Get real on disclosure
The issue of what to disclose on an insurance application form has been a frequent source of heated debate, discussion, and dispute.
In industry terms, non-disclosure of material facts – those that would have influenced an underwriter’s decision - has been used as a reason for declining claims in the past.
Some progress has been achieved. Declining a claim on the basis of an undisclosed condition that is unrelated to the cause of the claim has been less and less contested by insurers.
But this is papering over the cracks, as the fundamental aspect of non-disclosure – inadvertent or otherwise – needs to be addressed, as it has in other OECD territories.
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