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EXPLAINED: Making the most of the Insurance Act 2015
Overview
Airmic, Herbert Smith Freehills
5th October 2021
The Act was the most fundamental change to the law of England and Wales, Scotland and Northern Ireland governing commercial insurance and reinsurance since the Marine Insurance Act 1906. The Act governs all polices placed, amended or renewed after the 12th August 2016 and aimed to address the imbalance between insurer and insured rights and encourage a deeper understanding of the risk by all relevant parties.
The Act made significant changes to: the pre-contract duty of disclosure, insurer remedies in the event of a breach of the new duty of fair presentation and certain terms used in policy wordings.
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