might sound like a premium ride sharing app for dogs (geddit, geddit?) but it's actually Latin for Utmost Good Faith, the foundation of all insurance contracts.
Luckily, in Australia we've foregone all of the Latin in our insurance contracts, and insurers focus on the phrase Duty of Disclosure.
So what is it?
Utmost good faith
means
Duty of disclosure
The insurer's "duty of disclosure" is the policy wording. When offering you insurance, the insurer spells out all the terms and conditions into the policy wording (or PDS) and on the insurance schedule.
The client's "duty of disclosure" is to tell the insurer everything that a reasonable person would consider relevant to the insurer's decision to insure and the terms of such insurance.
What's relevant for an owner builder?
Really anything that increases the risk to the insurer; we ask a few questions as part of the quote process.
Relevant factors include:
- Has the project already commenced?
- Are you building a swimming pool?
- Will there be a lot of demolition work?
- Are you relocating or raising an existing structure?
- Are you underpinning or shoring up
neighbouring
- Are you excavating very deep - more than one basement level?
And many more as well. No insurer would think to ask "is the building site inhabited by squatters?" but if it were, you'd be expected to tell the insurer upfront.
Common sense
The idea is that all of this is common sense - if it's reasonable to think someone would want to know about the extra risk on your project, then you should tell the insurer upfront.
Most owner builder projects are very straightforward, so we've optimised
For more information about Uberrima Fides, visit our website.
Table of Contents Main Site
Social Platforms
- Blogpost – Allrisk Insurance
- WordPress – Owner Builder Insurance
- Tumblr – Builder Insurance and Trade Insurance
Insights
- What does Insurable Interest mean? *
- Uberrima Fides *
- Estimating project cost *
- Avoid common pitfalls and traps *
- Public liability insurance *
- Claim advice *
- Abbreviations and acronyms for owner builders *
- Comparing apples and oranges and grapefruit *
- Selling an owner-built home *
- Choose your builder carefully *
- Fire doesn’t burn metal or does it? *
- Medical expenses *
- Protect yourself *
- Build from Lock Up *
- Research your path to success *
- Rumours and Fallacies *
- Things go wrong *
- Green and environmental materials *
- Insuring owner builders *
- Can I put my insurance on hold *
- How long can I insure? *
- Why you need owner builder public liability *
- Volunteers on Site *
- Minimum insurance requirements *
- Workers Compensation in NSW *
- How do I make a claim *
- How much insurance is enough *
- What are existing structures *
- Owner builder construction insurance cover *
- My tradesmen are fully insured, right? *
- Getting Insured *
- Home Warranty *
- Injury Claims *
- Renovators Insurance *
- Insure me if you can *
Table of Contents
- What does insurable interest mean?
- Uberrima Fides
- Estimating project cost
- Avoid common pitfalls and traps
- Public liability insurance
- Claim advice
- Abbreviations and acronyms for owner builders
- Comparing apples and oranges and grapefruit
- Selling an owner-built home
- Choose your builder carefully
- Fire doesn’t burn metal or does it
- Medical Expenses
- Protect yourself
- Build from lock up
- Research your path to success
- Rumours and fallacies
- Things go wrong
- Green and environmental materials
- Insuring owner builders
- Can I put my insurance on hold?
- How long can I insure?
- Why you need owner builder public liability?
- Volunteers on site
- Minimum insurance requirements
- Workers compensation in NSW
- How do I make a claim?
- How much insurance is enough?
- What are existing structures?
- Owner-builder construction insurance cover
- My tradesmen are fully insured, right?
- Getting insured
- Home warranty
- Injury claims
- Renovators insurance
- Insure me if you can
- Construction Insurance
- Construction Insurance Ontario
- Insurance During Construction
- Construction Works and Public Liability Insurance
- Construction Insurance Policy
- Course of Construction Insurance
- New Home Construction Insurance
- Construction Business Insurance
- Construction All Risk Insurance
- Construction Risk Insurance
- Building Construction Insurance
- Owner Builder Home Warranty Insurance Australia
- Insurance for Construction Workers
- Owner Builder Home Warranty Insurance NSW
- Construction Insurance Qld
- Owner Builder Home Warranty Insurance New South Wales
- Construction Liability Insurance
- Owner Builder Home Warranty Insurance Victoria
- House Construction Insurance
- Owner Builder Insurance Cost
- Owner Builder Insurance Cost Australia
- Owner Builder Insurance Cost NSW
- Owner Builder Insurance Cost Victoria
- Owner Builder Insurance Cost New South Wales
- How Much Does Owner Builder Insurance Cost
- How Much Does Owner Builder Insurance Cost Australia
- How Much Does Owner Builder Insurance Cost NSW
- How Much Does Owner Builder Insurance Cost New South Wales
- How Much Does Owner Builder Insurance Cost Victoria
- Best Owner Builder Insurance
- Best Owner Builder Insurance Australia
If you have any queries or aren't sure about what should be disclosed as part of the quote, please drop us a line or give us a call 1300 255 747 and we'll help.
Table of Contents Main Site
Social Platforms
- Blogpost – Allrisk Insurance
- WordPress – Owner Builder Insurance
- Tumblr – Builder Insurance and Trade Insurance
Insights
- What does Insurable Interest mean? *
- Uberrima Fides *
- Estimating project cost *
- Avoid common pitfalls and traps *
- Public liability insurance *
- Claim advice *
- Abbreviations and acronyms for owner builders *
- Comparing apples and oranges and grapefruit *
- Selling an owner-built home *
- Choose your builder carefully *
- Fire doesn’t burn metal or does it? *
- Medical expenses *
- Protect yourself *
- Build from Lock Up *
- Research your path to success *
- Rumours and Fallacies *
- Things go wrong *
- Green and environmental materials *
- Insuring owner builders *
- Can I put my insurance on hold *
- How long can I insure? *
- Why you need owner builder public liability *
- Volunteers on Site *
- Minimum insurance requirements *
- Workers Compensation in NSW *
- How do I make a claim *
- How much insurance is enough *
- What are existing structures *
- Owner builder construction insurance cover *
- My tradesmen are fully insured, right? *
- Getting Insured *
- Home Warranty *
- Injury Claims *
- Renovators Insurance *
- Insure me if you can *
Table of Contents
- What does insurable interest mean?
- Uberrima Fides
- Estimating project cost
- Avoid common pitfalls and traps
- Public liability insurance
- Claim advice
- Abbreviations and acronyms for owner builders
- Comparing apples and oranges and grapefruit
- Selling an owner-built home
- Choose your builder carefully
- Fire doesn’t burn metal or does it
- Medical Expenses
- Protect yourself
- Build from lock up
- Research your path to success
- Rumours and fallacies
- Things go wrong
- Green and environmental materials
- Insuring owner builders
- Can I put my insurance on hold?
- How long can I insure?
- Why you need owner builder public liability?
- Volunteers on site
- Minimum insurance requirements
- Workers compensation in NSW
- How do I make a claim?
- How much insurance is enough?
- What are existing structures?
- Owner-builder construction insurance cover
- My tradesmen are fully insured, right?
- Getting insured
- Home warranty
- Injury claims
- Renovators insurance
- Insure me if you can
- Construction Insurance
- Construction Insurance Ontario
- Insurance During Construction
- Construction Works and Public Liability Insurance
- Construction Insurance Policy
- Course of Construction Insurance
- New Home Construction Insurance
- Construction Business Insurance
- Construction All Risk Insurance
- Construction Risk Insurance
- Building Construction Insurance
- Owner Builder Home Warranty Insurance Australia
- Insurance for Construction Workers
- Owner Builder Home Warranty Insurance NSW
- Construction Insurance Qld
- Owner Builder Home Warranty Insurance New South Wales
- Construction Liability Insurance
- Owner Builder Home Warranty Insurance Victoria
- House Construction Insurance
- Owner Builder Insurance Cost
- Owner Builder Insurance Cost Australia
- Owner Builder Insurance Cost NSW
- Owner Builder Insurance Cost Victoria
- Owner Builder Insurance Cost New South Wales
- How Much Does Owner Builder Insurance Cost
- How Much Does Owner Builder Insurance Cost Australia
- How Much Does Owner Builder Insurance Cost NSW
- How Much Does Owner Builder Insurance Cost New South Wales
- How Much Does Owner Builder Insurance Cost Victoria
- Best Owner Builder Insurance
- Best Owner Builder Insurance Australia
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