Critically analyse the courts' approach to the interpretation of the Essay

Critically analyse the courts approach to the interpretation of the duty of revelation contained in s.18 of the Marine redress Act 1906 - Essay ExampleOne of the notable ways in which marine insurance differs from some other kinds of contracts is in the difference between the way conditions and warranties be treated. While under contract law, the breaching of a contractual condition can lead to a repudiation of contract but a breach of indorsement does not allow such repudiation because a warranty is not fundamental to a contract. With a marine insurance contract however, the conditions are reversed and certain implied warranties, such as ensuring that the ship universe insured is sea worthy2, will become as capable of enforcement as a contractual condition, with the provide for voiding of the contract in the event of a breach.Where marine insurance is concerned, the contractual principle underlie such contracts is not that of Caveat Emptor (Buyer Beware) as in the usual cont racts, rather these contracts are base upon the uberrimae fides which is the requirement of good faith from both sides, as a result of which all information pertaining to potential risks must be disclosed fully and a failure to do so would be construed as concealment of relevant information, which is a valid ground for an insurer to void an insurance contract.The duties of disclosure are embodied in sections 18 and 19 of the Marine Insurance Act of 1906. segmentation 18 is earlier concerned with the duty of disclosure that is due from the insured while section 19 concerns the duty of disclosure that fall upon an agent who in involved in the process of getting a party insured. Section 20 underlies the expectation or belief of honesty that is implicit in the duty of disclosure set(p) upon an insured, so that representations are to be made in good faith.3 Since the question of marine insurance mainly arises among parties that are in the shipping business, there is an underlying as sumption behind the duty of disclosure wherein the