BLM’s Terry Renouf is taking part in the CIR magazine roundtable discussion on the Insurance Act 2015 this Wednesday, 13 January at the South Place Hotel in London.
The changes presently before the House of Commons proposed by the Enterprise Bill relate to insurance “late payments”, meaning that the discussion about the importance of quick payment on loss of property claims and the priorities for risk, claims and insurance managers is particularly pertinent.
The Insurance Act 2015 is due to come into force on 12 August 2016 and is designed to change the law to reflect modern business relationships and to rebalance rights and remedies when things go wrong. The Act will seek to change and clarify commercial insurance law in three key areas: the pre-contractual duty of disclosure and the effect of mis-representation at that stage; the effect of warranties and “irrelevant terms” contained in the policy and an insurer’s remedies for fraudulent claims.
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