Insurance Act 2015: Practical implications for insurers & brokers
The Insurance Act 2015 comes into force in August 2016 and contains significant changes to UK insurance law - particularly relating to the duty of disclosure, remedies for non-disclosure and the application of warranties.
Further legislation is currently before Parliament which would insert additional provisions into the Act allowing for insureds to claim damages for late payment of claims.
In this 48-minute video, James Mills of RSA and Richard Breavington of RPC discuss the changes, focusing on the practical implications for insurers and brokers.
Whether the introduction of damages for late payment of claims is justified and its potential implications.
What in practice the duty to provide a fair presentation of the risk is likely to entail.
The relevant knowledge of insurers, brokers and the insured for the purposes of making a fair presentation.
How the duty of fair presentation, and the knowledge which parties will be taken to have, could potentially change the relationships between insurer, broker and the insured.
Proportionate remedies for non-disclosure / misrepresentation and how the approach which an underwriter would have taken if he had known of a non-disclosed / misrepresented fact could be evidenced.
Circumstances where the insured or insurer might prefer to contract out of the Act.
Implications for follow market insurers and reinsurers, particularly in relation to proportionate remedies.
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