Insurers urged to make clients aware of "fair presentation of risks"
Under the reform, the duty of "utmost good faith" was replaced with a "duty of fair presentation" by the insured.
Insurers must ensure their clients are fully aware that failing to provide "fair presentation of risk" will have consequences, an insurance and risk expert warned following the implementation of the Insurance Act today.
Former Law Commissioner, David Hertzell, who led the government review of insurance law, admitted that any new law brought some uncertainty when initially applied.
Under the reform, the duty of "utmost good faith" was replaced with a "duty of fair presentation" by the insured.
It
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