Media - The Insurance Act 2015

Therein lies an intriguing question. You will by now have become saturated with the legal briefings about the Act and the pros and cons of its effects and implications; for both you and your client. Have you changed anything in your processes or day to day routine because of the new law? Or is it a case of “let’s see how it develops”?

It is likely that most brokers will not consciously think about the new Act as they go about the daily grind of renewing insurances and placing new ones. This is simply because until there is perceived to something specific and tangible to think about we tend not to do routine things differently.

It is quite likely that within a month or two from now the Act will not be talked about very much.  Why? Because the real implications of the Act, for the broker and the Insured, are in the interpretation by the insurers of the new laws of insurance at the time of a claim. Until there is a dispute about coverage and a tangible issue to grapple with concerning the “proportionate” remedy that the insurer wishes to impose, it is unlikely that much additional thought will be given to its implications.

Of course, a claim on a post 12/8 policy can happen at any time now and it might be a disputed claim. So what can a broker do to be prepared?

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