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Insurance Act 2015: How will the changes affect you? – UK insurance law is getting its first makeover in over a century. It’s time for change. And it’s a change we welcome. The Insurance Act 2015 comes into force on 12 August 2016 and modernises and supports the growth and evolution of today’s economy.
Our existing commercial insurance legislation has been around since 1906 when it was called the Marine Insurance Act and the world was a very different place.
To serve the needs of today’s business environment, legislation needed to become more flexible the Insurance Act 2015 comes into force on the 12th August 2016.
It’s time for change. And its change we welcome with open arms
For example, while insurers have always asked business owners what risks they face, The Act requires these risks to be presented to insurers in an even clearer manner. This is known as “Fair Presentation”
And whereas before this process often relied on the knowledge of one person, a more thorough investigation of the business will now be needed – “Reasonable Search” with knowledge held by the wider business included. This might involve senior management, operations staff, and even third party suppliers- “Insurance Team”
And of course a key member of this team is your insurance broker.
The Act also introduces fairer ways for insurers to deal with any inaccuracies with the risk details you provide to your insurers.
Claims, terms & conditions and warranties will all be dealt with in a fairer, more proportionate way – but the Act enables insurers to reply to fraudulent activity just as strongly.
The Act brings about many positive changes that will help to make your insurance policies a better fit for your business; and every business that buys insurance will be affected. It also means a little more input up front to make sure you get the right cover in place.
It’s important you understand what these changes mean for you
We’re here to help.
Jelf Insurance Brokers
Shedding light on the Insurance Act
Talk to us or find out more on our website
Jelf is a trading name of Jelf Insurance Brokers Ltd (Reg No. 0837227), Beaumonts Insurance Brokers Ltd (Reg no 00940512) and Beaumonts (Leeds) Ltd. (Reg no 01691009), which is part of Jelf Group plc (Reg No. 2975376) and is authorised and regulated by the Financial Conduct Authority (FCA). Registered address: Hillside Court, Bowling Hill, Chipping Sodbury, Bristol BS37 6JX (Registered in England and Wales). Not all products and services offered are regulated by the FCA.

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