Keep the faith
With ‘utmost good faith’ on the way out, Tony Cornell argues that it could be a case of brokers beware as they have to pay the costs of the Insurance Act
Since the Marine Insurance Act in 1906, 110 years ago, the industry has been governed by the principal of ‘uberrima fides’- utmost good faith.
The Act recognised that insurance contracts should be different from other commercial contracts where caveat emptor (let the buyer beware) applied because, in insurance, only one party, the policyholder, was aware of all the material facts and it was their duty to disclose these to insurers, whereas in other commercial contracts, the buyer had an
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