Insurance Act 2016 – reforms to come

This year sees extensive reforms in the insurance market as the Insurance Act comes into force from 12 August 2016. Aiming to introduce greater clarity around what information a client has to provide to their insurer – and a fairer position should the client fail to provide that information – the Act will make sure that all parties clearly understand what each needs to know and what will happen in the event of a claim.

Air Underwriting are currently working hard with all of their capacity providers to make sure that the policy wordings offered are Insurance Act compliant and that any information gathered via the on-line portal constitutes what the insurers would consider to be a ‘Fair Presentation of the risk’