Terms of Business Agreement

SCOPE

The purpose of below business terms and conditions are to set out the general rights and obligations of both insured & broker in respect of insurance business dealings only; to the extent that any mutual matters are not expressly addressed below will remain unaffected and unaltered. The below shall not override the terms of any underlying insurance policy contract for or of subject matter of insurance or any other specific agreement.

WHO WE ARE?

"We/us/our" means Middle East Insurance Services LLC who act as an Appointed Representative of our clients. The Group Head Office is MESCO, PO Box 917, PC-111, Al Jami Al Akbar Street, Muscat, Sultanate of Oman. Telephone +968 94809255. Fax +968 24502022. Email: ranjan.jain@affiniteinsurance.com Website: www.affiniteinsurance.com

REGULATION

We are licensed & regulated by the Capital Market Authority, Muscat, Sultanate of Oman to sell general & life insurance products and provide insurance broking services. Our registration number is 52/B. These details can be checked on the CMA register by visiting their website www.cma.gov.om or by contacting them on +968 24823100.

OUR SERVICE

We are an intermediary acting on your behalf. Our service includes advising you on your insurance needs, arranging cover with insurers to meet your requirements, assisting you with any ongoing changes to the insurance we have arranged on your behalf and arranging instalment facilities. We are able to offer a range of general insurance products and have access to a number of insurers with whom we place your insurance. We will give you details of these insurers when we discuss your individual requirements. For some classes of insurance, for example where Middle East Insurance has delegated authority from an insurer to issue policies, they may act as agent of the insurer. When this occurs, we will inform you before you purchase insurance from us.

YOUR CONTRACT OF INSURANCE –
INFORMATION WE NEED TO KNOW ABOUT

You have a duty to provide a fair presentation of the risk which means you must make a clear and accessible disclosure of all material facts that you know, or ought to know. You must also provide sufficient information to make insurers aware they may need to ask further questions to uncover material facts. You are required to provide information revealed by a reasonable search of your business and the material knowledge of your senior management. All information you give must be true and complete, before and during the life of the policy. Failure to make a fair presentation of the risk could lead to your insurer refusing or reducing claims payments, cancelling the policy or imposing additional terms, conditions or premiums.

A material fact is any fact which affects the judgement of a prudent insurer to accept your risk and, if having accepted the risk, determines the level of premium to be charged and/or which terms and conditions are applied to the policy. If you are in doubt about the information you need to provide, please contact us.

AWARENESS OF POLICY TERMS

When a policy is issued you are strongly advised to read it carefully. It is the policy document, the schedule and any certificate of insurance that is the evidence of the insurance contract you have purchased. Please ask our advice if you are in any doubt over any of the terms or conditions, as failure to comply with policy conditions may result in your cover being cancelled or suspended and/or claims being refused.

REMUNERATION

Our remuneration is normally a commission payable to us by the insurer and/or premium finance provider. If commission is not payable on any policy, we will confirm our fees before you purchase your insurance. In addition, for all policies, we have no right to charge any administration fee or claim handling fee from you.

If you make a change, or cancel your policy mid-term which results in a return premium or are eligible for a retrospective rebate, we will retain any commission and /or fees to cover our administration costs. Middle East Insurance Services LLC may also receive additional payments from insurers reflecting profitability and/or volume of business placed with them, these payments will be retained by them.

CLAIMS

If you have to claim on your policy or have been involved in an incident that may result in a claim you must notify us immediately on the email IDs provided at the time of entering into broking agreement. Additionally by way of Telephone +968 94809294 for motor claims and +968 94809255 for non-motor claims. Failure to do so may invalidate your claim. In an emergency, or outside our business hours, please refer to your policy for guidance. You should not admit liability, or agree to any course of action other than emergency measures to minimize a loss, until you have agreement from your insurer.

CUSTOMER PROTECTION & COMPLAINTS

Our intention is to provide you with a high level of customer service at all times. If there are occasions when we do not meet your standards please contact us on either +968 79512101 or ranjan.jain@affiniteinsurance.com If your concerns cannot be addressed immediately a full reply will follow within least possible time period, unless we are waiting for information from another party, in which case you will be advised the likely timescale involved.

PROFESSIONAL INDEMNITY POLICY (PI)

Middle East Insurance Services LLC is covered by the PI policy. You may be entitled to compensation from the policy if we cannot meet our obligations and remain negligent in addressing the risk properly. This depends on the type of business and the circumstances of the claim. Insurance advising and arranging is covered for the limits as advised by CMA.

GENERAL DATA PROTECTION REGULATIONS

We comply with the General Data Protection Regulations. For further information on how we process your personal information please refer to our Privacy Policy which may be asked in specific.

We both acknowledge and agree that in certain circumstances you will need to share the Personal Data of your employees in order that we can arrange the appropriate insurance programme for you. This information may include their name, address, date of birth, health information, details of criminal convictions and employment record. We will both ensure that we have all necessary legal bases in place to enable lawful transfer of the shared Personal Data to the other and other Permitted Recipients for the purposes of arranging insurance.

Permitted Recipients includes you, us, any third parties engaged to perform obligations in connection with this agreement, and any other person agreed in writing between ourselves.

You will give full information to any data subject whose personal data may be processed under this agreement of the nature such processing. This includes giving notice that, on the termination of this agreement, personal data relating to them may be retained by us or, as the case may be, transferred to one or more of the data recipients, Permitted Recipients, their successors and assigns.

We both agree to process the Shared Personal Data only for the purposes of this agreement and not disclose or allow access to the Shared Personal Data to anyone other than the Permitted Recipients. To ensure that all Permitted Recipients are subject to written contractual obligations concerning the Shared Personal Data (including obligations of confidentiality) which are no less demanding than those imposed by this agreement. To ensure that it has in place appropriate technical and organizational measures, reviewed and approved by the other party, to protect against unauthorized or unlawful processing of personal data and against accidental loss or destruction of, or damage to, personal data. We will process the Shared Personal data in accordance with the provisions of our Privacy Notice.

CLIENT MONEY

The CMA Insurance Broking Rules are designed to protect you in the event that an insurance intermediary fails or is unable to transfer:

Any premium money it has received from you to the insurer
Any claims or return premium monies that it has received from the insurer to you.

Middle East Insurance Services LLC are governed by strict rules pertaining to Client Money, set down by the CMA. Whereby Insurance Brokers are not allowed to collect premium in their own bank accounts. Agreement terms with different insurers vary but premium needs to be collected directly favoring them.

INSTALLMENTS

As an Insurance Broker, we can mutally arrange for payment of your premium to be spread over a number of instalments by introducing you to insurers’ own monthly payment facilities. Please be aware that failure to keep up with your instalment payments (default) may result in the policy being cancelled.

MISCELLANEOUS

These terms of business shall be governed by and construed in accordance with Sultanate of Oma La& its courts. Please contact your advisor if there is anything in these terms of business you do not understand, need further clarification on, or with which you may disagree.