Insurance Act

Is your business up to speed with the 2015 Insurance Act?

On August 12th (this year!) the 2015 Insurance Act came into force, affecting the rules and regulations for how businesses buy insurance and their contract with their broker and insurer.

What is the Insurance Act 2015?

The purpose of the Insurance Act 2015 was to bring British insurance law, developed largely in the 18th, 19th and early 20th centuries, up to date with current commercial practices and therefore fit for purpose. Although passed in 2015, it has only just come into force, allowing businesses time to adjust to the changes. ALL business insurance policies that are placed, amended or renewed from 12th August 2016 are affected.