Under the IA 2015, who is required to make a fair presentation of the risk to insurers?

The correct answer is that commercial customers are required to make a fair presentation of the risk to insurers under the Insurance Act 2015. This Act places a duty on commercial policyholders to disclose all material facts and information that could influence an insurer's decision regarding the risk being underwritten. A fair presentation encompasses both the disclosure of known risks and the provision of additional information that the insurer may reasonably expect.

This requirement is crucial as it aims to foster transparency and mutual trust between the insurer and the insured, ensuring that the insurer can assess the risk accurately and set appropriate terms for coverage. The responsibility is primarily on the commercial customer, as they possess the insights into the risks associated with their business.

The role of insurance brokers, underwriters, and legal representatives, while important in the overall process of insurance and claims handling, does not underscore the primary obligation of disclosing risks which remains with the commercial customer. Brokers may assist in the presentation of risks, but it is the customer who ultimately holds the responsibility for making sure that the information shared is accurate and comprehensive.