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Insurance Act 2015 – Update from Axa Insurance

In early 2015, AXA welcomed the Insurance Act 2015 (the Act) and adopted it early, for new claims under policies incepted or renewed from 1 April 2015.

Axa are now pleased to set out, in detail, their plans for implementation of the Act on 12 August 2016. Changes will be communicated to customers through their brokers from 12 August 2016.

The Act relates to commercial insurance contracts and encourages a better exchange of information between all parties.

A key aspect of the Act is the new duty of Fair Presentation. Axa have now set out how they intend to adopt this duty into their policy wordings with a new Fair Presentation of Risk policy condition. In the coming weeks Axa will provide us with further guidance on the new duty, setting out the information that needs to be disclosed to satisfy a Fair Presentation under the Act.

Axa’s Claims and Underwriting teams have been briefed on the approach Axa are taking to the Act. If you have any further questions, or wish to discuss how AXA is implementing the Act, please don’t hesitate to get in touch with us via one of the following:

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We are Personal and Commercial Insurance Brokers based in Newquay covering the whole of Cornwall and the UK