Utmost Good Faith and Fair Presentation
From the MIA 1906 duty of disclosure to the Insurance Act 2015 duty of fair presentation and its graded remedies in marine insurance.
The Marine Insurance Act 1906 s.17 still states that marine insurance is based on utmost good faith, but for English-law contracts from 12 August 2016 the Insurance Act 2015 removed the avoidance remedy and replaced the disclosure duties in ss.18 to 20 with the s.3 duty of fair presentation.
The full article will cover the s.7(3) materiality test, knowledge rules in ss.4 to 6, the Schedule 1 remedies, overvaluation as a material circumstance, and the pre-2016 law that still governs older contracts. The cargo insured value article covers how this topic affects the sum insured on a cargo policy.