Insurance Bill: Duty of disclosure - what does it mean for insurers?

The Insurance Bill had its second reading before the House of Lords on 30 July 2014. It is now on track to be passed by the end of March 2015 and to take effect 18 months thereafter. Assuming the current Bill becomes law, structural changes in UK commercial insurance law will follow - and the market will need to be prepared for the consequences.

The incoming Insurance Bill changes the duty of disclosure by an insured to one of fair presentation. This article studies the implications for insurers.