Today, Wednesday 12th August, is the day when the next renewal of the policy just incepted / renewed is going to be subject to the new Insurance Act. Every party and participant in the placement process needs to be aware of the new obligations, the new remedies and the need to consider the wording of policies. Also, every participant in the process needs to be asking whether and how he will approach those new obligations. Whereas the Act seeks to re-balance the risk between policy holder and insurer, the policy holder needs to be aware of his own obligations. Similarly, brokers can also expect to be asked about (and indeed should be advising on) the new Act, the responses of insurers and the products being offered.
It has been six months since the Law Commission’s reforms to commercial insurance law was enacted. Since then, BLM’s Consultant, David Hertzell, together with a number of BLM partners, have been asked for their views on the likely impact of the change in the Law that is going to apply to all commercial policies incepted or renewed from 12 August 2016. BLM exhibited at both BIBA and Airmic Conferences where David also had the opportunity to make a presentation. BLM is very pleased to be able to produce the attached short interview which captures the wide feedback and advice from BLM on this subject. As the Law Commissioner who steered the changes through Parliament, David brings a unique insight into the early stages of implementation of the new law and how stakeholders are preparing themselves in the placement of risk.