THE IMPORTANCE OF DISCLOSING MATERIAL FACTS IN YOUR INSURANCE POLICY

Don't let a small detail become a big problem!  

During the duration of your policy, it is crucial that you, as the Policyholder, disclose all material facts. This does not only apply when renewing your insurance, but also whenever your risk changes. Staying transparent is your best defence!

What are Material Facts?

Material facts are considered as information that could influence an Insurer’s decision to provide coverage or amend the terms of the policy conditions. Insurers use relevant information to underwrite your risk and in the event of non-disclosure, they are unable to underwrite risk accurately.

Below are examples of Material Facts:

• Property Condition, Construction and Occupation
• Property that will be unoccupied for an extended period
• Property that are being renovated or construction taking place on the premises
• Security Measures in place (Property or Vehicles)
• Any modifications to vehicles
• Using your vehicle to 4x4
• Vehicle use (Private, Business or Commercial)
• Regular Driver and Registered Owner
• Using Gadgets such as Surf Locks

The examples provided is not an exhaustive list. When in doubt – disclose.

Why Disclosure Matters

1.Accurate Coverage: Providing complete information ensures that your policy reflects your actual risks. This means you’ll have the appropriate coverage in the event of a loss.

2.Policy Validity: Non-disclosure can result in the Insurer voiding the policy, leaving you, the insured, without coverage in the event of a loss.

3.Claims Stage: Full disclosure reduces the likelihood of disputes between the insurer and you, the insured, regarding coverage and claims. It ensures that claims can be processed fairly and quickly; undisclosed facts may complicate or delay claims.

4.Peace of Mind: Transparency fosters a trusting relationship between all parties, essential for a stable insurance relationship.

How Can We Help?

Do you have any questions about material facts or your insurance policy? Do not hesitate to reach out.  We are here to help you navigate your coverage and make sure you are fully protected against unexpected incidents. Your trust means everything to us, and we are excited to keep supporting our valuable clients!

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