Please read and acknowledge the following when completing the declaration questions.
Your Duty of Disclosure - What you must tell us
Under the Insurance Contracts Act 1984 (the Act), you have a Duty of Disclosure. You are required before you enter into, renew, vary, extend or reinstate your Policy, to tell us everything you know and that a reasonable person in the circumstances could be expected to know, is a matter that is relevant to our decision whether to insure you, and anyone else to be insured under the Policy, and if so, on what terms.
You do not have to tell us about any matter
that diminishes the risk
that is of common knowledge
that we know or should know in the ordinary course of our business as an insurer, or
which we indicate we do not want to know.
If you do not comply with your Duty of Disclosure your insurer may reduce or refuse to pay a claim or cancel your Policy.
If your non-disclosure is fraudulent your insurer may treat this Policy as never having operated.
Industrial Special Risks property insurance is written on a “Reinstatement/Replacement” basis which means replacing the property destroyed or restoring the damage with new materials without any deduction for depreciation or volunteer labour.
The following is an example illustrating the under-insurance clause.
Full replacement value $2,000,000
Declared Value to insurer $1,000,000
According to these declared values, the insured is in effect self-insuring for 50% of the property’s full value. Therefore in the event of claim:
Actual amount of damage $200,000
Amount insurer would pay $100,000
Roughly 50% of the total damage would be payable by the insurers due to the under-insurance of the property.
The calculation of “full value” for the purposes and application of the under-insurance clause may change from one policy to another. These variables must be taken into account when calculating the “full value” of your property. Please review these with your Adviser if you have any doubts
Waiver of Liability Agreements
Where another person would be liable to compensate you for any loss or damage otherwise covered by the policy, but you have agreed with that person either before or after the loss or damage occurred that you would not seek to recover any monies from that person, the insurer will not cover you under the policy for any such loss or damage.
General Advice Warning
The information provided is to be regarded as general advice. Whilst we may have collected risk information, your personal objectives, needs or financial situations were not taken into account when preparing this information. We recommend you consider the suitability of this general advice, in respect of your objectives, financial situation and needs before acting on it. You should obtain and consider the relevant product disclosure statement before making any decision to purchase this financial product
Who do we contact with questions related to 'the insurance'
Everest Risk Group Pty Ltd
Sean McDermott (Authorised Representative # 447131)
Phone: 02 8880 0653
When sending ERG an email, please place the name of your Shed in the ‘Subject’ line.