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Businesses Urged to Comply with New Insurance Law

Businesses Urged to Comply with New Insurance Law

Legal experts will be giving advice to local businesses on how a major shakeup to insurance law will affect them during a free seminar. 

Businesses face a wave of new regulations under the Insurance Act 2015 which comes into effect on 12 August 2016.

Ahead of that deadline a panel of leading lawyers from Slater and Gordon will discuss the impact the reforms will have and what steps firms need to take when it comes into force.

The new law requires far greater disclosure on the risks businesses pose to insurers before starting, renewing or renegotiating any contract of insurance.

Craig McAdam, head of dispute resolution at Slater and Gordon, said: “This is a significant update in the law which is likely to have far reaching implications for all local businesses especially SMEs and individual practitioners.

“It is important that businesses are aware of how the insurance act affects them before it comes in to force in August because they will be expected to understand the consequences of breaching the ‘duty of fair presentation’ introduced by the act.

“Failure to disclose a fair presentation of risk could now see insurers avoiding your policy altogether and retaining the premium.”

Craig will be joined by Slater and Gordon’s head of regulatory, Helen Simm, Simon Vaughan and James Malam of Exchange Chambers to offer advice and field questions.

The free breakfast seminar will be held on Tuesday 14 June at Slater and Gordon, 58 Mosley Street, Manchester, M2 3HZ. To register your attendance email Louise.Harris@slatergordon.co.uk

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