Indemnity Legal

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John Curran
John Curran

Indemnity Legal

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1 Contributions by Indemnity Legal Experts

General (Non‑Life) Insurance for Consumers and Businesses: Policy Classes, Statutory and Regulatory Frameworks, Exclusions and Claims/Notification Essentials for Lawyers
PRACTICE NOTES
General (Non‑Life) Insurance for Consumers and Businesses: Policy Classes, Statutory and Regulatory Frameworks, Exclusions and Claims/Notification Essentials for Lawyers
Consumer insurance and commercial insurance for businesses This Practice Note sets out an overview of several widely used insurance types, who may require them, and how they operate. Broadly, insurance falls into two groupings: cover for consumers cover for businesses For individuals purchasing as consumers, the governing statute is the Consumer Insurance (Disclosure and Representations) Act 2012 (CI(DR)A 2012). CI(DR)A 2012 describes a consumer as an ‘individual who enters into the contract wholly or mainly for purposes unrelated to that individual’s business trade or profession’. The Act addresses what a consumer is obliged to tell the insurer before making, or changing, an insurance contract. See Practice Note: A guide to the Consumer Insurance (Disclosure and Representations) Act 2012 for additional detail. For business policyholders, the applicable legislation is the Insurance Act 2015 (IA 2015). IA 2015 signifies a paradigm shift away from what had been seen as an
Insurance & Reinsurance
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