Waiver by the insurer in relation to underwriting and claims-handling
Produced in partnership with Mark Pring of Reed Smith , Katherine Varney of Reed Smith and Claudia Gwinn of Reed Smith
Practice notesWaiver by the insurer in relation to underwriting and claims-handling
Produced in partnership with Mark Pring of Reed Smith , Katherine Varney of Reed Smith and Claudia Gwinn of Reed Smith
Practice notesThis Practice Note considers waivers in the context of insurance underwriting and claims-handling. While the focus of this Practice Note is on the law of waiver relating to a ‘non-consumer insurance contract’ (as defined in section 1 of the Insurance Act 2015 (IA 2015)), certain principles are gleaned from case law relating to a ‘consumer insurance contract’ (as defined in section 1 of the Consumer Insurance (Disclosure and Representations) Act 2012 (CI(DR)A 2012)).
Waiver during the underwriting process
The duty of fair presentation
IA 2015 introduced a duty on the insured to make a fair presentation of the risk to the insurer in relation to a ‘non-consumer insurance contract’.
In summary, this involves the insured
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1) disclosing to the insurer ‘every material circumstance which the insured knows or ought to know’ or
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2) ‘failing that, disclosure which gives the insurer sufficient information to put a prudent insurer on notice that it needs to make further enquiries for
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