The 12th August 2016 is the implementation date of the Insurance Act 2015. It represents the most significant change to UK commercial insurance contract law for over 100 years. So, what does it mean for you? Blocks of flats and lets are considered commercial properties for insurance purposes, so the changes in the law will affect you – we believe for the better.
Commercial insurance contract law was last reformed more than 100 years ago in the ‘Marine Insurance Act 1906’. Edward VII was on the throne, silent movies were hip and womens’ hats were so big even a small gust could send them soaring. It’s all a far cry from the world we live in today.
The Insurance Act 2015 modernises commercial insurance contract law, making it fit for today’s marketplace. The Act is about insurers, brokers and policyholders working together effectively to deliver more reliable insurance placement. What it aims to bring is greater fairness, transparency and certainty to policyholders and that can only be a good thing as we at Deacon strive to deliver the best possible outcome for our clients.
Essentially the Act is about modernising and updating the rules that govern insurance agreements within UK commercial insurance and will involve changes to wordings for policies – specifically when it comes to the disclosure of details. The changes will impact on how the Insured and Insurers approach policies, creating new duties which insurers and policyholders must comply with.
The Insurance Act 2015 applies to all policies governed by the laws of England and Wales, Scotland and Northern Ireland that are placed (or varied) after 12th August 2016.
The majority of the Act will only apply to non-consumer insurance contracts, which includes blocks of flats, as the existing Consumer Insurance (Disclosure & Representations) Act 2012 has previously addressed duty of disclosure for consumers.
We have produced a Guide to The Insurance Act 2015 to help our customers understand what the changes and implications are for them. And because blocks of flats and buy-to-lets are considered commercial property for insurance purposes, this applies to you.
If you haven’t already received a copy of our guide to The Insurance Act 2015, or if you have any questions, please call us on 01202 449669 or email firstname.lastname@example.org .