The Insurance Act 2015
The Act is the most significant update to commercial insurance law since the beginning of the 20th Century, completely overhauling legal principles set by the Marine Insurance Act 1906. The Act is the conclusion of lengthy legal reviews by the Law Commission, the insurance industry and its customers. The changes, mainly affecting commercial contracts (non-consumers), are designed for a modern insurance market and have been designed to reflect best practice in the UK insurance sector.
The Act applies to UK Insurance contracts incepted, renewed or amended on or after 12th August 2016.