Insureds need to make sure they are prepared for the Insurance Act 2015, which is due to come into force on 12 August 2016.
It will be the most significant reform of UK insurance law since the Marine Insurance Act 1906. It is designed to change the law governing insurance contracts to reflect modern business relationships and ensure that there are appropriate remedies in place for when things go wrong.
The Act will bring in a raft of changes, including updating an insured’s disclosure obligations to the insurer (the duty of fair presentation) and introducing proportionate remedies for any breach of that duty. It will also make adjustments as to how non-compliance with policy terms will operate and provide remedies for fraudulent claims.
Our Technical & Legal team has produced a bulletin that looks at the steps that insureds should take to prepare for the Act.