The Marine Insurance Act 1906 has been the bedrock of the industry for over 100 years. The changes that will come into force in August 2016 as a result of the Insurance Act 2015 will inevitably have a significant impact on how insureds and insurers approach policies, and on the role of insurance brokers as agents, acting as the conduit between the two contracting parties.
Designed for brokers, this guide helps to summarise what is coming, what you need to know and how to start preparing for it.
The guide sets out:
1. How the law will change.
2. Areas which insureds should start to think through in advance of their first renewal under the new regime.
3. Questions that brokers will need to consider within their own organisations and in their relationships with both clients and insurers.
4. Finally, it suggests what brokers might want to have in their toolkit by August 2016 to ensure minimal disruption to business.