Broker Tip #7: What is a ‘Material Change’?

Broker Tip #7: What is a ‘Material Change’?

A ‘material change’ can be a variety of things and is one that could affect your risk profile.

For example: Moving to a new address, a change in your financial situation, taking up a dangerous sport like hang-gliding, a change in the regular driver of your vehicle, going on an extended holiday, renting your garden flatlet or basement, adding a wood burning fire place or doing home renovations, to name a few.

It’s important to tell the Insurer of any such changes, as these changes may affect the level of your premiums, and other terms and conditions.

If you have not informed your Insurer and a loss occurs, the Insurer reserves the right to void coverage on your policy under the statutory condition, regardless of whether or not the loss has anything to do with the change.

So remember to inform the Insurer via your trusted broker of any material change.

You are allowed to request a change to your policy at any time, but remember the changes you request may require terms and conditions of the policy to alter.

Policy Holder responsibility:

Be honest. The cover Insurers provide is completely dependent on the disclosures you make, so honesty is your best policy.

If you are unsure, your trusted broker can also advise what other material changes could affect your risk assessment.

With compliments from Suretimes Insurance Administrators, “Our Expertise. Your Advantage.”