A comparative analysis of utmost good faith in colombian and english insurance law

Abstract

Both Colombian and English law impose pre-contractual information duties on the assured; in both cases these duties are derived from the principle of good faith present in Roman law, the law merchant and throughout early modern insurance law. However, the development of this principle and the consequent duties in each jurisdiction led to sufficiently significant differences that produced substantial criticism and reform in England, but have not led to much criticism in Colombia. Even though the Colombian approach is not always more favourable to the assured, the specific situations in which Colombian law is more assured friendly have been enough to not disturb the different actors of the insurance business. The solutions introduced in 2012 in England have in a great way equated, at least in the field of consumer insurance law, the assured’s pre-contractual duty of information with the Colombian regime. In the end both jurisdictions have been able to cope with the difficulties that good faith in the pre-contractual stage can entail. Most problems have been or are being addressed and good faith and the assured’s pre-contractual information duties remain a very significant and important part of both countries insurance contract law.