Article by Dr. Mark Wilhelm, Richard Mattick (Covington & Burling LLP) and Patrice Grenier (Grenier Avocats) in Versicherungspraxis 11/2015
On 12 February 2015, the United Kingdom legislature passed the Insurance Act 2015. The new Insurance Act replaces provisions that date back to the Marine Insurance Act of 1906. It gives effect to reforms proposed by the UK’s Law Commissions, particularly with regard to duties of pre-contractual disclosure and remedies for non-disclosure, breach of warranty and fraudulent claims.
The key provisions will become effective on 12 August 2016. They relate to insurance for businesses (as opposed to consumers), apart from the provisions relating to breach of warranty, which apply to both classes of policyholder.
This update summarises the main changes to UK insurance law that will be made by the new Act and compares them with the respective positions under German and French law.
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