In 2015, significant changes were made to the landscape of the United Kingdom’s insurance law for businesses when the Insurance Act 2015 (IA) received royal assent. Until then, insurance law had been governed by the Marine Insurance Act 1906, an act that codified principles developed in the 18th and 19th centuries. However, following concern that the regime was outdated, was too insurer friendly, and failed to reflect modern commercial practice, the Law Commission was invited to make proposals for reform. The IA was the result, a piece of legislation “aimed at ensuring a better balance of interests between the policyholders and insurers” (2014 Law Commission Report).
However, since the act came into force in August 2016, only a relatively small number of cases considering its provisions have come before the courts. This article considers some of the IA’s key reforms and, through analysis of the resulting case law, assesses what has changed in practice over the last 10 years.
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