Derecho de seguros

Duty of Fair Presentation — Before a commercial insurance contract is made, the insured must make a fair presentation of the risk to the insurer, disclosing every material circumstance known or which ought to be known (Insurance Act 2015, s.3).

Consumer Disclosure — For consumer insurance, the insured must take reasonable care not to make a misrepresentation (Consumer Insurance Act 2012). The insurer cannot avoid the contract unless the misrepresentation was deliberate or reckless.

Insurable Interest — The insured must have a legally recognised interest in the subject matter of the insurance at the time of loss.

Indemnity — Insurance is a contract of indemnity: the insurer undertakes to compensate the insured for actual loss, not to provide a windfall. Exceptions: life and personal accident insurance.

Subrogation — Once an insurer indemnifies the insured, it is subrogated to the insured's rights against third parties responsible for the loss.

Proximate Cause — The insurer is liable only if the loss was proximately caused by an insured peril. If multiple causes exist, the court determines which is the dominant or effective cause.

Warranties and Conditions — Under the Insurance Act 2015, breach of warranty suspends the insurer's liability rather than discharging it entirely. The insurer's liability is restored when the breach is remedied.

Late Payment — The Insurance Act 2015 (as amended by the Enterprise Act 2016) implies a term that insurers must pay valid claims within a reasonable time. Breach gives rise to a claim for damages.