Reforming the duty of disclosure in business insurance, and bringing warranty law up to date
In a consultation opening today, the Law Commission and Scottish Law Commission are proposing a new law to make clear what businesses must tell insurers when they buy insurance.
The current law states that before taking out insurance businesses must disclose every material circumstance they know or ought to know. But what exactly counts as an organisation’s knowledge? Can a vast and complex international organisation reasonably be expected to know everything that is known to every employee? And how can it work out what an insurer would think was material?
Read the news release.
View the Insurance Law project page.