14 June 2016 With less than two months before the Insurance Act applies to new policies the attention has inevitably focussed on commercial contracts. However the Insurance Act also applies to consumer insurance. Parts 3, 4 and 5 bring the law up to date on warranties (and irrelevant terms), fraud and contracting out. The Enterprise Act 2016 also introduces a "late payment" term in to every consumer contract thereby ensuring that damages are payable in the event of "late payment". BLM examines those clauses and how the Ombudsman deals with those terms at present. BLM also consider how that approach will apply in the commercial context where the FOS has jurisdiction over "micro-businesses" and whether the FOS already goes beyond the present and the new law.