The Insurance Act 2015

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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