19-04-13, 10:23 AM
(19-04-13, 01:32 AM)imax link Wrote: [quote author=cable tie link=topic=7331.msg70417#msg70417 date=1366328119]
are you aware that insurance contracts are not "buyer beware", but "utmost good faith"? You must declare all facts that a reasonable/prudent underwriter would want to be able to consider when choosing whether to accept a risk, or the premium to charge.
Not any more. The Consumer Insurance (Disclosure and Representations) Act 2012 came into force on 6 April and changed the onus from 'utmost good faith' to 'reasonable care not to make a misrepresentation'. (2.2 & 2.5a) The standard of care required is that of a reasonable consumer. (3.3)[/quote]
That's very interesting, thanks.
It stops Insurance Companies from trying to weasel out of paying for a claim because "you should have told us about X" when they haven't even asked the customer for that information :thumbup