UBERRIMAE FIDEI:
In all contracts of insurance, it is a fundamental principle that the parties must exercise the utmost good faith towards each other. Any material fact which would influence the parties to the contract must be disclosed, otherwise there are grounds for avoiding the policy.
UMBRELLA LIABILITY:
A legal liability insurance which provides cover:
- in the same circumstances as other liability policies such as Public & Products Liability, Motor Vehicle etc but provides additional sums insured above those insurances (known as “Excess Liability”).
- of a wider scope than the underlying liability policies, eg covers Advertising Liability.
UNDERWRITER:
One who determines the degree of acceptability and the pricing of insurance business.
UTMOST GOOD FAITH:
Each part must enter into the Contract of Insurance with good faith and communicate every fact and circumstance which may influence the other in entering the contract.