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PI Brief Update

A Brief Guide to The Insurance Act 2015 - James Gibbons, Browne Jacobson LLP

11/03/15. The Insurance Act 2015 (“the Act”) has brought about the most significant changes to commercial insurance law in over 100 years. The changes will come into force in August 2016.

A brief overview of the most significant changes is set out below.

Duty of Fair Presentation

The Act will change policyholders’ pre-contract obligations and insurers’ remedies.

The current position is governed by the Marine Insurance Act 1906, under which a policyholder is under a duty to disclose all material facts relating to a risk which it knows or ought to know in the ordinary course of business: A material fact being one which would influence a prudent underwriter when considering whether or not to accept the risk, and on what terms.

The Act introduces a duty upon policyholders to give a...

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All information on this site was believed to be correct by the relevant authors at the time of writing. All content is for information purposes only and is not intended as legal advice. No liability is accepted by either the publisher or the author(s) for any errors or omissions (whether negligent or not) that it may contain. 

The opinions expressed in the articles are the authors' own, not those of Law Brief Publishing Ltd, and are not necessarily commensurate with general legal or medico-legal expert consensus of opinion and/or literature. Any medical content is not exhaustive but at a level for the non-medical reader to understand. 

Professional advice should always be obtained before applying any information to particular circumstances.

Excerpts from judgments and statutes are Crown copyright. Any Crown Copyright material is reproduced with the permission of the Controller of OPSI and the Queen’s Printer for Scotland under the Open Government Licence.