Transition to the Insurance Act by Rod Smith

Main points covered include:

• How and when a binding Contract arises in English law, a brief review of the traditional law of disclosing material facts, the reasons why the new Act was needed, and the continued importance of existing case law
• The main provisos of the new Act, being the end of breach of Utmost Good Faith as a means of voicing cover; brokers' “fair presentation” of risks, now and after August 2016, with what new information needs to appear, and why
• Insureds' “senior management” and other responsible persons
• The need to search for relevant information and uncover “blind-eye” knowledge
• How to encourage clients to comply with the Act
• The hazards of waiver of information
• The effects on Surveys and policy wordings
• Insurers' four new remedies for unfair presentations; the old and new law of Warranties, Conditions & basis of Contract clauses, why the insured will need their own forensic advice after some losses, the “Opt Out” possibilities, partial or whole, with transparency, and when these tools might be useful.
• Fraud – what it is, and an awareness of its new consequences
• Third Party (Rights against Insurers) Acts – awareness of the changes

Rod will also touch on the coming changes that affect us all in the Enterprise Bill 2015, in respect of damages for late payment of claims.

Learning Objectives

At the end of this half-day course, delegates will be able to apply the Insurance Act 2015 in their everyday work, including these major aspects:

• Can risks be “held covered”?
• See how “fair presentations” can be made
• Explain to customers what they must do by law
• Identify “senior management” and explain how they must search for underwriting information
• Understand the new position of Underwriters
• Grade and apply Insurers' four new remedies
• Assess and handle breaches of policy terms