The Marine Insurance Act 1906 has been the bedrock of the industry for over 100 years. The changes that will come into force in August 2016 will inevitably have a signiﬁcant impact on how insureds and insurers approach policies, and on the role of insurance brokers as agents, acting as the conduit between the two contracting parties.
This joint Mactavish / BIBA guide sets out:
- How the law will change.
- Areas which insureds should start to think through in advance of their ﬁrst renewal under the new regime.
- Questions that brokers will need to consider within their own organisations and in their relationships with both clients and insurers.
- Finally, it suggests what brokers might want to have in their toolkit by August 2016 to ensure minimal disruption to business.
Having agreed that change was necessary, the industry now needs to work together in advance of the new law coming into force to ensure a smooth transition that preserves and enhances the reputation of the UK insurance market. This guide provides a starting point for the journey towards August 2016.