The Insurance Act 2015 that comes into force this August
provides a welcome opportunity for insureds to match their actual
risks to their insurance cover. To achieve this, it also imposes a
much more stringent requirement to disclose risks and improve
company information flows. Failure to meet this requirement could
lead to your coverage being reduced or denied.
Businesses are now under an obligation to be more proactive when
disclosing risk-related information to their brokers and insurers
and to present the information in an appropriate manner.
In order to take advantage of, and avoid the penalties imposed
by the Act, businesses now need to review all information flows
pertaining to risk assessment. This includes their data and IT
management risk profile, and a comprehensive strategy on how they
communicate this information to their insurers and brokers.
Fieldfisher Can Help. Our top-ranked team is
able to help businesses identify risks arising from their
technology and data security infrastructure which may cause
problems when placing, varying or renewing their insurance
We work alongside businesses and their insurance brokers to put
their best foot forward on Act compliance by offering the following
Advise on the impact of the new
Insurance Act's duty of 'fair presentation' and the
obligation to make a 'reasonable search' as it applies to
their specific business
Identify individuals who hold
material information for the purpose of the Act, namely 'senior
management' and relevant individuals responsible for insurance
Identify sources of information that
need to be considered to satisfy 'fair presentation' duty
and map information flows necessary to ensure compliance with
'reasonable search' obligation.
Work with businesses to ensure data
is disclosed in a manner and format sufficient to comply with the
Work with brokers to ensure insurers
are made aware of pro-active steps an Insured intends to take to
satisfy its duty and to obtain Insurers' agreement that the
search obligation will be satisfied
run pre-loss policy reviews to
identify potential gaps in cover to be addressed with insurers by
the broker, as well as claims strategy management and recovery
Fieldfisher is the leading technology and litigation practice in
Europe, and has deep knowledge and experience in handling insurance
matters and technology-related disputes for many different
industries and type of clients. We can therefore offer clients
cutting-edge advice on how IT and data security infrastructure
should be implemented, provide insight into the risks that are
inherent in any infrastructure as well as those that arise when
corners are cut, and present a client's risk profile,
regardless of its industry, to its brokers and insurers in a
constructive, practical way.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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