A detail that seems minor to you can affect an insurer’s decision. In Australia, understanding your duty of disclosure means taking reasonable care to share information you know, or could reasonably be expected to know, that may affect whether an insurer accepts your application or the terms it offers. The duty can also apply when you renew, extend, vary or reinstate a policy.It’s understandable to be unsure what you need to disclose, especially when rules differ between countries and the consequences can be serious. This article explains what disclosure means, what may happen if you breach the duty, and how insurance disclosure works in Australia and the United Kingdom. It also covers when the duty applies and what information may be relevant, so you can approach an insurance application with greater confidence. Key Takeaways In Australian family law proceedings, breaching disclosure obligations can affect evidence, costs and whether a case proceeds; serious non-compliance may also amount to contempt. Disclosure duties in family law can continue throughout a case, and financial disclosure covers direct and indirect circumstances, including certain property disposals. Insurance disclosure rules differ between Australia and the UK. In Australia, the duty can apply when you apply for, renew, extend, vary or reinstate a policy. If you’re considering cover for your business, MyGen Insurance Brokers can help you explore Business Insurance and related cover options that fit your risks. Table of Contents What are the consequences of breaching disclosure obligations? Legal advice about disclosure Insurance disclosure in Australia and the United Kingdom MyGen Insurance Brokers: Business Insurance What are the consequences of breaching disclosure obligations? A duty of disclosure requires you to provide relevant information. A duty of care concerns how you act, while a duty to notify means reporting a specified event or change. In Australian family law disputes, disclosure begins during pre-action procedures and continues until the case is finalised. Insurance disclosure periods differ and are explained in the insurance section.In family law proceedings, failing to disclose information, filing a false undertaking or breaching an undertaking can affect the case. The Court may refuse to admit information or documents, stay or dismiss all or part of the case, or make a costs order against a party. A party found guilty of contempt for withholding documents or breaching an undertaking may be fined or imprisoned.Non-compliance can also matter in property settlements. Sections 79(5) and 90SM(5) of the Family Law Act allow disclosure failures to be considered in property proceedings. The High Court of Australia has observed, at paragraph 24, that failure to disclose relevant evidence may sometimes require a guilty verdict to be quashed.A Melbourne man concealed assets valued at more than $4 million. After proceedings began in September 2017, the Federal … [Read more...] about Duty of disclosure: what it means and the consequences of breaching it