The Insurance Act 2015 - Key Considerations
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- 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.