ABSTRACT
Discussion in Chapters 2, 3, 4 and 5 highlights the significant asymmetry of information and knowledge between insurers and insureds in relation to consumer insurance contracts. In some respects the insured is in a superior position in that he or she is aware of the particular circumstances encompassing the subject matter of the insurance contract and any specific risks to which it is exposed or where particular liability may be incurred. Conversely, the insurer is in an advantageous position as regards the scope and content of the insurance cover being sought. The insured is aware of the primary features of the transaction (such as the type of cover, the quantum of the cover and the premium payable) but is unlikely to have a clear (or any) understanding of subordinate terms such as average clauses, subrogation provisions and the myriad of exclusions, excesses and limitations upon liability potentially contained in the associated multi-paged document(s).
