Terms of Trade
1. The Responsibilities of MBAIS Clients
In order to provide effective and efficient service, MBAIS will rely on our clients to comply with your statutory obligations, including your duty of disclosure in the provision of information. That is, you will be required to disclose all material facts that the insurer would deem necessary to make an informed decision when determining the terms, conditions and/or the acceptance of the risk.
This duty is owed to the insurer at all times during the term of the policy including extension, variation, reinstatement or renewal of the policy. Non-disclosure or misrepresentation of facts may result in the policy being rendered void or claims under the policy being denied or not met in full.
2. Remuneration of MBAIS
MBAIS is remunerated in the following ways:
Commissions paid by Insurers
Broking Service Fees paid by Clients
A combination of Commissions and Broking Service Fees.
MBAIS' remuneration for performing services and providing advice is subject to review on an annual basis, or as otherwise determined if the services required by our Clients change.
Goods and Services Tax (GST) is added where MBAIS is liable.
Should MBAIS use another Insurance Broker to assist in the placement of your insurance, MBAIS will disclose all fees and charges applicable to those policies. Some charges may in additional to the remuneration sought by MBAIS.
3. Insurer's Security and Claims
Unless requested to do so in writing from our Clients, MBAIS will only place insurance with those recognised as Authorised Insurers in accordance with the criteria established by APRA.
However, whilst being licenced insurers, MBAIS does not guarantee the solvency of any insurer.
If MBAIS causes any loss to our client, then MBAIS is only liable to the extent that its conduct caused or contributed to the loss.
If the loss is caused by any action or no action of our client, then MBAIS' liability, which may be nil, is to the extent to which our client caused the loss.