On 12 February 2015, the Insurance Act 2015 became law, signifying the end of a detailed review of the legislation underpinning insurance law in the UK. The Act will change the UK's commercial insurance law and ensure that it is fit for the Twenty-First century.
The old regime underpinned the Marine Insurance Act 1906 (the MIA 1906) will continue to apply to policies incepted or renewed for a period of 18 months but thereafter the 2015 Act will apply, by default, to commercial (or in the terminology of the legislation, ‘non-consumer') insurance policies.
This CII policy briefing explores the changes in more detail.
• The case for reforming non-consumer insurance.
• Pre-contractual duty of disclosure.
• "Basis of contract" clauses.
• Breach of warranty.
• Fraudulent claims.