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
· Residential & commercial strata
· 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.
From December 28 2015, the Duty of Disclosure changes introduced in the