Subject to the provisions of the preceding article as to circumstances, which need not be disclosed where an insurance is effected for the assured by an agent, the agent must disclose to the insurer—
(a) every material circumstance which is known to himself or herself, and an agent to insure is deemed to know every circumstance which in the ordinary course of business ought to be known by, or to have been communicated to, him or her; and
(b) every material circumstance which the assured is bound to disclose, unless it come to his or her knowledge too late to communicate it to the agent.