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CHAPTER 5 GOOD FAITH, NON-DISCLOSURE, MISREPRESENTATION AND THE DUTY OF FAIR PRESENTATION

Marine Cargo Insurance

5

GOOD FAITH, NON-DISCLOSURE, MISREPRESENTATION AND THE DUTY OF FAIR PRESENTATION

Introduction

5.1 This chapter considers good faith, non-disclosure and misrepresentation under the current law and, in parallel, analyses and compares the duty of fair presentation introduced by the Insurance Act 2015, which comes into force on 12 August 2016.1 The chapter begins with a consideration of the principle of good faith, which is the setting for both the current disclosure obligations2 and for the duty of fair presentation that applies under the 2015 Act.3 Disclosure, misrepresentation and the duty of fair presentation under the 2015 Act are then considered and compared, following which the remedies for breach of the duty are examined. The next section of this chapter deals with “Contracting Out” as the provisions regarding the duty of fair presentation under the Insurance Act 2015 are a default scheme subject to contracting out. Finally, the application of the rules as to materiality and inducement is illustrated in the context of marine cargo examples.

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