The problem with warranties…
Insurers that commit to only applying warranties if material to a loss will see a benefit, says Neil Campling
Although this is a subject that has probably been debated for hundreds of years, it has recently moved much higher up the agenda for brokers and their clients.
A warranty is a term in an insurance contract which must be exactly and literally complied with. The effect can also be expanded by the existence of ‘basis clauses’ which operate to turn pre-contract representations into warranties as well. Breach discharges the insurer from liability automatically and they are not required to
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