Introduction to Reinsurance.pdf - Prince Lobel

“Uberrimae Fides” or the Duty
of Utmost Good Faith and Fair
Dealing:
A heightened and reciprocal duty of care owed by
and between a reinsured and its reinsurer based
upon the reliance and dependence existing between
the parties given the nature of the relationship;
Derives from the “marine rule” of underwriting which
requiring an affirmative duty on the party seeking
insurance to disclose all information potentially
material to the risk where the insured risk;