Does a contractual provision that there are no promises, representations, verbal understandings or agreements except those contained in the contract insulate a principal from liability for fraudulent conduct?

In Herzog v. Capital Co., supra, 27 Cal.2d 349, 164 P.2d 8, the court held that a contractual provision that there were no promises, representations, verbal understandings or agreements except those contained in the contract did not insulate a principal from liability for his own fraudulent conduct. (Id. at p. 353, 164 P.2d 8.) According to the court, "[a] principal under a positive duty to make a disclosure cannot escape liability for failure to do so by relying on a contract provision to the effect that there are no other representations except those contained in the written agreement." (Id. at p. 354, 164 P.2d 8.)