Korea Trade Review (무역학회지)

Korea Trade Research Association (한국무역학회)
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The Duty of Disclosure under the doctrine of Utmost Good Faith in Marine Insurance Contract: In connection with the UK Insurance Act in 2015

해상보험계약에서 최대선의원칙에 따른 고지의무에 관한 연구: 2015년 영국보험법과 관련하여

  • Kim, Jae-Woo (Department of Global Economics Gachon University)
  • 김재우 (가천대학교 글로벌경제학과)
  • Received : 2019.05.23
  • Accepted : 2019.06.24
  • Published : 2019.06.30
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Abstract

This study analyzes the major provisions of the UK Insurance Act 2015 and Marine Insurance Act 1906 on the duty of disclosure under the doctrine of utmost good faith. Marine insurance contracts are based on "utmost good faith" and one aspect of this is that MIA 1906 imposes a duty on prospective policy holders to disclose all material facts. In the Insurance Act 2015 of the United Kingdom, the contents of the precedent were enacted such that we have borrowed the legal principles of common law until now. The insurer is required to more actively communicate with the insurer rather than passively underwriting and asking questions of the insured. The Act details the insured's constructive knowledge of the material circumstance by reviewing the current case law and introduces a new system for the insurer's proportionate remedy against the insured's breach of the duty of fair presentation of risk. This is a default regime, which may be altered by agreement between the parties.

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