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ARTICLE · 22 JUNE 2018

Insurance Act 2015: The Issues The Market Is Grappling With

Clyde & Co
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There have been a number of issues circulating the market since the Insurance Act 2015 (the "Act") came into force.

United KingdomInsurance
James Cooper
James Cooper
Laura Cooke
Laura Cooke
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There have been a number of issues circulating the market since the Insurance Act 2015 (the "Act") came into force. In particular:

  • The scope of the new duty of fair presentation – whose knowledge is relevant and what is meant by "reasonable search"? Should agreements be put in place as to what these entail? Should sign-off be sought from insurers that a fair presentation has been made?
  • The market's response to the Act by way of wordings – what has been generated and how effective are they?
  • What is considered deliberate or reckless; is it something less than fraud?
  • How are proportionate remedies applied?
  • What is a reasonable time and when are sums "due" for the purposes of a claim for damages for late payment? Are there particular issues that may arise on large structured programmes?

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