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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 every matter that you know, or could reasonably be expected to know, Is relevant 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.
Your duly however does not require disclosure of matter:
- that diminishes the risk to be undertaken 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 duly is waived by the insurer.
For more details, you can also view the policy wording document.
The Insured may cancel this Policy at any time by written request to the Insurer. Upon receipt of such request, the Insurer will retain a short period premium calculated on the Insurer′s short term rates for the time it has been on risk and the Insured will receive a refund of any balance of the premium actually paid. The Insurer may cancel this Policy in accordance with the Insurance Contracts Act 1984 by giving at least 30 days′ notice in writing to the Insured of the date from which such cancellation is to take effect.
The Insurers short term rate will be calculated as pro-rata of time remaining on policy period, but subject to a minimum premium equal to 6 months. Such premium excludes any policy administration fees. Associated government taxes and charges will also apply.