Insurance Act 2015
The UK Act that replaced marine insurance disclosure and warranty rules with fair presentation from 12 August 2016.
The Insurance Act 2015 (c 4) received Royal Assent on 12 February 2015 and applies to English-law insurance contracts entered into or varied from 12 August 2016. It replaced the duty of disclosure in the Marine Insurance Act 1906 ss.18 to 20 with a duty of fair presentation, and abolished discharge of the insurer for breach of warranty.
The full article will cover the s.3 duty of fair presentation and the s.7(3) materiality test, the graded Schedule 1 remedies including proportionate reduction, ss.9 to 11 on basis clauses, suspensory warranties and risk-specific terms, s.12 on fraudulent claims, the s.13A late payment term added by the Enterprise Act 2016, and contracting out under ss.16 and 17. The cargo insured value article covers how this topic affects the sum insured on a cargo policy.