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The ABI/Association of British Insurers have released details of a New Act that is to help clarify insurance coverage for consumers. Customers who take out insurance policies after April 6, 2013 will be covered under the new act.

The Consumer Insurance Act basically states this:

The Act places a duty on insurers to ask customers all relevant questions about the specific information required at the point of sale.

Provide legal protection for customers that their claims will not be declined for non-disclosure of information unless that information is deliberately or carelessly withheld or is misleading.

It applies to all personal insurance such as home, car, and travel insurance. It also covers life, critical illness, and income protection insurance.

The Act applies no matter how the insurance is purchased, either online, telephone or face-to-face.

Basically the Act affords the consumer a bit more protection is they forget to disclose information to the insurer, and the insure is expected to ask all the correct questions in the hope that something wouldn’t be forgotten.

So as consumers, the Act is in our best interests.

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