Financial implications of the 2015 Insurance Act - will more claims be payable?

In this IIL marine & energy lecture Chris Zavos and Imogen Lowe talked about the extent to which the Insurance Act 2015 can be expected to impact claims outcomes when compared with the position under the previous law.

The Insurance Act 2015 has significantly changed the remedies available to insurers in the event of breach of the pre-contractual duty of utmost good faith or breach of warranty.

Chris and Imogen discussed the impact of such changes on claims outcomes by reference to some of the older cases and explored the extent to which the outcomes pre-Act and post-Act would have been different, including in relation to the implied policy term that Underwriters must pay any sums due in respect of the claim within a reasonable time.

By the end of this lecture members would have gained an insight into:

• How the new Insurance Act has impacted Underwriters' remedies in the event of:
  • material non-disclosure or misrepresentation on placing
  • breach of policy condition/warranty
    and in relation to the duty to settle claims within a reasonable time
• The extent to which, and circumstances in which, defences would have been available under the old law will no longer be available new the New Act
• In broad terms, the significance from a claims perspective of the new legislation

Chair:
Charles Fernandez LLM ACII, Head of Marine Liability & Hull, Sompo Canopius

CPD events are open to CII and PFS members
Registration closes at 12pm two working days before the event date
For events held in The Old Library, Lloyd's pass holders may also attend and do not need to register
Original Photo ID (Driving Licence, Passport, Work ID with company logo and full name) is required to gain entry to all venues

Conditions:

• Email confirmations and original photo ID must be produced to security staff at the lecture venue
• Attendance confirmations are non-transferable to any other person or lecture
• All venues have limited capacity and registration and/or a Lloyd's pass does not guarantee admission

Please let us know what we can do to make our events fully accessible to you.

Contact:
Please contact Patricia Pedraza (07463 028327) with any queries regarding the CPD events programme.

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