Under the Insurance Contracts Act 1984 (Cth) you have a duty to take reasonable care not to make a misrepresentation to us. This duty applies when you enter into, renew, extend or vary a consumer contract of insurance.
Before you enter into, renew, extend or vary a consumer contract of insurance, we will ask you questions that are relevant to our decision to offer you insurance and on what terms. When you answer the questions you must not give a false or misleading account of matters. Your response should tell us everything that you know about the question.
Your response is relevant to whether we offer you insurance and the terms that are offered. It is important you understand you are answering our questions in this way for yourself and anyone else that you want to be covered by the contract.
A misrepresentation made fraudulently is made in breach of the duty to take reasonable care not to make a misrepresentation.
CONSEQUENCES OF FAILURE TO TAKE REASONABLE CARE NOT TO MAKE A MISREPRESENTATION
If you do not take reasonable care not to make a misrepresentation to us, we may cancel your contract or reduce the amount we will pay you if you make a claim, or both.
If your failure to take reasonable care not to make a misrepresentation to us is fraudulent, we may refuse to pay a claim and treat the contract as if it never existed.
CIRCUMSTANCES RELEVANT TO YOUR DUTY
Whether or not you have taken reasonable care not to make a misrepresentation will be determined with regard to all the relevant circumstances. If we know, or ought to know about your particular characteristics or circumstances, these characteristics or circumstances are taken into account in determining whether you have taken reasonable care not to make a misrepresentation to us.
Under the Insurance Contracts Act 1984 (Cth) the following matters may be taken into account in determining whether you have taken reasonable care not to make a misrepresentation:
(a) the type of insurance contract in question, and its target market;
(b) explanatory material or publicity produced or authorised by us;
(c) how clear, and how specific, the questions we asked were;
(d) how clearly we communicated to you the importance of answering those questions and the possible consequences of failing to do so;
(e) whether or not an agent/insurance broker was acting for you;
(f) whether the contract was a new contract or was being renewed, extended, varied or reinstated.
You are not to be taken to have made a misrepresentation merely because you:
(g) failed to answer a question; or
(h) gave an obviously incomplete or irrelevant answer to a question.
NM Insurance is a business name of NM Insurance Pty Ltd ABN 34 100 633 038, AFSL 227186 (NM Insurance). NM Insurance is an underwriting agency with binding and claims authorities from Zurich Australian Insurance Limited. These allow it to enter into and arrange policies of insurance and handle and settle claims made under them. NM Insurance acts on behalf of the relevant insurer and not you when providing these services but does so under its own AFSL.
Products are issued by NM Insurance. Advice on this website is general so consider whether it suits your objectives, financial situation and needs. Always consider the relevant Target Market Determination and Product Disclosure Statement / Policy wording before buying or renewing insurance. These are available from the relevant branded website.
We comply with the General Insurance Code of Practice which is designed to raise standards of practice and service in the general insurance industry. The Code Governance Committee (CGC) is an independent body that monitors and enforces compliance with the Code. For more information about the Code or the CGC, visit www.codeofpractice.com.au.
Steadfast Group Ltd (ABN 98 073 659 677) (‘SGL’) has a majority shareholding in NM Insurance. SGL may receive a professional services fee (PSF) from insurers, premium funders and underwriting agencies such as NM Insurance (Partner) for access to regulatory and compliance support; marketing and communications; data insights; and access to technology platforms. The PSF is an agreed amount between SGL and the relevant Partner, usually annually. The PSF is not determined by the volume of the business that the Steadfast Network brokers place, nor is the amount of the PSF known to the Steadfast Network Brokers, so it is not able to influence recommendations to their clients.
NM Insurance may have access to shared services from SGL, including: compliance tools; procedures; manuals and training; legal; HR banking; and group purchasing arrangements. These services are funded by SGL, subsidised by SGL or SGL receives a fee for them.
SGL’s FSG is available at www.steadfast.com.au or on request by telephoning SGL’s Company Secretary on +61 2 9495 6500.
For information about interpreting services please contact the Australian Government’s Translating and Interpreting Service.
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