Insurance contract law review — update on current position

With the Consumer Insurance (Disclosure & Representations) Act 2012 coming into effect on 6 April 2013, Hogan Lovells takes a closer look at its potential impacts and at the Law Commissions’ proposals for business insurance.

The Act means that a consumer will no longer be obliged to volunteer material facts in accordance with the duty of utmost good faith. Instead, the consumer must take reasonable care to answer the insurer’s questions fairly and accurately and not to make a misrepresentation.

Any remedies the insurer may then have against the consumer if such care is not taken, is dependent upon the consumer’s state of mind i.e. whether the misrepresentation was honest and reasonable; careless; or deliberate and reckless. In addition, the Act abolishes “basis of contract” clauses, bringing the law into line with recognised good practice…

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