As we all know, with its focus on transparency, fairness and certainty, the Insurance Act puts the onus on your business for full disclosure of all relevant facts and information when taking out or renewing any insurance cover. Glemham has gone to some lengths to ensure that you can have every confidence that our policies enable you to comply with the Act.
Ensuring you meet your obligations
The Insurance Act imposes quite a responsibility on your business – and even an inadvertent breach could have unwanted consequences, such as a reduced payout on claims. In order to ensure that you can continue to have complete confidence in Glemham products, we conducted detailed discussions with every insurer that underwrites our products well before the August launch of the Act to ensure that our wordings are clear, consistent and compliant. And at the same time we carried out a major review and update of our proposal forms to ensure that you and your clients are able to provide the full and clear information required by the Act.
More to come…
In responding to the biggest change in the UK insurance industry in over a century, Glemham has shown once again not only the qualities that we believe set us apart – intelligence, insight and authority – but a commitment to working hard on your behalf. It’s a commitment that continues, because there’s more legislation coming down the track. From May next year, the Enterprise Act will create a requirement that all insurance claims are paid within ‘a reasonable time’. We are currently working with our insurers and TPA claims partners to ensure we fully understand the new legislation and can gear up our service to ensure that we meet any new requirements.
Download our guide to the Insurance Act
As an aide-memoire to the main requirements of the Act and its impact on your business, we’ve drawn up a broker-exclusive guide – click here to download your copy.