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Old 30-07-2009, 05:56   #31
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Originally Posted by Boracay View Post
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 voidable.
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.
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Old 30-07-2009, 13:54   #32
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Not disclosing where the boat is woud be a bad idea.
You can lie to anyone except the insurance company and be only be "sort of in trouble".
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Old 30-07-2009, 14:02   #33
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You can lie to anyone except the insurance company and be only be "sort of in trouble".
And the biggest lie of them all is the one you've told yourself when you leave material information out of the insurance app. It's the one where you tell yourself you've paid for the coverage, so now you're "insured," and go about your business as if you are. Believing this lie can be devastating if you suffer a catastrophic loss and attempt to file a claim.

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