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Old 10-20-2016, 02:21 PM   #21
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Quote:
Originally Posted by ancora View Post
Correct me if I'm wrong: "full disclosure" does not apply to boats.
Yes and no. There is no specific law as such. However, when asked, must answer honestly or run the risk of fraud. Generally a buyer is going to want to know the history of a boat and find it one way or another. Not many secrets around. Just asking for all maintenance records will tell them, if all are supplied.

Now, if a buyer finds out and it's not been previously disclosed, that buyer will definitely get more suspicious and likely run, wondering what else wasn't disclosed.

I love what real estate has done, at least in some places, with a form they require the seller to fill out and it has many pages covering every aspect of a house.

Full disclosure is also a moral element to many that they will do without any specific law.
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Old 10-29-2016, 09:52 PM   #22
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Very educative post, thanks you..
I'm one of that guys who pays insurance "just in case"... never, ever use it (until now) so find the "fine letter" is a good educational process..
Thanks you for sharing!!
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Old 10-29-2016, 10:58 PM   #23
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In Australia the Insurance Contracts Act raises a duty of disclosure. Some things only the "insured" can know. Classic example is proposing house insurance, forest fire at the back fence, wind towards the house. The insurer won`t know, the property owner does, the insurer needs to properly assess the risk.
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