Sheffield broker provides guide to help SMEs understand the new Insurance Act

28th June 2016

Sheffield broker IFM Insurance based on Tapton House Road has launched a new guide for SMEs to help understand the new Insurance Act, which comes into force on 12 August 2016.

The Insurance Act 2015 will introduce the most significant changes to UK insurance contract laws in over 100 years. The Act will apply to all insurance policies in England and Wales, Scotland and Northern Ireland, which incept, renew or are varied from that date. One of the key aims of the Act is to ensure better exchange of information between insurers, brokers and customers, which should reduce the number of disputes, avoid disruption for both insurers and customers and increase confidence in the UK insurance sector. IFM's guide provides local firms with an overview of the Act including a 'duty of fair presentation', which clarifies what local firms must disclose to an insurer and what an insurer ought to know about the business which it insures. The guide can be obtained by going to http://www.ifminsurance.co.uk/news or calling IFM on 0114 2684606.