Uberrimae fidei. It means "utmost faith," and it imposes a duty on those applying for marine insurance to disclose all facts that may be material to the insurance risk.
For example, a recreational boat owner learned, to his chagrin, this his newly-purchased 66-foot sport fishing vessel was unseaworthy on its first voyage after purchase due to considerable flexing exhibited by the hull during the voyage. The owner made an insurance claim, and the mortgage holder asserted its rights to protection under the policy, but in the end the Court found the policy void based on a material representation of the purchase price for the vessel (among others).
Moral of the story?
Marine insurance is a curious legal creature, and precautions should be taken when completing insurance applications.
via Ventker Henderson, PLLC: https://www.ventkerlaw.com/uberrimae-fidei-still-alive-and-well-in-new-11th-circuit-case
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