The Enterprise Act 2016 was passed on 4 May 2016, giving policyholders a potential right to claim damages in the event of a late payment.  The new law, which will be an amendment to the Insurance Act 2015, will apply to every insurance policy placed or renewed on or after 4 May 2017, if it is subject to the laws of England and Wales, Scotland, or Northern Ireland.

The Act comes as a positive step forward for insureds and we should see that insurers increase the efficiency of their claims-handling processes.

To learn more, please ask your exec to talk it through with you when you next meet and look out for the article in our next monthly ecommunication – ONE more.