Insurance Act 2015: Reform of commercial insurance law
British insurance law, as partly codified by the Marine Insurance Act 1906, hasn't kept pace with consumer and commercial contract law. The Insurance Act 2015 aims to update the law in this area in line with what's considered to be best practice in the UK insurance market.
The principal changes relate to the insured's duty of disclosure prior to entering into and/or the amendment of an insurance contract, and the remedies available to insurers in the event that duty is breached or where there has been misrepresentation and/or fraud. The Act also changes the law of warranties in insurance contracts, in particular by abolishing 'basis of the contract' clauses.
This 20-minute talk discusses these and other changes in greater detail, providing guidance on what insurers, insureds and their agents may expect from the new legislation, and how it will affect day-to-day business practices.
Why UK insurance law is being reformed
Key changes the Insurance Act will introduce
The insured's duty of fair presentation
What the insured 'knows or ought to know'
Exceptions to the duty of fair presentation
Changes in relation to insurance warranties
Breaches of terms not relating to the loss
Remedies for fraudulent claims
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