Your broker will be in regular contact to inform you of changes in the insurance market and law, and any potential impacts those changes have on your Insurance and Risk program. However it is crucially important that you inform your broker of any material facts which change your company’s risk profile or business activities. Some examples of material facts include:

• Mergers or acquisition of new companies
• Changes to your business circumstances
• Additional services or new product lines
• Supplying products not within the already declared description
• Storage of hazardous matter or hazardous trade processes, including changes or additions to processes or storage already declared
• Construction, purchase or occupancy of a new premises
• Changes in tenure or Sub-letting of premises
• Vacation, temporary unoccupancy, alterations, extension or demolition of existing premises
• Additions, modifications or extensions to plant and machinery
• Relocation of stock or equipment
• Granting of indemnities, contractual liabilities, or hold-harmless agreements
• Disconnection, alteration or amendment to protective systems, or withdrawal or threat of withdrawal of attendance or other services otherwise expected e.g. intruder alarms, fire alarms and sprinkler systems
• Incidents not reported to your insurer that might otherwise have led to a claim e.g. theft or small fires
• Convictions or prosecutions including those pending
• Planning for a major development or expansion.

Changes affecting either material facts or your business activities must be immediately notified to our office so we can be certain that your insurers are absolutely clear on what they are on risk for and we can eliminate uncertainty at claim time. Talk to your broker today about duty of disclosure or email insure@selectinsurance.com.au