Time for Change - a guide for directors

21 Jan 2016

The Insurance Act will take effect on 12 August and will apply to all commercial insurance policies incepted or renewed from this date. The Act is designed to change the law to reflect modern business relationships and to rebalance rights and remedies when things go wrong.

The Act imposes some obligations on policyholders and a new guide prepared by BLM’s Time for Change team, highlights the responsibilities that will be placed upon directors and senior managers of insured companies.

Such responsibilities include the duty of fair presentation, which includes the knowledge of your board and senior managers, and also the obligation to undertake a reasonable search for material information to disclose to insurers.

The document is available to download from our dedicated Insurance Act, Time for Change area on the BLM website, as is a collection of frequently asked questions, prepared by BLM’s Time for Change team.

<< Back

Disclaimer: This document does not present a complete or comprehensive statement of the law, nor does it constitute legal advice. It is intended only to highlight issues that may be of interest to customers of BLM. Specialist legal advice should always be sought in any particular case.

Who to contact

For more information about any of our news releases, please contact:

Natalie King
 +44 20 7638 2811
+44 20 7920 0361
Email Natalie

Fi Khan
+44 161 236 2002
+44 161 838 6324
Email Fi

Jo Murray
+44 20 7638 2811
+44 20 7865 4849
Email Jo