Insurance Act 2015 – policy updates
Through April and over the upcoming months we’ve taken steps to introduce new policy wordings for our commercial product range. These updates are being made to incorporate changes required under The Insurance Act 2015 and will be phased in between now and the Act coming into force on 12 August 2016.
The schedule below indicates when you can expect the new wordings to come into force, depending on the type of business concerned:
- New business from April through to July
- Renewals from April through to August (prior to 12 August)
We know that this may mean that some clients haven’t yet had the opportunity to consider the new implications brought about by Fair Presentation of Risk. To manage the transitional period through to the new Act coming into force our commitment is that no customer will be disadvantaged by our early implementation if they would have received a more advantageous outcome under the current Marine Insurance Act 1906.
We’ll endeavour to keep you up to date with our policy updates as and when they happen but in the meantime if you have any queries relating to these changes then please contact your Aviva sales manager or usual underwriting contact.
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