UKGI exposes liability claims fears
Brokers’ most pressing concern is the fear of being exposed to liability claims for the delivery of inaccurate risk data following the implementation of the Consumer Insurance Act, according to a survey by UKGI.
A poll of clients by the compliance consultancy found that over three quarters (77%) of respondents feared that the Act would result in increased liability for brokers acting on behalf of either the client or the insurer if incorrect underwriting information was submitted, resulting in the repudiation of a claim.
The Consumer Insurance (Disclosure and Representations) Act, which came into force on 6 April, replaced the consumer's duty to disclose material facts with a duty to ‘take reasonable
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