In association with the Chartered Insurance Institute (CII), BLM has produced a supplementary resource document that aims to introduce the Insurance Act 2015 for those who are new to it.
Authored by BLM partner Terry Renouf and consultant, David Hertzell it focusses on those key changes to commercial insurance law in over 100 years of which insurers, brokers and policyholders should be aware. The guide, which has been published today (4 March) offers readers 30 minutes CII CPD points for those that are able to complete the questions at the back of the supplement.
A copy of the supplement can be downloaded here.
The following video by BLM experts provides the correct answer for each of the following questions, elaborating on each answer:
- The Insurance Act 2015 is the first legislation that modifies the law relating to the obligations of insurer and insured in relation to commercial insurance since:
- The Insurance Act 2015 defines commercial insurance as:
- The Insurance Act 2015 received Royal Assent on 12 February 2015 and is now a Statute. It will apply to policies:
- The obligation on the part of the policyholder to disclose information before the contract of insurance commence is:
- The corporate insured will be held to know material facts:
- On receipt of the information from the policyholder, the insurer:
- In the event that the policyholder fails to comply with its disclosure obligations, and does not do so deliberately or recklessly, the new remedies available are:
- The Insurance Act 2015 alters the law relating to warranties in commercial insurance contracts by providing that:
- The Insurance Act 2015 provides that where a fraudulent claim is made the insurer has no liability to pay for the claim, it may recover any sums paid to the insured in respect of that claim, and it:
- The Insurance Act 2015 is a ‘default’ set of rules that apply to commercial insurance policies. Parties may opt out of:
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