With the Law Commission's reform of insurance contract law almost complete - is the industry ready for change? Will the new law reflect the current industry practice and last another 100 years, asks Gill Salton?
Since 2006 the Law Commission has been looking to review the insurance contract law that currently dates back over a century. Various elements of the insurance law have been reviewed; • Misrepresentation and Non-Disclosure • Warranties • Intermediaries and pre-contract information • Insurable Interest, and • Microbusinesses. Consultation papers have been issued and the results accumulated and published, now as the review process is coming to an end, we await the issuing of the new Bill. These are exciting times, being able to be part of a major overhaul of insurance contract law,...
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