August 2016 marked the most fundamental change to insurance law since the Marine Insurance Act 1906 (the 1906 Act). The Insurance Act 2015 (the Act or the Insurance Act), which applies to all commercial policies placed, amended or renewed after 12 August 2016 makes significant changes to the operation of policies with the aim to reflect commercial practice and address what was perceived as an imbalance between insurers and insurance buyers under the 1906 Act.
The Act has now been in force for 10 months, and several Airmic members have experienced their first ‘post-Act renewal’. This paper reports on how the Act has changed the way insurers, brokers and buyers interact with each other during the placement process, and provides guidance for members on how to ensure they are gaining full benefit of the Act.
This is the third paper from Airmic on the Insurance Act and follows two papers that provide relevant information and guidance:
- The Insurance Act 2015 – what risk managers need to know summarises the provisions of the Act
- The Insurance Act 2015 – The Duty of Fair Presentation provides practical guidance on complying with the Act.
Airmic thanks its sponsors, Axa Corporate Solutions and Mactavish, for sharing their experiences with Airmic during the preparation of this paper, and Airmic sponsors Herbert Smith Freehills for contributing to and undertaking a legal review of the content.
This publication does not constitute legal advice. You should consider taking legal advice on your specific circumstances if required.