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ARTICLE · 13 FEBRUARY 2015

Insurance Act 2015 Set To Be Passed Shortly

Clyde & Co
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We reported in July 2014 that the Insurance Bill had been presented to Parliament, with two of the most controversial aspects having been omitted.

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Michelle Radom
Michelle Radom
Jon Turnbull
Jon Turnbull
Nigel Brook
Nigel Brook
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We reported in July 2014 that the Insurance Bill had been presented to Parliament, with two of the most controversial aspects (damages for late payment and terms designed to reduce the risk of a particular loss) having been omitted.

We report below on the changes which have been made to the Bill since July and which will now be included in the Act (please refer to our earlier updates for details of the other provisions included in the Act).

  1. Terms not relevant to the actual loss

    An amended version of the clause originally proposed by the Law Commissions has been re-inserted into the Bill. It applies to any term (not just a warranty) designed to reduce the risk of a particular type of loss, or of loss at a particular time or in a particular place. It will not apply to terms which define the risk as a whole (eg a requirement that a property will not be used commercially).

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