On The Principle Of Utmost Good Faith In Marine Insurance

Currently, in China and even in the world, the credit crisis has been an important issue concerning whether the market economy can run in a healthy way. It is imperative to establish an insurance market that needs amplify necessary rules and regulations. The principle of utmost good faith is the most basic principle of marine insurance practice. In marine insurance, the content of the principle of utmost good faith is larger than the principle of good faith, and the concrete obligation of the principle of bona fide has already been absorbed by the principle of utmost good faith. Being an important principle of the insurance law, the principle of utmost good faith has not been established in the insurance law, and it will definitely influence the legal practice of insurance cases.In chapter one and chapter two the thesis expounds the nature, function and evolution of the principle of good faith and the principle of utmost good faith and then compares the principle of good faith and the principle of utmost good faith. The author considers the essence of the principle of utmost good faith is same as the principle of good faith, but the principle of good faith requires more on honesty. It is the application and development naturally of the principle of bona fide in the maritime system of contract of insurance. In the marine insurance the principle of utmost good faith is the center, which well communicated the rights and obligations of both sides.The chapter three in this thesis compares the legislation of the principle of utmost good faith between in England and in China by citing classical cases. For the assured, the principle of utmost good faith embodies in Disclosure and Representation, Warranty etc; for the insurer, it embodies in duty of explanation, Waiver, Estoppels and so on. Through the compare, the author drew the conclusions that it's necessary to induct into the Maritime Law; induce the conception of applicator to perfect the duty of disclosure; reinforce the meaning, quality, and fulfill scope of warranty; alleviate the obligation of insurants through setting time limit. As above-mentioned, the principle of utmost good faith shall bind all parties of the marine insurance contract.At the end of this article, the author amylases the actuality and future of the principle of utmost good faith, illuminates the positive signification of the...