Uberrima fides
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Uberrima fides is a
Latin phrase meaning "utmost good faith" (or translated
literally, "most abundant faith"). It is name of a legal
doctrine which governs insurance contracts. This means that
all parties to an insurance contract must deal in good
faith, making a full declaration of all material facts in
the insurance proposal. This contrasts with the legal
doctrine of
caveat emptor (let the buyer beware).
Thus the assured must reveal the exact nature and potential of the risks that he transfers to the insurer, while at the same time the insurer must make sure that the potential contract fits the needs of, and benefits, the assured.
External links
- Uberrima Fides And Concealment in the Marine Policy Application from the Maritime Law Association of the United States