Demonstrate the principle of utmost good faith as a long established principle under marine insurance contracts.The Red Giant ship which is owned by the Dino Shipping was seized by Zeal State during the war with Lucas State. The Red Giant is insured with KLM Insurance Co. for hostility, heavy weather and fire. Dino Shipping claims compensation for total loss of the ship from KLM Insurance Co. Once the war is over, Zeal State returns the ship and makes compensation for the period in which the ship cannot operate business transactions. Discuss the legal rights of Dino Shipping and KLM Insurance Co.

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The principle of utmost good faith also known as uberrimae fidei is a fundamental principle in marine insurance contracts It requires both parties the ... View the full answer