Is an insurance agent's relationship with an insured governed by law?

Greshuk J. in Anderson v. Can. Mercantile Ins. Co., supra, gives his views governing the relationship between an insurance agent and an insured at p. 135: … I was firmly of the opinion that every underwriter or insurer is bound to know the nature and practice of a trade or business to which the policy relates… He elaborates at p. 144: The insured also is entitled to presume that the insurer knows all of the facts which insurers in the ordinary course of their business as such ought to know, including the general course of the particular trade, and also other facts connected with the trade which could have been discovered by inquiry.