The Insurance Act 2015. Do you Comply?

The Insurance Act 2015 comes into force August 2016.

It represents a considerable change in focus and legal requirement and puts more onus onto the insured client and broker.

Duty of Disclosure (DoD) has been superseded.

The new requirement of Duty of Fair Presentation (DoFP) demands:

  • A demonstrable “reasonable search” has been made to obtain all relevant and material information prior to presenting this information to the insurance market.
  • Material risk information is specifically highlighted to underwriters within the presentation.
  • Auditable and documented processes are used and evidenced to an acceptable legal standard.

The Act applies to all insurance underwritten in the UK – no matter where the insured happens to be located.
US, Asian and European companies also need to be prepared.

Are you Ready?

How we help!

Digital media (related documents, lists, file locators and revision histories) can all be categorized, appropriately highlighted, aggregated, consolidated, time stamped and stored in a single secure place related to the listing. This is easily accessible to all appropriate invitees; clients, brokers, underwriters, service providers, and regulators.

All relevant non-digital media can be referenced in a digital index (what it is, where it is and how to get it), to aid location and accessibility.

Simple and Easy to use for everyone – helping and enabling the insured to better meet their legal and compliance requirements.

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