The following Practice Compliance practice note produced in partnership with Lockton Companies insurance brokers provides comprehensive and up to date legal information covering:
You are under a continuing duty to advise your insurer of material facts and relevant changes to your practice. There are also some matters that are good practice to advise to help maintain a healthy relationship with your insurer. The provisions in policies vary, but this Practice Note sets out the essentials.
The issues set out in this Practice Note are not exhaustive and you may want to speak with your broker or insurer about specific circumstances or facts. What is important is that your insurer has a clear picture of the risk they are underwriting and that you maintain a healthy relationship with your insurer that helps them develop this picture.
It is a requirement of your insurance that you intimate any claims or potential claims (circumstances) as soon as possible. Failure to do so may prejudice your cover. Intimating circumstances on a precautionary basis can be seen as a sign of good risk management by insurers, which would expect to see the majority of firms notifying at least a number of circumstances in each policy year. Only claims with reserves (ie an amount of money set aside by insurers to fund their potential involvement in the resolution of a claim (including costs and likely damages)) or sums paid out will impact on premium.
You should provide details including:
work type (residential property, employment,
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