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General

Insurance Bill introduced 16/09/2014 The Government has introduced the Insurance Bill to Parliament, with the intention of updating the 100 year-old rules governing contracts between businesses and insurers.

Insurance Bill introduced

The Government has introduced the Insurance Bill to Parliament, hoping to support the growth of Britain’s insurance industry and help customers by updating the 100 year-old rules governing contracts between businesses and insurers.

The new Bill introduces a more modern legal regime which will increase transparency and certainty over the rules that govern contracts between them and reduce the number of legal disputes over time.

The reforms contained in the Bill cover three main areas:

  • Disclosure and misrepresentation in business and other non-consumer insurance contracts -The Bill amends the duty on business policyholders to disclose risk information to insurers before entering into an insurance contract, introducing a duty of “fair presentation” of the risk. It also provides the insurer with a number of proportionate remedies for breach of the duty of fair presentation.
  • Warranties - The Bill abolishes “basis of the contract” clauses, which have the effect of converting pre-contractual information supplied to insurers into warranties without further discussion. It also provides that the insurer’s liability should be suspended, rather than discharged, in the event of a breach of warranty, meaning insurance coverage is restored after a breach of warranty has been remedied
  • Insurers’ remedies for fraudulent claims - The Bill provides the insurer with clear, robust remedies when a policyholder submits a fraudulent claim
     

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