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HIH Casualty & General Insurance Ltd v Chase Manhattan Bank [2003] UKHL 6

7 March 2003

Agency - Negligence - Remedies - Damages - Fraud - Avoidance - Duty of utmost good faith - Misrepresentation - Non-disclosure - Financial contingency insurance for film production finance - Insurers sought to avoid for alleged misrepresentation and non-disclosure by brokers - Effect of ‘truth of statement’ clause in policy wording - Insurers’ waiver of insured’s duty to disclose did not relieve broker of independent duty to disclose as agent - Insured’s liability for innocent or negligent misrepresentation by brokers excluded - Liability for fraudulent misrepresentation by agent not excluded - Deliberate and dishonest or reckless non-disclosure by broker could amount to fraudulent misrepresentation - Insurers could only avoid or claim damages if they could establish fraudulent misrepresentation or non-disclosure - Misrepresentation Act 1967, s 2(1) Chase was the representative of a syndicate of lending banks which advanced substantial sums to finance the making of films. ...

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