WHAT IS CONCEALMENT?
An act making more difficult the discovery of that which one has a fiduciary duty to reveal or not withhold.
Concealment is the improper suppression or disguising of a fact, circumstance or qualification which rests within the knowledge of one only of the parties to a in a fiduciary relationship, but ought in fairness and good faith be communicated to the other. A neglect to communicate that which a party knows, and ought to communicate, is called a “concealment”.
WHAT IS A DISCLOSURE POLICY?
Disclosures tell the story of what’s beneath the surface.
What you see is only what you see—there may be surprises hiding out of view. Disclosure statements or documents are designed to eliminate these unwelcome surprises.
Disclosure is based on moral and ethical principles intended to generate trust, good behavior, and fairness.