Originally Posted by Boracay
My car insurance
policy (Australian, NSW) has a clause that I must disclose anything that might increase the risk my insurer is taking.
Under the doctrine of uberrimae fidei
* (Latin for, utmost good faith), misrepresentation of a material fact in a marine insurance
application may void a policy without regard to the insuredís intent.
* A contract
in which knowledge of the material fact(s) lies with one party alone; that party is under a duty to make a full disclosure of these facts, and failure to do so makes the contract
➥ Legal Definition of Uberrimae Fidei
A typical CONCEALMENT OR MISREPRESENTATION clause:
Any relevant coverage(s) shall be voided if you intentionally conceal or misrepresent any material fact or circumstance relating to this insurance, or your insurance application, before or after a loss.