Your Duty of Fair Presentation
Duty of Fair Presentation
You are required to make a fair presentation of the risk to Insurers which discloses every material circumstance which you know or ought to know relating to the risk to be insured. A circumstance is material if it would influence the judgment of a prudent insurer in determining whether to provide insurance for the risk and, if so, on what terms.
What you know:
You will be expected to know any information which is known by individuals who are:
(a) part of your senior management (i.e. individuals who play a significant role in the making of decisions about how your activities are to be managed or organised);
(b) responsible for arranging your insurance (i.e. individuals who participate on your behalf in the process of procuring your insurance in any capacity).
What you ought to know:
In addition, you are expected to know any information that should reasonably have been revealed by a reasonable search of information available to you (whether the search is conducted by making enquiries or by other means). This could include any information held within your organisation or by any other person.
Clear and Accessible disclosure:
The disclosure you give must be made in a manner which would be reasonably clear and accessible to a prudent insurer.
Every material representation of a matter of fact which you make must be substantially correct and every material representation as to a matter of expectation or belief must be made in good faith.
Failure to comply with the duty of fair presentation could mean that the policy is void or that Insurers are not liable to pay all or part of your claim(s).
If you are in any doubt as to what may constitute a fair presentation, please feel free to contact us and we will endeavour to assist you.
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