The Duty of Disclosure and Fair Presentation Guidance Note
The Insurance Act 2015 came into force on 12 August 2016 and will significantly impact your disclosure obligations when you take out, renew or vary any business insurance that is subject to the laws of England and Wales, Scotland, or Northern Ireland.
If your insurance policy is governed by the laws of England and Wales, Scotland or Northern Ireland please read this guidance note carefully, as any failure to make a fair presentation and disclose material information to your insurer could adversely affect your ability to recover for a claim or even the validity of your insurance policy.
If your insurance policy is not governed by the laws of England and Wales, Scotland or Northern Ireland, we recommend that you obtain independent advice as to your obligations under the relevant law. If you are not sure about which law applies to your insurance policy, you should discuss this with your usual Marsh contact.
Our guidance note provides an explanation of the new duty of disclosure and fair presentation. It outlines your obligations and the consequences of failing to disclose in respect of both business insurance contracts and consumer insurance contracts. We also offer some illustrative examples of material information.