Insurance Contracts Amendment Act 2013
CGU will no longer include a duty of disclosure statement on product types that include eligible contracts
Commercial motor & motor fleet
Residential & commercial strata
Personal accident and sickness
Non-eligible contracts (eg Businesspak, Padlock, Management Liability) will continue to contain a duty of disclosure obligation.
As part of this change, we are updating our various platforms and paper application forms to ensure customers are informed of their correct duty of disclosure obligations for non eligible products. Where an application form is sourced from the CGU Portal there will be an addendum notice or SPDS available whilst we update the wordings.
It’s important that you ensure you are using the most up to date forms
in situations where the paper application forms are used to write new customer business or make endorsements – these new forms can be downloaded from the CGU Portal
. The CGU Connect platform is already compliant and therefore does not need a separate SPDS or addendum
For eligible contracts the SPDS (and for non eligible contracts, the revised DoD notice) will be printed on customers quotes, new business and renewal schedules to advise them of changes.
We have also updated our policy documentation to reflect these changes, and the new SPDS and policy wordings are available in the CGU Portal. If you have an existing stock of out-of-date PDSs or policy wordings for these products, please attach the Supplementary PDS or addendum (also now available in the portal) to these products.
We appreciate your assistance in updating your forms and documentation to reflect the duty of disclosure changes.
CGU has updated our duty of disclosure requirements for products that include eligible contracts of insurance (as part of the changes introduced in the