August 2016 marked the most fundamental change to insurance law since the Marine Insurance Act 1906 (the 1906 Act). The Insurance Act 2015 (the Act or the Insurance Act), which applies to all commercial policies placed, amended or renewed after 12 August 2016 makes significant changes to the operation of policies with the aim to reflect commercial practice and address what was perceived as an imbalance between insurers and insurance buyers under the 1906 Act.