uberrima fides

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uberrima fides

‘the utmost good faith’. Both in England and in Scotland, certain contracts are such that the parties are obliged to observe the utmost good faith. Indeed, parties who are about to enter such a contract are held to be under an obligation to disclose all relevant matters before the contract. Recognized instances are insurance, fidelity guarantees for officials and probably partnership. The effect of this is to allow a party, quite often an insurer, to avoid liability as the contract will be treated as voidable if there has not been disclosure.

UBERRIMA FIDES. Perfect good faith; abundant good faith.
     2. This phrase is used to express that a contract must be made in perfect good faith, concealing nothing; as in the case of insurance, the insured must observe the most perfect good faith towards the insurer. 1 Story, Eq. Jur. Sec. 317; 3 Kent, Com. 283, 4th ed.

References in periodicals archive ?
The district court held that the Great American and MSI policies were void because (1) Great American's pollution insurance policy was a marine insurance contract subject to the doctrine of uberrimae fidei, and Signal's failure to disclose that the dry dock had deteriorated and that repairs recommended over several years had not been made violated its duty of utmost good faith under that doctrine, and (2) Signal materially misrepresented the dry dock's condition when it applied for coverage from MSI.
Handling claims with the utmost good faith and top-notch service can soften insurance's image one claim at a time.
avoid the contract on the ground that the utmost good faith has not been
The committee places utmost good faith on private companies without looking into their credentials.
To speed up project approvals the committee recommended scrapping a layer of government inspections; instead it said India should rely on business owners to voluntarily disclose the pollution that their projects will generate and then monitor their own compliance an approach the committee described as "the concept of utmost good faith.
In the Premier League handbook, rule B16 states: "In all matters and transactions relating to the League each Club shall behave towards each other Club and the League with the utmost good faith.
Ramirez had admitted accepting the donations, but pointed out that he did so in "in utmost good faith and without any knowledge as to the source of the funds.
The first is the Duty of Utmost Good Faith which requires that the insurer and the insured act towards each other in good faith.
According to the Certified Financial Planner Board of Standards, a fiduciary "acts in utmost good faith, in a manner he or she reasonably believes to be in the best interests of the client.
With sincerity and utmost good faith, one may not conclude with no hope at all, but decision is left to the people of Lakes state to comprehend and analyze benefits of presidential visit to Lakes State whether has succeeded in their favour or otherwise.
Out of sheer gratitude and acting in utmost good faith, I reached for my wallet and pulled out a generous tip and gave it to him.
When I became a member of the UK financial services industry in 1971, it was on the premise of 'Uberrima fides', yet 40 years later utmost good faith no longer applies to all the British MPs, or seemingly to some of the financial press.