The Insurance Act 2015 (the new Act) came into force on 12 August 2016 and introduced major changes in English law in relation to insurance and all forms of reinsurance. We drew attention in a previous alert to the key advantages which it offers to policyholders of commercial insurance and in this alert wanted to identify other areas of interest, particularly to those who are responsible in companies for the purchase of insurance and reinsurance. We look at two areas: knowledge of the insured for the purpose of complying with the duty to make a fair presentation, and the possibility of contracting out from the provisions of the new Act.
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