Your Duties as a Martial Arts School Owner in regards to insurance

Non-Disclosure
School Owners failing to comply with their duty of disclosure may entitle the insurer to reduce their liability under the contract in respect of a claim or may cancel the contract. If your non-disclosure is fraudulent, the insurer may also have the option of avoiding the contract from its inception date. The disclosure is especially important in matters relating to the physical risk, past claims, cancellations of insurance covers and any matters that might affect the acceptance of the risk (such as insolvency or criminal convictions).

Your duty of disclosure must be taken seriously as it may affect your right to claim. Disclosure is not limited to matters applying to the insured named in the policy, but includes other past businesses or private insurances.

Utmost Good Faith
Insurance contracts are subject to the doctrine of Utmost Good Faith and this is part of the Law. Both parties must strictly adhere to utmost Good Faith. If you fail to do so, you may prejudice any claim. For example if a school owner stated he had 100 students when in fact he had 200 then the person is really under insured by 50%. The insurer may choose to reduce the payout of a claim by 50% leaving the school owner to pay the balance to claimant.