The following article relates to insurance sold to a 'commercial' client'. FCA regulation defines a commercial client as one purchasing insurance for the purposes of a trade or profession. This would include vehicle insurance where the purpose of the vehicle is predominately work related or insurance on a Buy To Let property (rather than a Consumer BTL).

The Insurance Act 2015 comes into force from 12th August 2016. Previously commercial customers had a 'duty to disclose' information. From 12th August this will be replaced with a 'duty of fair presentation' which will not only apply when taking out an insurance contract but also at renewal or if any mid term adjustments are made.