Before You enter into an insurance contract with Us, You have a duty to tell Us anything that You know, or could reasonably be expected to know, that may affect Our decision to insure You and on what terms. You have this duty until the proposed insurance contract is entered into in accordance with the Master Agreement (generally this is the later of QBE LMI having received the Premium or the Lender having satisfied any special conditions).
You have the same duty before You renew, extend, vary or reinstate an insurance contract.
However You do not need to tell us anything that:
- reduces the risk We insure You for;
- is common knowledge;
- We know or should know as an insurer;
- We waived Your duty to tell us about.
If You do not tell us anything You are required to, We may cancel the Policy or reduce the amount We will pay if You make a claim for Loss under the Policy, or both. If Your failure to tell us is fraudulent, or any misrepresentation by You is fraudulent, We may refuse to pay a claim and treat the Policy as if it never existed.