SkiSafe Blog

Tag: Insurance Contract

Uberrima Fides Explained

Posted by SkiSafe         0

Uberrima Fides or “Utmost good faith” – Why Is It Relevant?

The principle of uberrima fides or “utmost good faith” began in British maritime insurance law many centuries ago and is a principle foundation of all insurance. It was first formally recognized in 1766 and later adopted into English maritime insurance law and subsequently incorporated into American maritime insurance law. The U.S. Supreme Court stated, “the contract of insurance, is one of mutual good faith; and the principles which govern it, are those of an enlightened moral policy.” This principle’s enforcement has become somewhat watered down in personal lines, but is rigorously enforced and therefore of particular relevance in marine insurance.  

--------------- 

Continue reading ...

Tags

Popular Posts

Search Blog

Share this:

Feedback