If you own or run a business you may already have some awareness of the Insurance Act 2015 but do you understand what this might mean for you?
The Insurance Act 2015 aims to benefit both insurers and their business customers by increasing transparency and certainty over the rules that govern how they do business with each other. In financial terms, businesses are expected to benefit by around £100m over the next ten years due to factors such as lower litigation and transaction costs (source: www.gov.uk).
The reforms contained in the Insurance Act 2015 cover three main areas of insurance contract law:
Please note this is a very brief overview of what is a detailed Act of Parliament. If you wish to read about the act in full, we recommend you visit the government website. This is an important topic and doubtless one we will return to over the coming months. P F Spare Insurance Brokers are pleased to work with a number of respected insurers who have already begun to introduce the requirements of the Act into their current business practices ahead of it coming into force in August 2016. Why not let us review your existing business insurances and offer you a bespoke business insurance quote.