The following Insurance & Reinsurance practice note Produced in partnership with Alexander Rosenfield of Fenchurch Law and John Curran of Fenchurch Law provides comprehensive and up to date legal information covering:
This Practice Note provides an overview of some of the most common types of insurance that are available, who might need them, and how they work.
Generally speaking, insurance is divided into two categories: (a) insurance for consumers and (b) insurance for businesses.
For consumers, the relevant statutory regime is the Consumer Insurance (Disclosure and Representations) Act 2012 (CI(DR)A 2012). CI(DR)A 2012 defines a consumer as an ‘individual who enters into the contract wholly or mainly for purposes unrelated to that individual’s business trade or profession’.
The CI(DR)A 2012 deals with the issue of what a consumer must tell an insurer before entering into or varying an insurance contract. See Practice Note: A guide to the Consumer Insurance (Disclosure and Representations) Act 2012 for further information.
For businesses, the legislative framework is the Insurance Act 2015 (IA 2015). The IA 2015 represents a paradigm shift away from what was considered to be an outdated and insurer-friendly regime, and is intended to ensure a ‘better balance of interests between policyholders and insurers’.
IA 2015, s 1 states that any insurance contract which is not a consumer contract will be a non-consumer contract). This will be when the contract is entered into wholly or mainly for purposes relating to the insured’s business, trade or profession. For non-consumer contracts, IA 2015 provides a new duty of
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