Media - Brokers Beware
Insurance Act 2015
Eight years on from the initial consultation the Insurance Bill 2015 finally received royal assent on February 12. The act overhauls certain fundamental areas of UK insurance law applying to both insurance and reinsurance contracts and bringing with it changes in which insurers work, and the potential for exposing brokers to the risk of E & O claims through disclosure and misrepresentation. The reforms will come into force in August 2016, giving the industry a period of 18 months to prepare.
Perhaps the most important point for Brokers to be aware of now is that of disclosure and misrepresentation. The Bill states that the insured has a duty to make a “fair presentation of the risk” to the insurer. Whilst at first glance many brokers have assumed that the new Act requires less care to have to be taken by the proposer and imposing a greater duty on the insurer to ask the right and relevant questions, in fact it is not as simple as that. There are real risks even now for both the broker and the proposer if insufficient diligence and care is exercised at the proposal stage of the transaction.
Implications of the Act
Flaxmans will be issuing later in 2015 a Bulletin on the implications of the Act for brokers and their clients.
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