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Changes to Duty of Disclosure

From December 28 2015, the Duty of Disclosure changes introduced in the Insurance Contracts Amendment Act 2013 become active.

As a result of these changes, CGU has altered our duty of disclosure requirements for products that include eligible contracts of insurance.

CGU will no longer include a duty of disclosure statement on the following product types that include eligible contracts of insurance:
·         Commercial motor & motor fleet
·         Farm motor
·         Personal motor
·         Home
·         Landlords
·         Countrypak
·         Residential & commercial strata
·         Travel
·         Personal accident and sickness

Non-eligible contracts (eg Businesspak, Padlock, Management Liability) will continue to contain a duty of disclosure obligation.

It is important that you continue to provide the correct information to CGU when placing customers’ insurance with us – although eligible products will no longer require a formal duty of disclosure, claims based on fraudulent or misleading  information will not be paid.