Insurance Is Changing For The Better! Insurance Act Update
As such, Proposers will be asked to provide a Fair Presentation of their present knowledge before cover commences, and existing customers before renewal.
What you must disclose
- Knowledge of your broker and your own related staff
- Knowledge of senior management
- Knowledge of any material circumstance which would have been revealed by a reasonable search
Disclosure must be clear and accessible, and contain every material circumstance which you know or ought to know.
Clear and accessible disclosure should also be made of sufficient information to put an insurer on notice to make further enquiries.
What is reasonable disclosure?
Not all of your knowledge is disclosable, but you MUST include any normal and unusual business risks, especially if they are hazardous, and any plans that may change your current risk profile.
Please contact us on 01245 500433 if you need any further clarification, or you can find out more from the Act itself at legislation.gov.uk