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This week we discuss Material Facts. What are Material Facts?
 
Insurers require Material Facts. They base their premiums, terms and conditions and acceptance of any risk on these material Facts.  Non-disclosure of any Material Fact may give rise to the repudiation of a claim. While the non-disclosure may be very innocent, it denies insurers the opportunity to assess the information accurately.
Examples of when Material Facts may changed?
 
  • Your business started up as a distribution company and has evolved to manufacturing.
  • You were the principal driver of a vehicle that is now being driven daily by your 20 year old son?
  • You were parking your car inside a locked garage and are now parking it in the open?
  • You now run a business from your home which is insured as a residence only.
  • You now rent out part of your factory floor space to a Tenant who stores flammable liquids?
  • In all the chaos associated with moving home, you forgot to tell us that you have moved?
The more information we disclose to Insurers, the more they understand the risks they are carrying. If Insurers are kept well informed at all times (even if you think the information may not be relevant),  less problems are experienced at Claim time.

Have you told us everything the Insurers need to know?  Contact us and we will help you to make sure.
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