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In its response to the consultation on the draft clauses of the Insurance Contract Law Bill, BIBA has sought clarification around the brokers role in the duty of fair presentation of the risk.
BIBA is seeking to ensure that no additional responsibilities fall upon the broker in regard to commercial customers’ disclosure requirements that could result in professional indemnity issues. The consultation and BIBA’s response specifically looks at disclosure and representations, insurers remedies for fraudulent claims, damages for late payments and good faith.
Steve Foulsham, BIBA’s Head of Technical Services, said: “We have been working closely with the Law Commission throughout the whole process of contract law reform and we are anxious to support the Bill to ensure that it makes its passage through the parliamentary process as quickly as possible. We are confident that that the clarification that we have sought will be resolved positively. We now await with interest, the next stage which will involve consultation on the clauses dealing with warranties and contracting out”.