At NC Stirling we are committed to raising industry standards, promoting transparency and verifying that our clients have the cover they need for their businesses to thrive.
As such, we want to make sure you have all the necessary information to make sure you and your business complies with The Insurance Act 2015 which comes into force on 12th August 2016. One of the major changes involves how and what information you need to disclose.
The Duty of Fair Presentation
It is your responsibility to provide a fair presentation of the insurance risk based on you conducting a reasonable search for information. This could require you to obtain information from senior managers within your organisation or other parties to which the insurance relates or who carry out outsourced functions for your business.
You must disclose every material circumstance which you know or ought to know, or failing that disclose sufficient information to put your insurer on notice that it needs to make further enquiries. You must ensure that any information you provide is correct to the best of your knowledge and representations that you make in expectation or belief must be made in good faith.
If you are unsure of your obligations or whether information is material then you should disclose it to us.
If you fail to make fair presentation of the risk this may result in additional terms or warranties being applied from inception of the policy or any claim payment being proportionately reduced. In some cases this could result in your policy being declared void by an insurer and your premiums returned. Any deliberate or reckless breach of the duty of fair presentation could result in your policy being declared void by an insurer with no refund of premium.