Broker questions as the Insurance Act comes into force today
With the new legislation kicking in Stuart Bennett of David Roberts & Partners Insurance Brokers calls on insurers to provide guidance on two scenarios.
As the Insurance Act comes into force, in my opinion, the focus has been too much around disclosure requirements and not about what actually happens when a claim is made and in particular when underinsurance applies.
Depending on how an insurer interprets the Act and has adapted their policy wording I think you could get multiple scenarios on a single claim.
How important a factor will this be when placing business? Which option is the best (it will be easy to tell in hindsight - not so easy
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