Enterprise Act: Paying the price for paying late

Clock with coins

Delaying payment of valid claims following major incidents can turn a drama into a crisis, but under English common law (Sprung v Royal Insurance) policyholders could not claim damages for resulting consequential losses. They can after 4 May, when the Enterprise Act 2016 will imply a term into insurance contracts that valid claims must be met within a reasonable time, or give rise to a claim for damages. So do insurers haggle unreasonably when it comes to indemnifying policyholders making va