Clifford Chance
Spring has Sprung: A New Remedy for Late Payment of Insurance Claims
9 May 2016
On 4 May 2016, the Enterprise Act 2016 received royal assent. The Enterprise Act amends the Insurance Act 2015 by introducing section 13A, which creates an implied term in every insurance contract that an Insurer pays any sums due to its Insured within a 'reasonable time'. This means that Insureds will be able to claim damages if Insurers unreasonably delay paying claims.
