Tag Archives: Insurance Act 2015

Insurance Act 2015 comes into force today

Today marks the day that the Insurance Act 2015 (the “Act”) comes into force.  This is the most significant reform of UK insurance law in over 100 years.  From today, the Act will apply to all new insurance and reinsurance … Continue reading

Leave a Comment

Filed under Insurers, Intermediaries, Legal/Regulatory, Policyholders

Better rights against insurers of ‘insolvent’ entities – finally here

A key question in any litigation is whether the defendant can satisfy a judgment.  Where the defendant is both insolvent and insured a further issue is whether the claimant can ultimately recover payment from the insurer.  This may be possible … Continue reading

Leave a Comment

Filed under Insurers, Intermediaries, Legal/Regulatory, Policyholders

Getting insured values wrong under the Insurance Act 2015: can insurers avoid the policy, apply average or even ‘double-dip’ with proportionate remedies?

Property and business interruption insurance policies commonly include an average clause permitting the insurer proportionately to reduce the value of the claim for underinsurance. The Insurance Act 2015 provides the insurer with proportionate remedies for breach of the duty of … Continue reading

Leave a Comment

Filed under Insurers, Intermediaries, Legal/Regulatory, Policyholders

New right for policyholders to claim damages for late payment of insurance claims

The Enterprise Act 2016 (“the Act”) received Royal Assent yesterday. Among other reforms, the Act changes English law’s approach to remedies for late payment of insurance claims and now gives policyholders a potential right to claim damages in the event … Continue reading

Leave a Comment

Filed under Insurers, Intermediaries, Legal/Regulatory, Policyholders

Non-disclosure clauses: when is a non-disclosure “deliberate or fraudulent”?

In Mutual Energy Ltd v Starr Underwriting Agents Ltd [2016] EWHC 590 (TCC), Mr Justice Coulson considered the proper construction of a clause which prevented insurers from avoiding the policy for non-disclosure unless that non-disclosure was "deliberate or fraudulent".  The … Continue reading

Leave a Comment

Filed under Case law, Insurers, Policyholders

9 months to go: How ready is the market for the Insurance Act 2015?

With just 9 months to go until the Insurance Act 2015 comes into force, how ready is the market? A recent survey carried out by Airmic among its members has revealed that: Only 53% of respondents believed they were prepared … Continue reading

Leave a Comment

Filed under Insurers, Intermediaries, Legal/Regulatory, Policyholders

A “blot on English insurance law”

Insurers successfully avoided a policy on the grounds of inadvertent non-disclosure. The High Court commented on the different outcome that would have been available under the Insurance Act 2015 which comes in to force in August 2016, remarking that the … Continue reading

Leave a Comment

Filed under Case law, Insurers, Intermediaries, Policyholders