Uberrimae fidei Definition

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GLOSSARY

What does Uberrimae fidei mean?

'utmost good faith'

In certain types of contracts, disclosing certain information is absolutely necessary. Uberrimae fidei is a duty to observe 'utmost good faith' in factual disclosure by the contracting parties. Usually this term relates to insurance contracts, since the information disclosed by the applicant may affect the decision of the insurer to issue a policy of insurance. If all relevant disclosure does not take place by the applicant, the contract is voidable by the insurer.

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General principles of insurance contract law

What is insurance law?Insurance law can be split into three parts:•insurance contract law which governs the contractual relationship between insureds and insurers•the law of intermediaries which regulates insurance business which is transacted through agents (this is true for most insurance business)•insurance company law which is concerned with the financial soundness, probity and regulation of insurance companiesThis Practice Note largely deals with insurance contract law. For more information on insurance regulation, see our ‘regulation of insurance’ subtopic, including Insurance & Reinsurance—regulatory framework—overview and Insurance & Reinsurance—Regulated activities—overview.Reform of the insurance sectorIn January 2006 the Law Commission and Scottish Law Commission (together the Law Commissions) started consulting on reforming insurance contract law. Following the consultation, the Law Commissions’ work was broken into three sub-projects:•consumer insurance law reform: pre-contract disclosure and misrepresentation•insurance contract law reform: business disclosure, warranties, insurers’ remedies for fraudulent claims, and late payment•insurance contract law reform: insurable interestConsumer insurance law reform—pre-contract disclosure and misrepresentationAfter the 2006 consultation, there followed a series of statements and consultations and in December 2009 the...

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