Legal update - Insurance Act: A brave new world

Supporters of the Insurance Act have argued that it will provide greater clarity of coverage, and so reduce the scope for litigation. This may prove eventually to be the case but, when it comes into force on 12 August, there is likely to be uncertainty over what is expected of the different parties and the precise meaning of the legislation, whose interpretation will require people to make subjective judgments at times. This will provide new challenges for underwriters, brokers and buyers wishing to avoid legal action.

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