Industry welcomes forthcoming Insurance Bill
Legal update to 1906 legislation to cover disclosure, warranties and remedies for fraudulent claims
The Insurance Bill is being dealt with in the House of Commons in February and legal experts say it will most likely be enforced in the autumn of 2016, following an 18-month referral period.
The bill is a much-needed update on the Marine Insurance Act from 1906 and the main changes for the sector are around duties of disclosure, effects of warranties and insurers’ remedies for fraudulent claims.
In the main brokers have welcomed the updating of the law, stating that the new rules around
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