![]() ![]() Section 10 abolishes "any rule of law that a breach of warranty (express or implied).Section 9 provides that a representation made by the insured is not capable of being converted into a warranty.Part 3 addresses "Warranties and other terms". For the purposes of section 4, information is "known" by an organisation if it is known by its senior management ("those individuals who play significant roles in the making of decisions about how the insured’s activities are to be managed or organised") or by those individuals responsible for arranging its insurance, including risk managers, staff who assist in the collection of data, or others including brokers who negotiate the terms of the insurance. ![]() who possesses relevant knowledge within the insured organisation) and Section 5 defines the insurer's knowledge. Section 4 defines what the insured knows or ought to know (i.e.The insured must disclose "(a) every material circumstance which the insured knows or ought to know, or (b) failing that, a disclosure which gives the insurer sufficient information to put a prudent insurer on notice that it needs to make further enquiries. Section 3 imposes upon the insured "a duty to make a fair presentation of the risk" to the insurer.Part 2 addresses the duty of fair presentation, which is a duty in operation before a contract in entered into. Parts 2 and 3 apply only to non-consumer insurance contracts. The Insurance Act 2015 distinguishes between "consumer" and "non-consumer" insurance contracts. ![]()
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