Fundamentals of the Insurance Act 2015

Tower Insurance
Thursday, 18 February 2016
8:30 am – 12:00 pm

It has taken over 100 years but we now have a new statutory backdrop for insurance. Join us for a guide to the things which matter the most and the sometimes surprising possible outcomes.

This half-day workshop is limited to 12 delegates to ensure maximum participation and learning.

Each delegate will have a paper copy of the new Act, and we’ll take a calm look at how we can apply the new law in practice to improve sales and claims for clients, by covering the following main points:

Learning Objectives

By attending this seminar members will be able to identify:

  • how and when a binding Contract arises in English law, then
  • briefly review the traditional law of disclosing material facts, and
  • the reasons why the new Act was needed. Then we’ll talk over
  • the continued importance of existing case law.
  • We’ll then go through the main provisos of the new Act, being
  • the end of breach of Utmost Good Faith as a means of voiding cover
  • brokers’ “fair presentations” of risks, now & after August 2016, with
  • what new information needs to appear, how and why -
  • Insureds’ “senior management” and other responsible & insured persons
  • the need to search for relevant information, brokers’ knowledge,
  • uncovering “blind-eye” knowledge…. and how maybe to delimit all this,
  • how to encourage clients to comply with the Act…
  • Underwriters now needing to participate by asking questions and
  • what they are presumed to know and not know.
  • The hazards of waiver of information, and why underwriters
  • should not quote on non-compliant presentations.
  • End of superfluity rule on non-disclosure as to breached warranty etc.
  • The effects on Surveys and policy wordings,
  • Insurers’ four new remedies for unfair presentations &
  • possible repayment of earlier claims…
  • the old & 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 – be aware of the changes

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

Rod Smith FCII FCILA is a Fellow of the Chartered Insurance Institute, a Fellow of the Chartered Institute of Loss Adjusters and a qualified diploma linguist.

He has worked in insurance claims for over 40 years and uses this experience to train students of CII exams and other insurance staff in insurance law and business interruption.

To book your seat, please click on the "Book Now" button below.

Venue
  • Jubilee Buildings
  • Victoria Street
  • Douglas
  • IM99 1BF
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CII Accredited

This demonstrates the quality of an event and that it meets CII member CPD scheme requirements.

3 1/2 hours' CPD can be claimed for this event if relevant to your learning and development needs.

It is recommended that you keep any evidence of the CPD activity you have completed and upload copies to the recording tool as the CII may ask to see this if your record is selected for review. Details of the scheme can be viewed online at www.cii.co.uk/cpd.