The Insurance Act Explained (See the Video)
The statutory framework governing insurance has changed.
The reforms to the laws that govern the contract policyholders have with their insurers may sound confusing at first, but there are some positive changes for all commercial policyholders.
The Act comes into force on 12th August 2016 and represents the most significant change to insurance contract law in the UK for over 100 years.
The new Act has introduced a duty of fair presentation to enhance the existing duty of disclosure more in favour of the policyholder. Under this system, so long as you have informed your insurer of all relevant information in the right way, it is less likely they will be able to resist any claims that arise.
The Act brings clarity around what information you have to provide to your insurer, effectively requiring policyholders to undertake a reasonable search of information available to them.
We have produced a short video to help explain the new act.
Should you wish to discuss further please do contact us.