Month: August 2016

An Overview

• 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.

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