Insurance Act 2015: A new regime for commercial and marine insurance law

Index

Amendment: insurance contract 26
Avoidance: fraudulent claims, and 65–7; good faith, and 38; misrepresentation, and 25–6; non-disclosure 25–6; utmost good faith, and 24–5

causation 119
caveat emptor 111–12
City of London; insurance, and 2
commercial contracts: contracting out of see contracting out
commercial risks 12–37; duty of utmost good faith 13–26 see also Utmost good faith
common law: late payment of claims 78–81; warranties 54–5
consumer: concept of 2–3
Consumer Insurance (Disclosure and Representations) Act 2012 6–7, 107
contract: effect of fraud on 65–9, 72–4, 76; termination on fraud 67–9
contracting out 94–106; analysis of provisions on 97–105; blanket clauses 103–4; disadvantageous term 99; disputes 104; effect of term 103; exclusion clauses 98; hostility towards 04; “in a worse position” 97; Insurance Act, of 36; late payment of claims, and 92–3; philosophy behind provisions 95–6; provisions on 97; remedies 101–2; restrictions 96; sophisticated markets 99; standard clauses 99–100; transparency requirements 98; warranties 104

damages: fraudulent claims, and 69–71, 74; late payment, and 88–91
deceit: tort of 40
disclosure: assured’s, manner of 30; broker’s duty of 30–1; duty of 8; exceptions 17–20; Insurance Act, under 112–13; lack of good faith, and 108; limitations 113–14; utmost good faith, and 15–17
Disputed claims: late payment, and 86–8

fair presentation 8–9, 28–36; assured’s duty 28–9; assured’s knowledge 31–3; broker’s duty of disclosure 30–1; contracting out 36; fundamental changes 30–6; good faith, and 112; insurer’s knowledge 33–4; jejune presentation 113; manner of assured’s disclosure 30; remedies 34–6, 115–16; warranties, and 117
Financial Ombudsman Service (FOS) 3
fraud 9; fraudulent claims 9–10 see also fraudulent claims
fraudulent claims 9–10, 60–77; bad faith 61; damages for 69–71, 74; effect of fraud on claim 63–4, 71–2, 74–6; effect of fraud on contract 65–9, 72–4, 76; fraudulent device, whether 121; Insurance Act provisions 71–4; law reform 62; MIA 1906, under 61; pre-Insurance Act 63–71; remedies, pre-Insurance Act 63–71; uberrimae fidei 60

good faith, duty of 38–53; caveat emptor, and 111–12; fair presentation, and 112; insurer obligations and 46–8; insurer post-contractual duty 46–52; insurer pre-contractual duty 39–46; insurer’s rights and 49–52; introduction of doctrine 107–8;

Page 170

materiality test 44–5; mutual obligation 45; pre-contractual disclosure 110–11; scope of duty 43, 44; utmost see utmost good faith

inducement: utmost good faith, and 23–4
insurance: British export, as 1; law of 1–2; range of products 3
Insurance Act 2015 1–11; background 1–11; broad principles 109–10; commercial risks under 12–37 see also Commercial risks; contracting out of 36, 94–106 see also Contracting out; default scheme, as 10; definitions 114; disclosure duty 8; duty of fair presentation 8–9, 28–36 see also Fair presentation; fraud 9; fraudulent claims 71–4 see also Fraudulent claims; history 1–3; information technology, and 114; new duties 7–8; non-revolutionary, as 122; “readily available” information 114–15; scope 7; section 12, impact 74–6; tests under 109; text of 149–67; utmost good faith 27–8; warranties 9, 55–7
Insurance Ombudsman Bureau (IOB) 3

late payment 78–93; common law 78–81; contracting out 92–3; contracting out of implied term 82–3; damages 88–91; disputed claims 86–8; implied duty to pay on time 83–4; liability in damages 91–2; payment, implied term 82; reasonable time, obligation 84–6; reforms 81–93
Law Commission 4–5; contracting out, and 94; fraudulent claims 60, 62; late payment consultation 10; reform proposals 4–5; warranties, and 119
liability in damages: independent nature of 91–2
Lloyds Marketing Association (LMA) 95

Mansfield, Lord 107
Marine Insurance Act 1906 1, 123–48; codification, as 107; disclosure duty 8; drafting 3; fraudulent claims 61; text of 123–48; utmost good faith under 13–14
materiality: scope 42; test for 44–5; utmost good faith, and 21–3
misrepresentation 20–1; avoidance, and 25–6; formation stage, at 39–40
Misrepresentation Act 1967 40

remedies: breach of warranties 58; contracting out, and 101–2; damages 69–71, 74; defining 117–18; fair presentation 34–6115–16; fraudulent claims, law on 63–71 see also fraudulent claims; nature of breach, and 116; test for 118–19; utmost good faith 24–6

United Kingdom: consumer activity 2–3; insurance law 2
uberrimae fidei 60
utmost good faith 13–26, 27–8; amendments to contract 26; disclosure under 15–17; duty of 13–26; MIA 1906, under 13–14; exceptions to disclosure duty 17–20; inducement 23–4; Insurance Act modifications 110; materiality 21–3; misrepresentation 20–1; remedies 24–6; variations of contract 26

Warranties 9, 54–9; breach of warranty 57–8; common law 54–5; contracting out, and 104; defining 108–9; defining risk, and 120; fair presentation, and 117; other contracts distinguished 117; super-warranty 120; time specific 118;

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