8 August, 2016
- The Insurance Act goes into effect on 12th August 2016 and affects all commercial insurance policies governed by UK law.
- The Act is designed to shift the power imbalance from insurers to the insured.
- The Act introduces a new ‘duty of fair presentation’, requiring insureds to capture more knowledge from more people in their organisations.
- We at Access Insurance are committed to raising industry standards, promoting transparency and verifying that our clients have the cover they need for their organisations to thrive.
- We will continue working hard to ensure that the Insurance Act has nothing but a positive effect on your insurance buying process.
- The Insurance Act is designed to make it harder for insurers to wriggle out of paying claims.
- Consultancy group Mactavish estimates that 45% of large or strategically significant commercial insurance claims are disputed. And, on average, these disputes take three years to resolve and result in only 60% of the amount claimed.