Important Notices

We have prepared this document to assist you to understand important issues relating to your insurances. Please contact our office if you have any questions or require further advice/assistance.

If you need special assistance

We are committed to supporting people with diverse needs and take into account their specific circumstances. This includes people currently experiencing any vulnerability, for example relating to age, disability or mental or physical health conditions. Please advise us if there is anything we can do to provide the required level of support. For further information, please refer to our Vulnerable Clients Policy.

Essential reading of policy wordings

The policy wordings and Product Disclosure Statement (PDS) for your insurances are essential reading to understand what is protected by each policy. For further information about your PDS please refer to the Product Disclosure Statement heading in the Financial Services Guide (FSG). You must read these documents carefully, as soon as possible and contact us if you have any concerns about the extent of your cover.

People you represent

You must make sure you explain the Duty of Disclosure to any person you represent when we arrange any insurance cover for you. Alternatively, you may ask any person you represent to contact us, and we will explain their Duty of Disclosure to them directly.

Duty of good faith

Both parties to an insurance contract, the insurer and the insured, must act towards each other with utmost good faith. If you fail to do so, the insurer can cancel your insurance. If the insurer fails to do so, you may be able to sue the insurer.

Cooling off rights

You may have a statutory cooling-off right to return your policy. The Product Disclosure Statement (PDS) or policy document issued by the insurer tells you what the cooling-off right is. You must notify us in writing within the period noted in your PDS or policy document. Irrespective of any cooling-off period you may still have cancellation rights under your policy.

Target Market Determination (TMD)

A TMD is developed for any retail insurance product to help you understand the class of customer for which the insurance policy is designed for. You can find the TMD relevant to your insurance policy through the link: www.steadfast.com.au/target-market-determinations. Or contact your broker to provide you with the latest copy issued by the insurer.

Under-insurance

Reviewing the sums insured and declared values in your policies on a regular basis and at each renewal will help you to ensure that you have maximum protection under your policies. Consider whether you require cover for replacement on a “new for old” basis and other costs such as removal of debris. The value of the property/assets insured may need to be updated if you change locations, renovate or expand your premises, or purchase new property/assets.

If you do not check these values and advises us of changes you require, you could be underinsured as the insurer may apply an Average or Co-insurance clause.

Average, Co-insurance

Some policies contain an Average or Co-insurance clause. This means that if you insure for less than the full value of the property, your claim may be reduced in proportion to the amount of the under-insurance.

Some business interruption policies contain an Average/Co-Insurance clause which has a different application. Check your policy and contact us with any questions.

Contracts and leases you sign

If you sign a contract with an indemnity, “hold harmless” or release, it can invalidate your insurance – unless you obtain the Insurer’s consent in advance.

These clauses are often found in leases and other contracts you sign from time to time relating to your business. Do not sign a contract or lease without contacting us and/or taking legal advice as to whether the contract terms will prejudice your policy.

Leasing, hiring and borrowing property

When you lease, hire, or borrow property, make sure that the contract clearly identifies who is responsible for insuring the property.

Industrial Special Risks policies automatically cover property which you are responsible to insure, subject to the policy excess. Public liability insurance may assist you meet claims relating to property damage to property which you lease or hire. A sub-limit usually applies to the amount you can claim for damage to property in your care, custody or control.

Claims occurring policies

Most of your policies do not provide indemnity in respect of events that occurred before the insurance commenced. They cover events that occur during the policy period.

Claims made policies

Some policies (e.g. Professional indemnity insurance) provide cover on a “claims made” basis. This means that claims first advised to you (or made against you) and reported to your insurer during the policy period are insured under that policy, irrespective of when the incident causing the claim occurred, (unless there is a date beyond which the policy does not cover – this is called a “retroactive date”). If you become aware of circumstances which could give rise to a claim, notify the insurer during the policy period.

Report all incidents that may give rise to a claim against you to the insurers immediately after they come to your attention and before the policy expires.

Additional insureds and noting interests

If a person is to be named on your policy or insured as a co-insured or joint insured, notify us immediately so we can request this in advance from the insurer. Your property and liability policies will not provide automatic cover for the insurable interest of other parties (e.g. Mortgagees, lessors).

Check with us whether the insurer will include someone else as an insured or note their interests before you agree to this in a contract or lease. We cannot guarantee that an insurer will agree to include someone as an insured under your policy or to note their interests on your policy.

Insurer solvency

We do not warrant or guarantee the current or ongoing solvency or financial viability of the insurer because we have no control over the insurer’s performance, and this can be affected by many complex commercial and economic factors.

Sanctions

We are unable to provide any of our services to the extent that the provision of such services will violate applicable law or expose us to any sanction, prohibition or restriction under the UN Security Council Resolutions or under other trade or economic sanctions, laws or regulations.

Subrogation

You may prejudice your rights with regard to a claim if, without prior agreement from your Insurers, you make any agreement with a third-party that will prevent the Insurer from recovering the loss from that third-party, or another party who would be otherwise liable.

Examples of such agreements are the "hold harmless" or “release” clauses which are often found in leases, in maintenance or supply contracts and in service/repair contracts. If you are in doubt, please consult us.

Unauthorised foreign insurers

In limited cases, we may recommend that you insure with an unauthorised foreign insurer. An unauthorised foreign insurer is an insurer that is not authorised under the Insurance Act 1973 (Act) to conduct insurance business in Australia and is not subject to the system of financial supervision of general insurers in Australia that is monitored by the Australian Prudential Regulation Authority. If the insurer becomes insolvent, you will not be protected by the Federal Government’s Financial Claims Scheme provided under Part VC of the Act.

Cancellations

If there is a refund or reduction of your premium as a result of a cancellation or alteration to a policy based on a term of your policy (such as a premium adjustment provision), we will retain any fee we have charged you. We will also retain commission depending on our arrangements with the insurer, or charge you a cancellation fee equal to the reduction in our commission.