INVOLNERT MANAGEMENT INC v APRILGRANGE LTD AND OTHERS AIS INSURANCE SERVICES LTD (FIRST THIRD PARTY) OAMPS SPECIAL RISKS LTD (SECOND THIRD PARTY)

[2015] Lloyd's Rep Plus 66

QUEEN’S BENCH DIVISION (COMMERCIAL COURT)

Before Mr Justice Leggatt

Insurance (marine) - Yacht - Non-disclosure of overvaluation of yacht - Non-disclosure of fact that the yacht was on the market - Materiality - Inducement - Waiver of disclosure - Misrepresentation as to value of vessel - Whether assured complied with policy terms as to notification of loss, commencement of proceedings and giving evidence on oath - Notice of abandonment - Marine Insurance Act 1906, sections 18, 20 and 57 to 62 - Relationship between assured, producing broker and placing broker - Duty of broker to complete proposal form and to warn assured of duty of disclosure.