Known Circumstances Insurance Disclosure

This disclosure provides important information for policyholders regarding known circumstances and their impact on insurance coverage provided by BriteCo.

Definition of Known Circumstances

In the context of insurance, “known circumstances” refer to any events, conditions, or risks that the policyholder is already aware of prior to the issuance of an insurance policy. These circumstances include any specific occurrences, injuries, damages, or potential claims that were reasonably known or anticipated before the start of coverage.

Policy Impact of Known Circumstances

• Exclusions from Coverage:
  Insurance policies are designed to cover unforeseen events and risks that arise during the policy period. Therefore, any circumstances that are already known to the policyholder prior to the inception of the policy may be excluded from coverage. Known circumstances are generally not insurable because they do not constitute an unforeseen risk.
• Duty to Disclose:
  Policyholders are required to disclose any known circumstances that could lead to a claim at the time of their application. Failing to disclose known risks may result in policy modifications, a reduction in coverage, or cancellation of the policy.
• Assessment of Known Circumstances:
  BriteCo reviews applications carefully to identify any disclosed known circumstances and to determine if they align with underwriting criteria. Each policy may be subject to terms and conditions that exclude coverage for any pre-existing conditions or known risks based on this assessment.

Examples of Known Circumstances That May Affect Coverage:

• Pre-existing Damages or Losses: If there is any damage, injury, or loss that has occurred prior to the start of the policy, it will not be covered under the policy terms.
• Anticipated Claims or Risks: If the policyholder is aware of a potential issue that could lead to a claim, such as a pending lawsuit or a known defect, this may also be excluded from coverage.

Policyholder Responsibility
It is the responsibility of the policyholder to provide full disclosure of any known circumstances when applying for coverage. This ensures that the policy terms are accurate and that the policyholder is aware of any limitations related to known risks.

This disclosure promotes transparency and helps policyholders understand the limitations of their coverage regarding known risks and events. For further questions regarding known circumstances and coverage, please contact BriteCo at [email protected].