New Insurance Duty of Disclosure
A new Duty of Disclosure (Duty) will be introduced for insurance contracts, as a result of amendments to the Insurance Contracts Act. The changes to the Duty are applicable to all general insurance classes, and are effective from 28 December 2015. This will effect Home and Contents, Landlords, Motorcycle, Caravan & Trailer, Consumer Credit Insurance, Sickness & Accident and Domestic Motor clients.
What will this mean for consumers?
When taking out or renewing a policy your broker or insurer will?
- Provide customers with the new Duty of Disclosure
- Ask new Duty questions
- Read out the updated Duty of Disclosure
What will the new Duty questions be?
They will involve questions about you and the insured items, for example for car insurance you will be asked;
- Any Criminal offences;
- Loss of licence;
- If the covered vehicle is roadworthy;
- Any modifications that have been made to the covered vehicle
If you have more question talk to a broker 1300 046 787
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