Commercial Maritime Law

1. The insurer may request that the insurance contract be revoked in the event the insured provides incorrect particulars—even if no bad faith is intended— or conceals essential particulars relevant to the insurance, if such cases lead the insurer to underestimate the potential risk. 2. The competent judicial authority may, in the cases stipulated in paragraph (1) of this Article, award the insurer an amount equal to the insurance premium if it is established that the insured acted in bad faith, or an amount not exceeding half the insurance premium in the absence of bad faith.