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. IR 661

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.