Insurance, Lloyd's of London, Utmost Good Faith (Insurance), A.I. Root Company, Marine Insurance Act 1906, legal doctrine, fiduciary duty, principle of transparency, insurance contracts, good faith negotiation

Insurance is a contractual arrangement where one party (the insurer) provides financial protection to another (the insured) against specific risks. Lloyd’s of London is a historic insurance market known for specialized underwriting. The principle of utmost good faith requires both parties to disclose all relevant information honestly. The Marine Insurance Act 1906 provides the legal framework for marine insurance contracts in the UK. A fiduciary duty involves acting in the best interests of another, emphasizing trust and integrity. Transparency and good faith negotiation are essential in forming fair insurance contracts, ensuring clarity and trustworthiness in the process.