Duty of Disclosure

Your duty of disclosure to your insurance broker requires you to provide all relevant information that may impact the decision to insure you and the terms of the insurance contract, both when initiating and renewing the policy. Exceptions include information that reduces risk, is common knowledge, known by the insurer, or waived by the insurer. Failure to disclose necessary information may result in policy cancellation, reduced indemnification, or both. Fraudulent non-disclosure could lead to claim denial and policy nullification.

It is essential to answer all questions truthfully to avoid misrepresentation. Non-compliance with the duty of disclosure may lead to reduced liability for claims or policy cancellation, with fraudulent non-disclosure resulting in claim denial and policy invalidation.