On The Principle Of Utmost Good Faith, Of The Marine Insurance

As is traditionally powerful on maritime transportation,British,naturally,comes to be the nation who has the most influence on the modern maritime insurance.Lord Mansfield,a Judge of British,established the basic principles of the modern maritime insurance in 1766 in the Carter case,of which the Utmost Good Faith was one of the most important and constituted to be the basis of British maritime insurance laws. The Maritime Insurance Law of British 1906 has been the most influential law in the international maritime insurance market and it stipulates that "A contract of marine insurance is a contract based upon the utmost good faith and,if the utmost good faith be not observed by either party,the contract may be avoided by the other party."The legislation system of our nation is close to the Civil Law system.Normally, there is a principle of Good Faith in the civil and business law of Civil-Law-system nations.The principle of Good Faith was added into the Insurance Law of PRC 2003 revised but the principle of Utmost Good Faith has not been stipulated yet. There are special provisions on maritime insurance in the Maritime Law of PRC 1992 but there is still no the principle of Utmost Good Faith in this special law.The definitions and characteristics of both the Good Faith and Utmost Good Faith are discussed in the Chapter One in this thesis.The relationship of the two principles is expounded to explain their different sources and development backgrounds.However,it shall not be denied that the principle of Good Faith is the cure spirit of the principle of Utmost Good Faith.The Chapter Two is focused on the reflection of the principle of Utmost Good Faith in the British maritime insurance laws.The obligation of disclosure shall be the major part of principle of Utmost Good Faith for the assured.But the standard of the obligation of disclosure does not keep without changes and three cases in British are raised by the author.Although the principle of Utmost Good Faith is not expressly stipulated in the laws of our nation,this principle has been accepted,as is expounded in Chapter Three,by certain provisions in the maritime laws and insurance laws of our nation.And Chapter Three also has a discussion on the difference between the principle of Utmost Good Faith under British laws and PRC laws.The last Chapter expounds the principle of Utmost Good Faith in the Draft for revised version of the insurance law of PRC.The suggestions for the revising the maritime laws of our nation are also set forth by the author to try efforts for consummating the legislation of our nation on the principle of Utmost Good Faith.