The Insurance Act 2015 - Key Considerations

27 March 2015
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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.