AN APPRAISAL OF THE IMPACT OF PRINCIPLES OF UTMOST GOOD FAITH IN THE PROMPT SETTLEMENT OF INSURANANCE CLAIMS IN NIGERIA


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TABLE OF CONTENTS

Title Page
Table of Cases
Table of Statutes
List of Abbreviations
Abstract
Tables of Contents

CHAPTER ONE: GENERAL INTRODUCTION
1.1       Introduction
1.2       Problems of the Research
1.3       Aim and Objectives
1.4       Justification
1.5       Scope of the Research
1.6       Research Methodology
1.7       Literature Review
1.8       Organizational Layout

CHAPTER TWO: NATURE AND SCOPE OF THE GENERAL PRINCIPLES OF INSURANCE CONTRACT
2.1       Theoretical Development of Insurance Contract
2.2       Nature of Insurance and Contract of Insurance
2.2.1    Nature of Insurance as a Contract of Uberrima Fidei
2.2       Origin of Utmost Good Faith, Justification and its Meaning
2.3       General Principles of Insurance Contract
2.4       The Claims Settlement Experience of Insurance Industry in Nigeria

CHAPTER THREE: NATURE AND SCOPE OF THE LAW OF THE UTMOST GOOD FAITH
3.1       The Principle of Caveat Emptor
3.2       Overview of the Principle Utmost Good Faith
3.2.1    Evolution of the Duty of Utmost Good Faith
3.3       The Meaning of Materials Fact
3.3.1    Facts which must be disclosed
3.3.2    Facts which need not be disclosed
3.4       Duration of the Duty of Disclosure
3.4.1    At Common Law
3.5       The Role of Intermediaries as Regard the Law of Utmost Good Faith
3.6       Remedies for Breach of Utmost Good Faith

CHAPTER FOUR:  ENFORCEMENT OF THE LAW OF UTMOST GOOD FAITH
4.1       Introduction
4.2       Issues of Utmost Good Faith under Common Law
4.2.1    Duty to Insurer
4.2.2    Duty to the Insurance Broker
4.3       Issues of Utmost Good Faith under Statutes
4.4       Challenges and Prospects in the Enforcement of the Law of Utmost Good Faith
4.4.1   United Kingdom Challenges and Prospects on Utmost Good Faith
4.4.2    Australian Insurance contracts Act 1984 on Utmost Good Faith
4.4.3    Nigeria Insurance Act of 2004 (Law of Federation of Nigeria Cap 233)
4.5       An Overview of Relevant Cases inNigeria, U.K. Australia, and USA
4.5.1    Carter vs. Boehm
4.5.2    HIH Casualty and General Ltd vs. Chase Mahhattan Bank
4.5.3    Synergy Health (UK) HD vs CGU Insurance Plc.
4.5.4    Jones vs. Environs Com Ltd.
4.5.5    Veriloot Dredging BV and another vs  HDI Gerling Industries Versicherung AG and others (The „DC Merwestone‟) (2014) ECWA Civ. 1349.
4.5.6    Parker and Parker vs. National Farmers Union Mutual Insurance society Ltd (2222012) EWHC 2156.
4.57     Ma Kim Ying vs. Manulife (International Ltd (2012) HKCFI 941
4.5.8    Liberty Insurance (Pte) vs. Argo Systems FZE (2011) ECWA Civ 1572
4.5.9    Lead Way Assurance Co. Ltd vs. ZECO Nigeria Ltd.
4.5.10  Rozanes vs. Bowen
4.5.11  Lambert vs. Cooperative Insurance society
4.6       Impact of Utmost Good Faith to Settlement of Claims in Nigeria and Lessons for Nigeria

CHAPTER FIVE: SUMMARY AND CONCLUSION
5.1       Summary
5.2       Findings
5.3       Recommendations
            Bibliography



ABSTRACT

One of the most important principles of the contract of insurance is the utmost good faith in which one of the parties to the contract, the insured, is expected to disclose every material facts at his disposal to the insurer at the commencement of the insurance contract in order not to void the contract abinitio. T he failure on the part of the insured not to disclose or to make misrepresentation will automatically void the contract abinitio or to exclude the other party insurer from liability of any claim that may arise under such contract. This dissertation has attempted to look at the principle of good faith worldwide, by tracing the historical background of insurance, the theoretical development of insurance, emergence of insurance companies in Nigeria and by widely studying the general principle of insurance contract and the claim settlement experience of insurance in Nigeria whether there is fairness in the operation of the principle or not. When emphasis shall be laid on the law of utmost good faith, the principle of Caveat Emptor, overview of the principle of utmost good faith, the meaning of materials facts and the duration of the disclosure under the policy of insurance, the role of intermediaries as regard the law of utmost good faith and of course remedies for breach of utmost good faith. The dissertation concluded by looking at the utmost good faith and its impact on claims settlement in Nigeria as regard common law, statues and relevant cases in Nigeria and abroad; recommendation proffered on the inequality on the operation of utmost good faith and the general expectation from insurance as a whole.




CHAPTER ONE

GENERAL INTRODUCTION

1.1              INTRODUCTION

Insurance is a form of risk management, primarily used to hedge against the risk

of a contingent loss; in essence, insurance is simply the equitable transfer of a risk of a loss, from one entity to another, in exchange for a premium1. The history of insurance could be traced to early methods of transferring or distributing risk by Chinese traders as early as the 3rd millennia BC. These merchants travelling treacherous river rapids would cleverly distribute their wares across many vessels, whereby their losses are distributed in which the vessels that are saved from capsizing compensate for the ones that are capsized2. The modern profit insurance manifested in Babylon almost 2000 years B.C. in a contract of loan of trading capital to traveling merchants3. The contract contained a clause that the risk of loss due to robbery in transit was borne by the party providing the loan. In consideration for bearing the risk, the lender calculated interest on the loan at an exceptionally high rate.4

The Greeks and Romans introduced the origin of health and life insurance around 600AD, when they organized guilds/benevolent societies such as (collegian and military societies) which afforded members certain benefits, such as proper burial rites, or a financial contribution towards burial costs or traveling expenses or members of the army. In exchange for this benefit, members of the society made regular contribution to it......

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