- Shaking up insurance law
- Original News
- Why should lenders be interested in the recent changes to insurance law?
- What key changes to insurance law have been brought in by the IA 2015 (in relation to non-consumer contracts) that lenders should be aware of?
- What are the remedies for breach of the new duty to make a fair presentation and how could this affect lenders?
- Who bears the risk of the insurer reducing the amount paid out on a claim (borrower or lender)? Would a lender with the benefit of composite cover (with the borrower) also receive a reduced amount on a claim?
- Are there any changes that should be made to the insurance clauses and non-vitiation language that is typically included in facility agreements?
- It is possible to contract out of IA 2015 changes for non-consumer contracts—how likely is it that this will happen?
Banking and Finance analysis: The Insurance Act 2015 (IA 2015) represents the biggest shake-up of the law in this area for decades and reshapes many fundamental pillars of insurance law for any policies entered into after August 2016. Matthew Walker, associate, Rachel Ruane, partner and Kari McCormick, partner at Burges Salmon, consider how the changes affect property lenders.
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