Changes in the insurance act 2015 and what they mean for your business
The Insurance Act 2015 is a move to modernise how insurers approach the key policies for your business. Coming into force on 12 August 2016, the new act will seek to re-balance your rights – and the remedies available when things go wrong.
While full disclosure by you as the insured party remains central to the new regime, it also compels insurers to be proactive about making distinctions between material and trivial facts. Importantly, what that does is give you more protection against claims that are rejected by your insurer on a technicality that isn’t germane to the claim.
We think it will make for healthier, more intelligent insured/insurer relationships and will give you a stronger say at the moment of truth.
In this bulletin, we highlight some of the areas you should be looking at now in preparation for renewing your first commercial policies under the new principles.