AFCA). If your complaint cannot be resolved to your satisfaction by us, you have the right to refer the matter to the AFCA. AFCA provides fair and independent financial services complaint resolution that is free to customers. The AFCA can be contacted at:
Australian Financial Complaints Authority (mainly address)
GPO Box 3, Melbourne VIC 3001
Ph - 1800 931 678 | Email - info@afca.org.au | Website - www.afca.org.au

Average / Co-insurance (Applicable to Some Property Policies)

It is most important that the Sum Insured you select is adequate to represent the value of the insured property and is calculated in accordance with the cover being arranged to minimise the risk of under-insurance. Also, in some cases your policy may contain Average / Co-insurance provisions which means you may be responsible for paying part of the loss you actually suffer.

 Cancellation Warning (Retention of Brokerage and Fees)

If a cover is cancelled before expiry of the period of insurance, we reserve the right to refund to you only the net return premium we receive from the insurer, and not refund any part of the brokerage or fees we received for arranging the cover. A broker service fee may also be charged to process the cancellation.

 Cooling Off

All Retail Products are subject to a “cooling off period” of a minimum of 14 days and details of this are contained in the PDS. During this time, if you are not happy with a Retail Product, you may withdraw from the new contract at no cost to you other than our broker’s fee, which is not refundable.

Disclaimer

This notice is a summary only (errors and omissions excepted) and does not purport to be a copy of the insurance underwriters’ policy or other documents. In case of any discrepancy, the underwriters’ documents will prevail.

New Policies

Notwithstanding the above, you may not be insured if you do not submit the relevant Proposal within 30 days from commencement of the risk unless an extension of time has been agreed with us in writing.

The Information We Collect

McLardy McShane Partners Pty Ltd maintains a record of your personal profile, including details of insurance policies that we arrange for you. McLardy McShane Partners Pty Ltd may also maintain records of any recommendations or advice given to you. McLardy McShane Partners Pty Ltd will retain this FSG and any other FSG given to you as well as any SOA or PDS that we give or pass on to you for the period required by law.
McLardy McShane Partners Pty Ltd is and we are committed to implementing and promoting a privacy policy, which will ensure the privacy and security of your personal information. A copy of our privacy policy is available on request.
If you wish to look at your file, please ask us and we will arrange for you to do so.