Did you know that the important principle of ‘utmost good faith’ in insurance contracts was established nearly 250 years ago?
The story goes that Carter, the governor of Fort Marlborough (now Bengkulu) took out an insurance policy over the fort being taken by a foreign enemy with Boehm. The political situation was that it was known the French was likely to attack – and did – so Carter claimed on his policy. Boehm denied the claim and Carter sued.
In his seminal judgment in Carter v Boehm, Lord Mansfield held that Carter had failed in his duty of utmost good faith to disclose material facts. “Good faith forbids either party by concealing what he privately knows, to draw the other into a bargain from his ignorance of that fact, and his believing the contrary,” Lord Mansfield found.
Now 250 years later, to celebrate this milestone event, a conference is being held at Bengkulu, in the tropical isle of Sumatra with keynote speakers such as UK Professor of economic history Robin Pearson, looking at the importance of the principle to insurers, loss adjusters, insurance brokers and underwriting agents
Prominent insurance barrister Greg Pynt will also be speaking at a session specifically on the the principle’s application to insurance brokers.
Carter v Boehm 250th Anniversary Conference
Where: Bengkulu, Sumatra
When: 1-2 October 2016
Registration: $850 plus GST, limited to 35 delegates. Fee includes a guided tour of the Fort.