Common use of RISK INFORMATION Clause in Contracts

RISK INFORMATION. The terms of any insurance that we arrange on your behalf will be based upon the information provided by you to us or to your insurers. If you are a consumer (an individual buying insurance wholly or mainly for purposes unrelated to your trade, business or profession) you must take reasonable care to answer all questions put to you about your proposed insurance fully, honestly and to the best of your knowledge. If you do not understand the meaning of any question, or if you do not know the answer, it is vital that you tell us. Once cover has been arranged, you must immediately notify us or your insurer of any changes to the information that has been previously provided. The most serious consequence of failing to provide full and accurate information before you take out insurance, or when your circumstances change, could be the invalidation of your cover. In that instance it would mean that a claim will be rejected. If you are a commercial customer, or someone buying insurance mainly for purposes related to your trade, business or profession, unless we advise you otherwise, you have a duty to give a ‘fair presentation’ of the risk to insurers. This means that you must clearly disclose every material circumstance which you, your senior management or persons responsible for arranging your insurance, know or ought to know following a reasonable search, before your cover is placed, when it is renewed and at any time that it is varied. Your policy wording may also stipulate that this duty continues throughout the period of insurance cover. A material circumstance is one that may influence an insurer’s judgement over whether to take the risk and, if so, on what terms. If you are in any doubt as to whether a circumstance is material, you are advised to disclose it. Failure to disclose a material circumstance may entitle an insurer to impose different terms on your cover or reduce the amount of a claim payable, and in some cases your cover could be invalidated which would mean that a claim would not be paid. You are advised to keep copies of any correspondence you send to us or direct to your insurers.

RISK INFORMATION. The terms of any insurance that we arrange on your behalf will be based upon the information provided by you to us or to your insurers. If you are a consumer (an individual buying insurance wholly or mainly for purposes unrelated to your trade, business or profession) you must take reasonable care to answer all questions put to you about your proposed insurance fully, honestly and to the best of your knowledge. If you do not understand the meaning of any question, or if you do not know the answer, it is vital that you tell us. Once cover has been arranged, you must immediately notify us or your insurer of any changes to the information that has been previously provided. The most serious consequence of failing to provide full and accurate information before you take out insurance, or when your circumstances change, could be the invalidation of your cover. In that instance it would mean that a claim will be rejected. If you are a commercial customer, or someone buying insurance mainly for purposes related to your trade, business or profession, unless we advise you otherwise, you have a duty to give a ‘fair presentation’ of the risk to insurers. This means that you must clearly disclose every material circumstance which you, your senior management or persons responsible for arranging your insurance, know or ought to know following a reasonable search, before your cover is placed, when it is renewed and at any time that it is varied. Your policy wording may also stipulate that this duty continues throughout the period of insurance cover. A material circumstance is one that may influence an insurer’s judgement over whether to take the risk and, if so, on what terms. If you are in any doubt as to whether a circumstance is material, material you are advised to disclose it. Failure to disclose a material circumstance may entitle an insurer to impose different terms on your cover or reduce the amount of a claim payable, and in some cases your cover could be invalidated which would mean that a claim would not be paid. You are advised to keep copies of any correspondence you send to us or direct to your insurers.

RISK INFORMATION. The terms of any insurance that we arrange on your behalf will be based upon the information provided by you to us or to your insurers. If you are a consumer (an individual buying insurance wholly or mainly for purposes unrelated to your trade, business or profession) you must take reasonable care to answer all questions put to you about your proposed insurance fully, honestly and to the best of your knowledge. If you do not understand the meaning of any question, or if you do not know the answer, it is vital that you tell us. Once cover has been arranged, you must immediately notify us or your insurer of any changes change to the information that has been previously provided. The most serious consequence of failing to provide full and accurate information before you take out insurance, or when your circumstances change, could be the invalidation of your cover. In that instance it would mean that a claim will be rejected. If you are a commercial customer, or someone buying insurance mainly for purposes related to your trade, business or profession, unless we advise you otherwise, you You have a duty under the Insurance Xxx 0000 to give make a ‘fair presentation’ presentation of the risk to insurers. This means that you must clearly disclose every duty applies when You take out Your insurance cover, throughout the life of Your policy, and when You renew Your insurance. This duty includes a need for You to undertake a reasonable search for material circumstance information which youis known, your or ought reasonably to be known, by Your company’s principals, directors, senior management or persons (ie. anyone playing a significant role in making business decisions in Your firm) and staff responsible for arranging your insurance. You should advise Us of any particular concerns which led You to seek insurance cover and any special or unusual facts relating to the risk. You must ensure that all material statements of fact are substantially correct and not misleading, and any material information which is a matter of expectation or belief (EG. an estimate or forecast) is provided in good faith. Failure to disclose any material information or change in circumstances to Your insurers which could influence the cost, or their decision to accept Your insurance, know or ought to know following a reasonable search, before your cover is placed, when it is renewed and at any time could mean that it is varied. Your policy wording could be invalidated or cancelled without refund, or that part or all of a claim may also stipulate that this duty continues throughout be not be paid. ‘Material statements’ and ‘material information’ are information which could influence the period judgement of insurance cover. A material circumstance is one that may influence an insurer’s judgement over a prudent insurer in determining whether to take the on a risk and, if so, and on what terms. If Insurers pass on information to the Claims and Underwriting Exchange Register. The aim is to help insurers check the information provided and also to prevent fraudulent claims. When your request for insurance is dealt with, the Register may be searched. When you are in any doubt provide information about an incident (such as fire, theft or accidental damage), this may be passed on to whether a circumstance is material, you are advised to disclose it. Failure to disclose a material circumstance may entitle an insurer to impose different terms on your cover or reduce the amount of a claim payable, and in some cases your cover could be invalidated which would mean that a claim would not be paidRegister. You are advised to keep copies of any correspondence you send to us or direct to your insurers.

RISK INFORMATION. The terms of any insurance that we arrange on your behalf will be based upon the information provided by you to us or to your insurers. If you are a consumer (an individual buying insurance wholly or mainly for purposes unrelated to your trade, business or profession) you must take reasonable care to answer all questions put to you about your proposed insurance fully, honestly and to the best of your knowledge. If you do not understand the meaning of any question, or if you do not know the answer, it is vital that you tell us. Once cover has been arranged, you must immediately notify us or your insurer of any changes to the information that has been previously provided. The most serious consequence of failing to provide full and accurate information before you take out insurance, or when your circumstances change, could be the invalidation of your cover. In that instance it would mean that a claim will be rejected. If you are a commercial customer, or someone buying insurance mainly for purposes related to your trade, business or profession, unless we advise you otherwise, you have a duty to give a ‘fair presentation’ of the risk to insurers. This means that you must clearly disclose every material circumstance which you, your senior management or persons responsible for arranging your insurance, know or ought to know following a reasonable search, before your cover is placed, when it is renewed and at any time that it is varied. Your policy wording may also stipulate that this duty continues throughout the period of insurance cover. A material circumstance is one that may influence an insurer’s judgement over whether to take the risk and, if so, on what terms. If you are in any doubt as to whether a circumstance is material, material you are advised to disclose it. Failure to disclose a material circumstance may entitle an insurer to impose different terms on your cover or reduce the amount of a claim payable, and in some cases your cover could be invalidated which would mean that a claim would not be paid. You are advised to keep copies of any correspondence you send to us or direct to your insurers. OUR REMUNERATION Our remuneration will be either a fee, as agreed with you, or brokerage, which is a percentage of the insurance premium paid by you and allowed to us by the insurer with whom the insurance policy is placed. Our entitlement to brokerage arises as soon as you have given instructions for an insurance policy to commence or be renewed. In the ordinary course of our business we sometimes earn income in the form of management/administrative expenses allowed to us by insurers to cover costs incurred in carrying out work on their behalf and in the form of volume, growth or profitability payments. We may sometimes also earn income for the provision of other services to you, which will be agreed with you on an individual basis. For each insurance policy, including any subsequent renewal, you have a right to request information regarding any remuneration that we have received as a result of placing your insurance business.