Duty Of Disclosure Notice
Before you enter into an insurance contract you have a duty to tell the insurer anything that you know, or could reasonably be expected to know that may affect its decision to insure you and on what terms.
You have this duty until the insurer agrees to insure you.
You have the same duty before you renew, extend, vary or reinstate an insurance contract.
You do not need to tell the insurer anything that:
- reduces the risk it insures you for;
- is of common knowledge;
- it knows or should know as an insurer; or
- it waives your duty to tell it about.
If you do not tell the insurer something
If you do not tell the insurer anything you are required to, it may cancel your contract or reduce the amount it will pay you if you make a claim, or both.
If your failure to tell the insurer is fraudulent, it may refuse to pay a claim and treat the contract as if it never existed.
Scope of Advice
Renewing the Policy
We will send you notification of whether we are prepared to negotiate to renew the policy and if so, on what terms, at least 14 days before the expiry date of your policy.
Unless we require a new proposal or declaration from you to determine your premium or decide to offer renewal (we will tell you by email if this is the case), the renewal notice will show the premium for the new period of insurance and may also include notice of any changes to the terms of your policy.
When you receive a renewal offer, you must tell us before expiry if the information contained in it is incorrect or incomplete and make such additional disclosure to us as is required under the Duty of Disclosure. We will then consider the additional information and whether we can offer renewal terms or what other terms we are
able to arrange for renewal.
If we are not able to automatically renew your policy we will send you an email notification for you to either complete your renewal online or to contact us. Please ensure you keep us updated of any change to your email address.
Commission and Fees
COMMISSION
We receive a commission which is calculated as a percentage of the premium.
The commission is paid at a rate between 0% and 27.7%. From that, retail brokers may receive a commission on each policy, capped at a maximum of 25% of base premium, and reinsurance brokers, who handle our transactions and placements with the insurer, may receive 5%. Our net commission supports product research and development, underwriting, marketing, design and maintenance of our IT transaction platform and websites, staff training and development, broker education and general administrative, overhead and other expenses. The commission is included in the total amount you pay for the insurance policy and is not in addition to the insurance policy.
The commission applies to each policy issued or renewed through us. The commission may not be refundable in the event of cancellation unless the insurance policy is cancelled either within the cooling-off period or is a full term cancellation.
PROFIT COMMISSION
EventCover has the has potential to earn a profit share commission based upon performance of the book of business. Due to the contingent nature of insurance and the way the arrangement is set up, it is not possible to know the exact amount, if any, to which we may be entitled until the end of the qualifying period.
POLICY FEES
In some circumstances, we may charge a Policy Fee. The standard Policy Fee ranges from $50 up to $300 exclusive of GST. The Policy Fee, as applicable, is noted on your insurance schedule and tax invoice. We can tell you the exact fee at the time you contact us or via your insurance broker. Such fees include meeting our costs of preparation and distribution of documentation. The Policy Fee applies to each policy issued or renewed through us.
The Policy Fee is not refundable in the event of cancellation unless the insurance policy is cancelled either within the cooling-off period or is a full term cancellation.
CANCELLATION FEES
We do not charge a fee for cancellation of the insurance policy.
You may cancel your insurance policy at any time. If you choose to cancel your insurance policy, we will retain a portion of the premium that relates to the period for which you have been insured. We will refund the residual for the unexpired period less any non-refundable taxes, charges and levies provided that no event has occurred where liability arises under the insurance policy.
Remuneration Rights on Policy Cancellation
On cancellation of any insurance policy effected through Yeltrah Ltd, unless the cancellation takes place within any applicable cooling off period, you agree that the commission and any fees paid to Yeltrah are non refundable to you and may be deducted by Yeltrah from any refund otherwise payable by the insurer to you on cancellation of the policy, irrespective of any terms to the contrary in the policy.
Privacy Notice
In this Privacy Notice “we”, “our” and “us” means Yeltrah Ltd, its representatives, related companies, and third parties who provide services to us or on its behalf.
By personal information we mean any information about an identifiable individual.
Any information you transmit to us may be used by, collected and stored by us, to advise you of our products and services, or for any other purpose set out in these terms of use or otherwise authorised by you.
We do not sell, publish or give away your information.
In certain situations, we may be obliged to disclose information to law enforcement or other government agencies, for example in the event of an investigation into any activity that is illegal, or that may expose us to legal liability. You have the right to access and correct your personal information held by Yeltrah Limited subject to the provisions of the Privacy Act 2020.
We will use your personal information for the purposes for which it was collected (which is usually to arrange a quote for insurance or an insurance policy for you; assist you with any claims you may make; or to contact you), other related purposes and for the other purposes outlined in our Privacy Policy.
You may choose not to give us your personal information, but this may affect our ability to provide you with a product or service, including arranging a quote for insurance or an insurance policy for you, communicate with you or respond to your enquiries.
We may disclose your personal information to insurers, our service providers and other parties as detailed in our Privacy Policy.
For more details on what personal information we collect, how we collect it and from whom, and how we hold, use and disclose your personal information please refer to our Privacy Policy.
The Privacy Policy also provides information about how you can access your personal information, seek correction of it and complain about a breach of privacy law and how we will deal with such a complaint.
You can access our Privacy Policy or you can contact us and request a copy be sent to you.
General Disclaimer
The content on our site is for information only. While we try to ensure that the content of our site is free from error, available to you when you need it, and free from viruses and unauthorised access, we do not warrant that this will always be the case, nor do we warrant the site's accuracy, adequacy, completeness or its suitability for your intended use. The content on our site is not intended to be a substitute for commercial judgement or professional advice, and you should not act in reliance upon any of our site's content, without first obtaining professional advice relevant to your circumstances.
How we use your information
When transmitting your personal information over the Internet, you should remember that the Internet is not a secure environment. Any personal information you transmit to us may be used by us to provide information to you about the full range of products and services offered by Yeltrah Limited and its related parties, as well as to assist us to create a statistical picture of its customers. We do not sell, publish or give away your information. Information about you provided to us can be used by us or our suppliers to carry out our business. Our policy regarding the privacy of your information is set out below.
Use of our site
We grant you a non-transferable, non-exclusive licence to access this site and the information contained within the site. You will not use this site for any purpose which is illegal, objectionable, defamatory or which could potentially damage the reputation of Sage Partners Limited, or reverse engineer, decompile or attempt to reverse engineer or decompile this site.
Liability
We disclaim, to the extent permitted by law, all liability or responsibility to anyone for any direct or indirect loss or damage that may result from your access or use of our site.
Changes to content
All content on this site (including these terms of use) is subject to change at any time.
Jurisdiction
Unless otherwise specified, the content on this site has been prepared in accordance with New Zealand law for the supply of products and services to persons resident in New Zealand only. The content of this site and any contracts formed with Sage Partners Limited arising out of this site are governed by New Zealand law and the non-exclusive jurisdiction of the New Zealand Courts.
Links and Indemnity
Please contact Yeltrah Limited for prior permission if you wish to create a hypertext link to any page on this site. If you create a link to our site, you remain fully responsible for any consequences of that link, whether direct or indirect and you will indemnify Yeltrah Limited against all loss, damage, liability, costs or expense arising from or in connection with the link, or arising from your inappropriate or malicious use of the site. Yeltrah Limited accepts no responsibility or liability in relation to any content on other websites that are not under our direct control.
Intellectual Property
The content of our site is protected by copyright and other proprietary rights and you will not copy, reproduce, adapt, or create derivative works from any information provided on the site in whole or in part without our prior written consent.
