Your Responsibility

Proposal Forms

When completing a proposal form, the applicant is obliged to disclose all facts which may affect the acceptance of the application for insurance. Failure to do so may result in insurers denying future claims and cancelling the insurance from the start of the policy.

Each director or officer applying for insurance under the policy must sign the proposal form.

By signing, they are stating that they are unaware of any facts, other than those declared, which may affect the insurers' decision to provide insurance cover.

Changes Which May Affect Your Cover

Any changes that could affect the insurance cover should be reported to your insurers, Notifiable changes include:

  • A change to the composition of the Board.
  • Mergers, takeovers or acquisitions by the company.
  • Overseas expansion.
  • Changes to the nature of business activities.
  • Bankruptcy, receivership, liquidation or a failure by the company to pay debt.
  • Proposed equity or capital raisings.

Latest News

Illegal or unsuitable cladding now a big issue

Why we have laws, regulations and Australian standards? Because some people just do the wrong thing all for the sake of making money. The cladding issue is the subject of 4 Corners program on the ABC.

We are already seeing Insurance policies now placing exclusion endorsements into their policies excluding and claims relating to illegal cladding. We are seeing Governments demanding Audits of all existing buildings above a certain height. There are accusations of Builders taking other short cuts such as on Wiring, Pipes and sprinkler systems. 

The question is, who is to blame? Who will take responsibility?

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Small business in NSW

Right after the NSW Government have reimposed Fire Service Levies, they have at least made an effort for small business. The government has announced it will abolish stamp duty on a number of policies taken out by a small business. This is an important change.

What is a small business? In order to gain the exemptions, the business must be a small business for Capital Gains Tax Purposes for the income year in which the insurance is effected or renewed. A small business for CGT purposes is: “an individual, partnership, company or trust that is carrying on a business, and has an aggregated turnover of less than $2 million.”

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