S10 Insurance Act 2015

10Breach of warranty (2)An insurer has no liability under a contract of insurance in respect of any loss occurring, or attributable to something happening, after a warranty (express or implied) in the contract has been breached but before the breach has been remedied. (c)the insurer waives the breach of warranty.

What is the Insurance Act 2015 UK?

The Insurance Act 2015 seeks to achieve these aims and benefits by clarifying commercial insurance law in three key areas: The pre-contractual duty of disclosure and the effect of (mis)representations at that stage; The effect of warranties contained in the policy; and. The insurer's remedies for fraudulent claims.

When was the UK insurance Act last updated?

The Insurance Act 2015 is new legislation that came into effect on 12 August 2016.

What is the basis of the duty of disclosure?

Under the duty of disclosure, a consumer applying for insurance (the insured) must disclose relevant information to the insurer. The duty of disclosure is extremely important to the insurance company's decision to agree to the contract of insurance.

What is fair presentation of risk?

Section 3 (1) of the Act provides that: Before a contract of insurance is entered into, the insured must make to the insurer a fair presentation of the risk. This means that a policyholder must disclose every 'material circumstance' which it knows or ought to know.