A Customer Guide to the Insurance Act 2015

A guide to the Insurance Act 2015How the new Insurance Act affects you
You may have heard about a change in the law regarding insurance and wondered what it means for you and your business.
This guide will help you understand a bit more about it.

So, what is it?
A new Insurance Act will come into force on 12 August 2016, replacing some of the provisions of the Marine Insurance Act of 1906. The new Act provides a more up-to-date framework for commercial insurance in the UK and will apply to all commercial policies taken out, renewed or amended from 12 August.


The new Act focuses on fairness, transparency and certainty over the rules that govern contracts between commercial policyholders and insurers. Currently you’re required to tell your insurer all the ‘material facts or circumstances’ they need to know about you and your business. The new Act still requires you to do this but now insurers must also seek clarification on anything you’ve told them which may be important to them where that information is unclear. The intention is to ensure all parties work more closely together to make sure that relevant and accurate information is gathered and given to insurers, and that consequently your policy works as you would expect it to if you have a claim.