Duty of Fair Presentation. You must be sure that the information you have given to us to pass onto the insurers is a ‘‘fair presentation’‘ of the risk. This means that you must have clearly disclosed every material circumstance which you, your senior management, or persons responsible for arranging your insurance knows or ought to know following a reasonable search. A material circumstance is one which may influence an insurers’ judgement over whether to take the risk, and if so on what terms. If you are in doubt as to whether a circumstance is material, then you should disclose it. Furthermore, you must inform us if any of the information provided to us has changed. If it has, then you must tell us about the changes before we arrange cover. Your duty to notify material changes in the risk applies when you purchase an insurance policy, throughout the life of the policy and when you renew that policy. Please note that 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. In some cases, your cover could be invalidated, which would mean that a claim would not be paid.
Duty of Fair Presentation. You must make a fair presentation of the risk (as set out in the Insurance Act 2015 or successor or amending legislation) in proposing for, or proposing to vary, this insurance.
Duty of Fair Presentation remedies for breach - variation
6.9.1 if such breach is deliberate or reckless, we may:
a) by notice to you treat this policy as having been terminated from the time when the variation was concluded; and
b) retain the premium;
6.9.2 if such breach is not deliberate or reckless, and we would not have entered into the variation but for the breach, we may treat this policy as if the variation was never made, in which case we shall return any additional premium relating to the variation; and
6.9.3 in all other cases if, but for the said breach, we would have entered into the variation but:
a) on different terms (other than terms relating to the premium), we may require that the variation is treated as if it had been entered into on those different terms;
b) would have increased the premium by more than it did or at all, we may reduce proportionately the amount to be paid on a claim arising out of events after the variation. In those circumstances, we shall pay only X% of what we would otherwise have been required to pay, where X = (premium actually charged/higher premium) x 100; or
c) would not have reduced the premium by as much as it did or at all, we may reduce proportionately the amount to be paid on a claim arising out of events after the variation. In those circumstances, we shall pay only X% of what we would otherwise have been required to pay, where X = (premium actually charged/reduced total premium) x 100.
Duty of Fair Presentation remedies for breach – variation
a) if such breach is deliberate or reckless, the insurer may:
i) by notice to the insured treat this policy as having been terminated from the time when the variation was concluded; and
ii) retain the premium;
b) if such breach is not deliberate or reckless, and the insurer would not have entered into the variation but for the breach, the insurer may treat this policy as if the variation was never made, in which case the insurer shall return any additional premium relating to the variation; and
c) in all other cases if, but for the said breach, the insurer would have entered into the variation but:
i) on different terms (other than terms relating to the premium), the insurer may require that the variation is treated as if it had been entered into on those different terms;
ii) would have increased the premium by more than it did or at all, the insurer may charge such higher premium, effective from the effective date of the variation, and the insured shall pay such higher premium no later than fourteen (14) days after receiving the insurer’s written notice that such higher premium is payable; or
iii) would not have reduced the premium by as much as it did or at all, the insurer may require the insured to reimburse to the insurer a sum equal to any reduction in premium no later than fourteen (14) days after receiving the insurer’s written notice that such amount is payable.
Duty of Fair Presentation remedies for breach - proposing for this insurance
6.9.1 if such breach is deliberate or reckless, we may:
a) treat this policy as having been terminated from its inception; and
b) retain the premium;
6.9.2 if such breach is not deliberate or reckless and we would not have entered into this policy but for the breach, we may by notice to you treat this policy as having been terminated from its inception in which case we shall return the premium; and
6.9.3 in all other cases if, but for the said breach, we would have entered into this policy but:
a) on different terms (other than terms relating to the premium), we may require that this policy is treated as if it had been entered into on those different terms from the outset; or
b) would have charged a higher premium, we may reduce proportionately the amount to be paid on a claim (and, if applicable, the amount already paid on prior claims). In those circumstances, we shall pay only X% of what we would otherwise have been required to pay, where X = (premium actually charged/higher premium) x 100.
Duty of Fair Presentation remedies for breach - proposing for this insurance
6.8.1 if such breach is deliberate or reckless, we may:
a) treat this policy as having been terminated from its inception; and
b) retain the premium;
6.8.2 if such breach is not deliberate or reckless and we would not have entered into this policy but for the breach, we may by notice to you treat this policy as having been terminated from its inception in which case we shall return the premium; and
Duty of Fair Presentation remedies for breach – proposing for this insurance
a) if such breach is deliberate or reckless, the insurer may:
i) treat this policy as having been terminated from its inception; and
ii) retain the premium;
b) if such breach is not deliberate or reckless and the insurer would not have entered into this policy but for the breach, the insurer may by notice to the insured treat this policy as having been terminated from its inception in which case the insurer shall return the premium; and
c) in all other cases if, but for the said breach, the insurer would have entered into this
i) on different terms (other than terms relating to the premium), the insurer may require that this policy is treated as if it had been entered into on those different terms from the outset; or
ii) would have charged a higher premium, the insurer may charge such higher premium, effective from inception, and the insured shall pay such higher premium no later than fourteen (14) days after receiving the insurer’s written notice that such higher premium is payable.
Duty of Fair Presentation. 9.1 You are responsible for informing Your clients that under the Insurance Xxx 0000, they are required, before a new business, mid-term or renewal contract is concluded, to disclose without material misrepresentation and in a clear and accessible manner: ▪ every material circumstance (as defined by the Act) they know, or ought to know, that would influence the judgement of an insurer in deciding whether to insure the risk and on what terms; or ▪ sufficient information to put an insurer on notice that it needs to make further enquiries about potentially material circumstances.
9.2 You should also explain to Your clients how the Act defines what the insured knows or ought to know about the risk.
9.3 You should advise Your clients to maintain records of the names and roles they have consulted to demonstrate reasonable searches and enquiries have been made of all relevant matters that could influence an insurer’s view of the risk.
9.4 You are responsible for working with Your clients to understand their business activities and to share any relevant knowledge to ensure the insurer is given a fair presentation of the risk.
9.5 Material facts must be disclosed at the earliest opportunity. Should a breach of duty of pre-contractual disclosure occur, the insurer is required to ensure their response is proportionate in accordance with the provisions of the Insurance Xxx 0000.
9.6 We reserve the right to reject an inadequate presentation of the risk.
Duty of Fair Presentation. In order to fulfil our collective duty with you to provide the insurer with a fair presentation of the insurance risk involved, you must disclose every material circumstance which you know or ought to know, or failing that, you must provide the insurer with sufficient information to put a prudent insurer on notice that it needs to make further enquiries for the purpose of revealing those material circumstances. A ‘material circumstance’ is one which would influence the judgement of a prudent insurer in determining whether to take the risk and if so on what terms and it is our collective duty to carry out a reasonable search in respect of these circumstances. Examples of such circumstances could be any ongoing serious medical conditions such as cancer and heart conditions as well as planned medical treatment. Please note these examples are for illustrative purposes only and are by no means exhaustive or conclusive. It is important that you understand that any information, statements or answers made by you to us or the insurers are your responsibility and must be correct. Any failure to disclose material circumstances to the insurer or any inaccuracies in your answers may invalidate your insurance cover in part or whole. Please note that not only does this apply at the commencement or renewal of your policy but also at any time during the lifetime of your policy. You should therefore advise us as soon as reasonably practical of any changes in your circumstances (including changes of address) which may affect our service to you or the cover provided under your policy. This should include any changes to scheme membership (if relevant).
Duty of Fair Presentation. The Insured must make a fair presentation of the risk (as set out in the Insurance Act 2015 or successor or amending legislation) in proposing for, or proposing to vary, this insurance. Remedies for breach of the duty off air presentation — proposing for this insurance If the Insured or anyone acting on its behalf breaches the Insured’s duty off air presentation then the Insurer’s remedies shall be as follows:
a) If such breach is deliberate or reckless, the Insurer may:
i) treat this Policy as having been terminated from its inception; and
ii) retain this premium;
b) if such breach is not deliberate or reckless and the Insurer would not have entered into this Policy but for the breach, the Insurer may by notice to the Insured treat this Policy as having been terminated from its inception in which case the Insurer shall return the premium; and
c) in all other cases if, but for the said breach, the Insurer would have entered into this Policy but:
i) on different terms (other than terms relating to the premium), the Insurer may require that this Policy is treated as if it had been entered into on those different terms from the outset; or
ii) would have charged a higher premium, the Insurer may reduce proportionately the amount to be paid on a claim (and, if applicable, the amount already paid on prior claims). In those circumstances, the Insurer shall pay only X% of what it would otherwise have been required to pay, where X = (premium actually charged/higher premium) x 100. Material changes during the Policy Period The Insured must notify the Insurer within thirty (30) days of any material change to the Insured, its business or the risks insured if indemnity under this insurance is sought in relation to any such change. The Insurer shall not indemnify the Insured for any liability arising out of a material change for which indemnity would otherwise have been available under this insurance unless the Insurer has provided valid confirmation of cover, whether by an express term of this Policy, endorsement, written confirmation or otherwise. Remedies for breach of the duty off air presentation — variation If the Insured or anyone acting on its behalf breaches the Insured’s duty of fair presentation in relation to a variation of this Policy, the Insurer’s remedies shall be as follows:
a) If such breach is deliberate or reckless, the Insurer may:
i) by notice to the Insured treat this Policy as having been terminated from the time when the variation was concluded;...
