A new Insurance Act has come in to force on the 12th August 2016 replacing some of the provisions of the Marine Insurance Act of 1906. The act applies to commercial insurance policies only.
The new act provides a more up-to-date framework for commercial insurance in the UK and will apply to all commercial policies taken out, renewed and amended from 12th August.
A customer guide has been put together by Aviva here and some of the key changes are concerned with:
- Fair Presentation of Risk
- Proportionate Remedies
- How warranties will work
As always if you have any queries or would like to discuss in more detail please contact Graham or Jeanette in the office.