The 'Insurance Act 2015' - A Reminder....
This significant insurance legislation not only introduces new regulations but also reforms existing parts of the Marine Insurance Act.
The Act addresses the responsibilities of the insurer, the insured and the broker when placing, renewing or amending an insurance risk from 12th August 2016. It also covers important areas such as misrepresentation and non-disclosure. plus warranties and fraudulent claims remedies.
The changes apply mainly to ‘commercial customers’ but do also effect ‘consumer' clients. The disclosure responsibilities for consumer clients has already been dealt with by the Consumer Insurance (Disclosure and Representations) Act 2012.
For background information please read our previous news article ‘The Insurance Act – Are you prepared?’ May 2016 - http://www.bellbrokers.co.uk/news/latest-news/112-the-insurance-act-are-you-prepared