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Airmic guide: Disclosure of material facts and information in business insurance

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Insurance contract law is governed by the principle of "Uberrima Fides" or utmost good faith. This principle requires a business buying insurance to (1) disclose all the material facts and information about the business; (2) not misrepresent the business; and (3) not provide information that is misleading. This duty applies to all material facts and material information that the business knows, or should know.

This Airmic guide provides information on developing and implementing suitable and sufficient disclosure. Topics covered include:

1) Law commission review of insurance contract law.

2) Disclosure procedures.

3) Marine Insurance Act 1906.

4) Current insurance market practices.