New UK law makes damages for late payment a reality

The UK's Enterprise Bill received Royal Assent yesterday (4
May) and will come into force in May 2017.
Insurers will have to pay damages if they are late paying
claims, although the legislation will not be applied
retrospectively.
While the industry has been aware of the late payment proposals
for some time, Nick Young, partner at DAC Beachcroft, said that
insurers needed to act now to update their policies and procedures
and ensure that they could rely on the protections...