If you are a consumer insured (i.e. a person buying insurance wholly or mainly for personal purposes unrelated to your employment), under English law, youhave a duty to take reasonable care to answer the insurer’s questions fully and accurately and to ensure that any information that you volunteer is not misleading. This duty exists before the cover is placed, when it is renewed and any time that it is varied, and the policy wording may provide that it continues for the duration of the policy. If you do notdo this, the insurer may be able to impose different terms on the cover, may charge a higher premium or, in some circumstances, may be able to avoid the policy from inception and any claims under it would not be paid.
If you are a business insured (i.e. an insured who has bought insurance wholly or mainly for purposes related to their trade, business or profession), under English law you have a duty to make a fair presentation of the risk to the insurer and disclose every material circumstance which you know or ought to know after reasonable search. This is the case before cover is placed, when it is renewed and any time that it is varied. The policy wording may also provide that this duty continues for the duration of the policy. A circumstance is material if it would influence an (re)insurer’s judgment in determining whether to take the risk and, if so, on what terms. If you arein any doubt whether a circumstance is material, we recommend that it should be disclosed. Failure to disclose a material circumstance may entitle an (re)insurer to impose different terms on the cover or proportionately reduce the amount of any claim payable. In some circumstances an insurer will be entitled to avoid the policy from inception and in this event any claims under the policy would not be paid.
If your policy is governed by laws other than those in England & Wales, please ensure you have disclosed to the (re)insurer all relevant information relating to the risk to enable the (re)insurer to decide whether to write it and on what terms. This information should be disclosed before your cover is placed, when it is renewed and any time that it is varied. Your policy wording may also provide that information should continue to be disclosed for the duration of the policy. If you are in any doubt about whether something is likely to be considered important, we recommend that it is disclosed. Failure to do so may prejudice your cover and any claims under it may not be paid.
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Arc International & AMM Risks are training names of Apex Insurance Services Limited. Apex Insurance Services Limited are Authorised and Regulated by the Financial Conduct Authority (FCA). Our registration number is: 694853. Apex Insurance Services Limited, Registered in England No. 06464614. Registered Office: St Clare House, 30-33 Minories, London EC3N 1PE.