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.