The UK’s Insurance Act 2015 will come into force on 12 August 2016. It will apply to all English law contracts of insurance and reinsurance (or variations to current contracts) underwritten on or after that date. “Contracts of insurance” include slips, declarations under lineslips, and certificates issued by coverholders.

Cooley has published a 10-point checklist for underwriters with relevant LMA Model Clauses.

Posted by Cooley