Please read these notices carefully as they refer to a contract of insurance that you have entered into via our company. You should refer to your policy document for the full terms and conditions applicable and you should read them carefully. Should you have any doubts arise as to the scope of cover provided, please contact us for an explanation.
Utmost Good Faith
Every contract of insurance is a contract of the utmost good faith. This means that you and the Insurer must act toward each other, in respect of any matter arising under or in relation to the contract, with the utmost good faith. For example:
• You must act with the utmost good faith when submitting any claim to the Insurer
• If you fail to act towards the Insurer with the utmost good faith, it may prejudice the claim; and
• The Insurer must act with the utmost good faith when handling a claim.
Your Duty Of Disclosure
Before you enter into a Contract of general insurance with an Insurer, you have a duty under the Insurance Contracts Act 1984 to disclose to the Insurer every matter that you know, or could reasonably expect to know, is relevant to the Insurer’s decision whether to accept the risk of Insurance and if so, on what terms. You have the same duty to disclose those matters to the Insurer before you renew, extend, vary or reinstate a Contract of general insurance. Your duty however does not require disclosure of matter.
• that diminishes the risk to be undertaken by the Insurer
• that is common knowledge
• that your Insurer knows or, in the ordinary course of business, ought to know
• as to which the compliance with your duty is waived by the Insurer.
If you fail to comply with your duty of disclosure, the Insurer may be entitled to reduce the liability under the Contract in respect of a claim or may cancel the Contract. If your non-disclosure is fraudulent, the Insurer may also have the option of avoiding the Contract from its beginning.
General Advice Warning
It is important that you understand and are happy with the policies Safeguard can arrange for you. Any recommendations we have made have been based on a consideration of the premium quoted and the scope of cover offered by an insurer. We can give you general information to help you decide but unless we have specified otherwise, we have not advised you on whether the terms are specifically appropriate for your individual objectives, financial situation or needs. We therefore recommend that you carefully read the relevant Product Disclosure Statement and other information we provide before deciding.
Material Change of Risk
Many policies require you to notify the Insurer in writing of any material change to the insured risk during the period of insurance. The Insurer can then decide whether to cover the new risk. For example, Insurers must be advised of any:
• Change your profession or occupation;
• Mergers or acquisitions;
• New products or services;
If you are in doubt as to whether the Insurer should be told about any particular change to the insured risk, please contact us.
Interests of Third Parties
Many insurance policies do not cover the interests of third parties (eg co- owners, lessors and mortgagees) whose interest is not noted on the policy. If you require the interest of any third party to be covered, please let us know, so that we can ask the Insurer to note that Party’s interest on the policy.
You must take all reasonable precautions for the maintenance and safety of the property insured. The Insurer will not be liable for any loss, damage, injury or liability arising from a deliberate or fraudulent act committed by you or on your behalf.
Subcontractors & Consultants
It is best practice to check all insurances held by subcontractors utilised, including Workers Compensation, Public Liability and Professional Indemnity for their currency and coverage.
We cannot cancel a contract of insurance without written instructions from a person(s) who is authorised to represent each of the parties who are named as insured’s in the contract of insurance. We cannot cancel any contract of insurance which is subject to the Marine Insurance Act 1909.
If a contract of insurance is cancelled before expiry of the period of insurance, we will refund the net premium we receive from your insurer. We will not refund our fees or commission for arranging the insurance.
Leasing, Hiring and Borrowing Property
When you lease, hire or borrow property, plant or equipment, make sure that the contract clearly identifies who is responsible to insure. This will help avoid arguments after a loss and ensure that any claims are efficiently processed.
Recovery Rights/Hold Harmless/Waiver of Subrogation
Many policies exclude or limit the Insurer’s liability if you have entered, or enter, into an agreement that excludes or limits your rights of recover against third parties whose acts, errors, omissions or other conduct have caused or contributed to your loss or liability. (These are often called ‘hold harmless’ agreements.)
If you have entered, or consider entering, such an agreement, please let us know, so that we can advise you about how the agreement affects, or will affect, your cover.
All Retail Products are subject to a 14 day “cooling off period”. This means that if you are not happy with a Retail Product, you have 14 days to withdraw from the new contract at no cost to you other than our broker’s fee, which in not refundable.
Underinsurance / Average
Your policy or part thereof may be subject to an average or coinsurance penalty and this will be outlined within the policy wording. It is your responsibility to ensure that your sums insured are adequate.
It is best practice to regularly engage a professional valuer to review your asset values. A three to five year valuation cycle is usually sufficient, remembering to adjust insured values for building cost escalations and business trends in the intervening years.
If you have any complaints about the service provided to you, you should take the following steps:
1. Contact us and tell us about your complaint.
2. If your complaint is not satisfactorily resolved within 24 hours, please contact the Complaints Officer on telephone number
(08) 8371 0566 or put your complaint in writing and send it to the Complaints Officer at Safeguard Insurance Brokers Pty Ltd PO Box 421 Plympton SA 5038. We will try and resolve your complaint quickly and fairly.
3. If the complaint can’t be resolved to your satisfaction within 20 business days, you have the right to refer the matter to the Financial Ombudsman Service (FOS). We will provide you with further details about FOS upon lodging your dispute with us, or at any time upon your request.
Insurance Brokers Code of Practice
Safeguard Insurance Brokers Pty Ltd proudly supports the Insurance Brokers Code of Practice. The purpose of the Code is to promote good relations between our policyholders and others in the insurance industry, as well as efficiency in transactions by laying out standards of good practice and levels of service that are expected of us.
Financial Services Guide (FSG)
Our FSG contains important information about our relationship with you. A copy of our FSG can be obtained here.
Underwriting Agents and Wholesale Brokers
In some cases we access insurance products via Underwriting Agencies and Wholesale Brokers rather than directly with the insurer. In such cases should you wish to access the Financial Services Guide of the Underwriting Agency or Wholesale Broker please contact us and we will arrange to have a copy sent out to you.
Electronic Delivery of Disclosure Notices
Where possible we prefer to provide all correspondence and disclosure notices (including Financial Services Guides and Product Disclosure Statements) to you electronically, via email or links to websites etc. If you provided your email address to us we typically use that email address for all correspondence and disclosure notices. Should you not wish to be sent disclosure documents electronically please advise us and we will update our records accordingly.