Common use of PROPOSAL FORMS Clause in Contracts

PROPOSAL FORMS. Credit Insurance and Surety underwriters typically require you to complete a proposal form or similar document. We will provide guidance but we are not able to complete the document for you. Our objective is to obtain the most suitable product we can identify in order to meet your insurance needs. In order to make our business relationship work, you must provide complete and accurate information and instructions in a timely manner, so that we can assist you fully. Unless we advise you otherwise, you have a duty to give a ‘fair presentation’ of the risk to insurers. This means that you must clearly disclose every material circumstance which you, your senior management or persons responsible for arranging your insurance, know or ought to know following a reasonable search. This duty applies equally at placement, renewal, alterations and where the insurance contract conditions so stipulate. A factor or circumstance is “material” if it would influence the judgment of a prudent insurer in deciding whether or not to underwrite the risk and if so, at what premium and on what terms. Failure to discharge this duty may allow insurers to avoid the policy (i.e. treat it as if it had never existed) or amend the terms that apply which may lead to a claim being refused or a reduction in the amount paid in the event of a claim. You are legally obliged to take reasonable care not to make any misrepresentation to the insurer. We will not be responsible for any consequences which may arise from any delayed, inaccurate or incomplete information, or any misrepresentation made by you. If you are in any doubt as to whether a circumstance is material you are advised to disclose it. We will work on the assumption that you have full authority to supply us with all such information in the manner and for the purposes contemplated by this Agreement, but you should advise us immediately should that not be the case.

PROPOSAL FORMS. Credit Insurance and Surety underwriters typically require For certain classes of reinsurance you may be required to complete a proposal form or similar document. We will provide guidance but we are not able to complete the document for you. Our objective is to obtain the most suitable best product we can identify in order to meet your insurance reinsurance needs. In order to make our business relationship work, you must provide complete and accurate information and instructions in a timely manner, so that we can assist you fully. Unless we advise you otherwise, you have a Please remember that it is your duty to give fully disclose all material facts and circumstances and to provide such information in a ‘fair presentation’ of the risk to insurersclear and complete manner that a diligent reinsurer can understand. This means that you disclosure obligation affects both the extension or modification of your contracts and the conclusion of new reinsurance contracts. You must clearly disclose every material circumstance which you, your senior management or persons responsible for arranging your insurance, know or ought to know following a reasonable search. This duty applies equally at placement, renewal, alterations also answer all reinsurer questions honestly and where the insurance contract conditions so stipulatecompletely. A factor or circumstance is “material” material if it would could influence the judgment of a prudent insurer reinsurer in deciding determining premium and whether or not to they would underwrite the risk and if sorisk. Therefore, at what premium and on what termsall information which is material to your coverage requirements or which might influence reinsurers in deciding to accept your business, finalising the terms to apply and/or the cost of cover must be disclosed. Failure to discharge this duty may allow insurers make full disclosure of material facts allows reinsurers to avoid liability for a particular claim or to void the policy (i.e. treat it as if it had never existed) or amend the terms that apply which may lead to a claim being refused or a reduction in the amount paid in the event contract. This duty of a claim. You are legally obliged to take reasonable care not to make any misrepresentation to the insurerdisclosure applies equally at renewal of your contracts and on taking out new reinsurance contracts. We will not be responsible for any consequences which may arise from any delayed, inaccurate or incomplete information. Please discuss with us if you have any doubts about what is material or have any concerns that we may not have material information, or any misrepresentation made by you. If you are in have any doubt as to whether a circumstance is material you are advised to disclose itabout what the applicable duty of disclosure is. We will work on the assumption that you have full authority to supply us with all such information in the manner and for the purposes contemplated by this Agreement, but you should advise us immediately should that not be the case.

PROPOSAL FORMS. Credit For most classes of business, a Proposal Form/Statement of Fact will be issued. Please pay particular attention to the duties of disclosure (see below), as it is essential that we and/or the insurers are informed of all material facts before placing cover on your behalf. All proposal forms will be provided by JCB Insurance Services Ltd and Surety underwriters typically require you upon completion should be returned to complete a proposal form or similar documentourselves. We will provide guidance but we are not able to complete  It is your responsibility as agent of the document for you. Our objective is to obtain the most suitable product we can identify in order to meet your insurance needs. In order client to make our business relationship work, you must provide complete and accurate information and instructions in a timely manner, so that we can assist you fully. Unless we advise you otherwise, you have a duty to give a ‘fair presentation’ presentation of the risk to insurersus when obtaining cover (and throughout the term of the policy and at the renewal), whether or not proposal forms are applicable or completed. This means that you  You must clearly disclose to us every material circumstance which you, your senior management client or persons responsible for arranging your insurance, you as agent know or ought to know following know.  You must ensure that, in such disclosure, any material representation as to a: (a) matter of fact is substantially correct; and (b) matter of expectation or belief is made in good faith.  Such disclosure should be made in a reasonable searchreasonably clear and accessible manner. This duty applies equally at placement, renewal, alterations  Neither the insurer nor JCB Insurance Services Ltd are required to make enquiries. The onus falls upon the insured and where any information obtained by you as agent of the insurance contract conditions so stipulateinsured should be disclosed. A factor or circumstance is “material” if it would influence the judgment  If you fail to make a fair presentation of a prudent insurer in deciding whether or not to underwrite the risk and if so, at what premium and on what terms. Failure to discharge then this duty may allow insurers to avoid could affect the policy (i.e. treat it as if it had never existed) extent of cover provided or amend the terms that apply which may lead to a claim being refused or a reduction in the amount paid in the event of a claim. You are legally obliged to take reasonable care not to make any misrepresentation to the insurer. We will not be responsible for any consequences which may arise from any delayed, inaccurate or incomplete information, or any misrepresentation made by youcould invalidate your client’s policy. If you are in any doubt as to whether a circumstance is material then you are advised to should disclose it.  When the insured makes any mid-term changes to their insurance you must contact us immediately in a durable medium and provide us with any information requested. We will work ensure that:  We provide you with comprehensive information early enough for you to make an informed decision about the insurance being proposed.  We will provide confirmation in a durable medium of the insurance proposed including:  The basis of cover  Summary of Cover/Key Facts from Insurers, if applicable  Any significant or unusual restrictions, exclusions, conditions or obligations A copy of the full policy wording is available on request. It remains your obligation to ensure the cover meets your client’s needs. We will provide you with cover notes and/or confirmation that cover has been put in place in a durable medium. These will normally be sent to you within five working days from the date when cover began. You agree that it is solely your responsibility to ensure that the cover has been effected on the assumption that you have full authority to supply us with all such information in the manner and for the purposes contemplated by this Agreement, but you should advise us immediately should that not be the casecorrect terms.