In marine insurance each party is bound to communicate, in addition to what is required in the case of other insurance:
(a) All the information which he possesses and which is material to the risk, except such as is exempt from such communication in the case of other insurance.
(b) The exact and whole truth in relation to all matters that he represents or, upon inquiry assumes to disclose.
(Enacted by Stats. 1935, Ch. 145.)
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