Bill Hanbury comments on The Insurance Act 2015
June 10, 2016
By Bill Hanbury
The Insurance Act 2015 comes into force on 12 August 2016. Bill Hanbury, Barrister at Exchange Chambers, writes that along with the consumer insurance reforms that came into effect in 2013, it represents the most significant change to insurance contract law in this country for over 100 years.
The Act will:
- Impose a duty to inquire on the insurer rather than on the insured;
- Introduce remedies for non-disclosure rather than merely allowing the insurer to avoid the policy;
- Allow an insured, who discovers a breach of warranty, to merely suspend his policy pending full investigation;
- In some cases the insured will have a defence where he discovers such a breach on the basis that it would not have increased the risk.
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