Blog: Enterprise Act - brokers need to be aware of the change to their responsibilities
Healys' Jerome O'Sullivan raises issues for brokers to consider around insurers contracting out.
Insurance brokers are probably unaware of a profound change to their responsibilities when The Enterprise Act 2016 comes into force next year.
For the first time, insurers are going to be required to pay claims within a 'reasonable time' under the terms of any policy contract entered into after 4 May.
So far, so good. But so what exactly?
Every contract of insurance will have an implied term that the insurer must pay a claim within a 'reasonable time', including a 'reasonable time' to
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