Key takeaways

• The Insurance Act 2015 (“IA 2015”) represents the most significant reform of English insurance law in over a century.
• New statutory duty on the insured to disclose every material circumstance the insured knows or ought to know.
• Insurers can now benefit from new remedies for breaches of fair presentation.
• ‘Basis of contract’ clauses which turn an insured’s representations into warranties are abolished.
• Insurers can terminate an insurance contract from the date of a fraudulent act.