Utmost Good Faith, Disclosure
& Representations
by Dr Nicholas G. Berketis
ATHENS UNIVERSITY OF ECONOMICS AND BUSINESS,
MSc in International Shipping, Finance and Management
Utmost Good Faith
(Uberrimae fidei)
“A contract of marine insurance is a contract
based upon the utmost good faith, and, if
the utmost good faith be not observed by
either party, the contract may be avoided
by the other party"
Marine Insurance Act, 1906 – Section 17
ATHENS UNIVERSITY OF ECONOMICS AND BUSINESS,
MSc in International Shipping, Finance and Management
Duty of disclosure
Non-disclosure may be either fraudulent or
innocent;
n  When to disclose?
n 
Before the contract is concluded;
n  Does any material circumstance which comes
to the knowledge of the Assured after the
contract is concluded need to be disclosed?
n 
n 
Prudent Insurer;
ATHENS UNIVERSITY OF ECONOMICS AND BUSINESS,
MSc in International Shipping, Finance and Management
Representations
May be made either orally or in writing;
n  Types of representations;
n 
As to a matter of fact;
n  As to a matter of expectation or belief;
n 
ATHENS UNIVERSITY OF ECONOMICS AND BUSINESS,
MSc in International Shipping, Finance and Management
Sources
Gaskell, N. J. J., Debattista, C., Swatton,
R. J., (1992), “Chorley and Giles’ Shipping
Law”, Pitman.
n  Hodges, Susan, (2004), “Law of Marine
Insurance”, Cavendish Publishing Limited.
n 
ATHENS UNIVERSITY OF ECONOMICS AND BUSINESS,
MSc in International Shipping, Finance and Management