The importance of providing correct information to your broker

Can you imagine misleading a broker or insurer - or even lying to them? Why would you? Surely protecting your livelihood is more important than concealing relevant information. The recent case of Eurokey Recycling Ltd V Giles Insurance Brokers Limited demonstrates the danger of doing so. The truth regarding the company's finances were not provided to the broker in this case, leading to the broker placing insurance based on incorrect information which led to serious under insurance. You can find more information on this case here