The legislation will apply to all commercial policies taken out, renewed or amended from 12th August 2016.
It represents the biggest change to legislation for over 100 years and replaces the previous Act (The Marine Insurance Act 1906).
The new Act focuses on fairness, transparency and certainty between commercial policyholders and insurers. It still requires you (the insured) to inform your broker of ‘material facts and circumstances’ but now insurers will also seek clarification on anything you’ve told them that may be unclear and deemed important further information.
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