Insurance Act 2015
British Insurance Law developed in the 18th and 19th centuries with the 'Marine Insurance Act 1906'. With more than 100 years passed, the purpose of the insurance Act 2015 is to bring the UK Insurance Market and its practices into the 21st century.
What It Means To You : The Client
Introducing the new duty of "fair presentation" - Policyholders are required to either disclose to insurers every material circumstance which the insurer knows or ought to know or provide the insurer with sufficient information to put a prudent underwriter on notice that it needs to make further enquiries into those material circumstances.
New remedies for Non-Disclosure
This is perhaps the most important change. Previously under the Marine Insurance Act an Insurer is entitled to void the entire contract in the event of Non-Disclosure, even where the undisclosed information does not relate to the loss.
Excluding only deliberate, reckless or fraudulent breaches the act is intended to be proportionate and to reflect what the insurer would have done if they had known the undisclosed information before entering into the Contract. Subsequently if the insurer can demonstrate that they would have written the policy on different terms and or taken a higher premium then the contract is accepted on those terms and any claim settlement reduced proportionately.
What It Means for Compare: The Broker
Prior to the commencement of the Act on the 12th August 2016, Compare Insurance Ltd has reviewed its processes and systems to reflect the Act.
We are confident that the Act will have a positive effect on the UK Insurance Market.
Note: The content of this article does not constitute legal advice nor is it designed to be a summary of the Act. Click here for the complete legislative document - Insurance Act 2015Compare Insurance - Insurance Act 2015 Monday 8th August 2016
Compare Insurance - Website Launch
Compare Insurance are anticipating a smooth launch of its new website and online quoting tools this week. The new website will allow the customer to take control of their insurance quotes, streamlining the process between quote and inception.Compare Insurance - Web Monday 11th June 2016
JCP Half Marathon 2016
Its that time of year again. Compare Insurance is proud to support and participate in the JCP Half Marathon 2016. Our new running shirts have arrived and is the first opportunity for us to show off our new logo. We hope you can all join us at the event on Sunday 26th June 2016JCP Half Marathon 2016 Friday 10th June 2016
Compare Insurance - Fresh look!
Compare Insurances this week rolls out its new fresh look, encompassing style with modernism.Compare Insurance - Fresh Look Monday 6th June 2016
Compare Insurance is racing ahead on the move to newly acquired business premises at Charter Court, Llansamlet SA7 9FS. The site of Compare House. The building has gone through a complete refurbishment and the date has been set for the move on Saturday 30th July 2016.Compare House Monday 6th June 2016