follow best practice as it has developed in the insurance market. The aim is to preserve the reputation of the United Kingdom as one of the leading markets for insuring risk. The new Insurance Act 2016 (the “2016 Act”) will not completely replace the 1906 Act, but updates and reforms several aspects of English commercial insurance law. Two key areas to undergo significant change are (1) the regime for providing disclosure to insurers prior to the inception of the policy and (2) the extent to which insurers can rely on a breach of warranty to deny claims. DISCLOSURE The 2016 Act replaces the insured’s current duty of disclosure with a requirement that the insured must make a “fair presentation of the risk.” This will mean that commercial policyholders will be required to disclose every material circumstance that they know or ought to know. Failing that, they will need to give their insurers information that is sufficient to put the insurer on notice that further enquiries may be necessary, for the purpose of revealing those material circumstances. The onus is then on the insurer to ask additional questions following presentation of the risk. For disclosure purposes, the insured will be taken to know what is known or ought to be known by the insured’s senior management and by individuals responsible for the insurance. Such persons will, of course, vary depending on the structure of each organisation, but in practice may include insurance managers, risk managers, company secretaries, finance directors, and general counsel. An insured will also be presumed to know what should reasonably have been revealed by a reasonable search of information available to the insured. 103