Hull and PNI

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Marine insurance contracts such as this one are based on the doctrine of uberrimae fidei. Simply stated, this doctrine means that both parties must use the utmost good faith when dealing with each other. In terms of your duties to us, the doctrine means that any failure to disclose a fact that may be relevant to our underwriting analysis – whether the failure to disclose is intended to deceive or whether it is completely innocent or unintentional – may result at our sole discretion in your policy being declared a nullity retroactive to its inception. This duty of total disclosure is present when you apply for insurance, during the period of coverage and at the time of renewal. The bottom line is that if you think that there is even a slight chance that some fact – whether it be about your boat, your fishery, your company or anything else touching upon this insurance – might be relevant to our decision-making process, it is your duty to tell us about it.
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