PLEASE NOTE THAT THESE ARE IMPORTANT CONDITIONS AFFECTING YOUR RIGHTS AND SHOULD BE READ CAREFULLY.
These terms and conditions constitute a legal agreement entered into between the Purchaser and the Broker (as defined below) and govern the use of this Portal. They shall apply to any purchase of a Policy made through this Portal.
If the Purchaser does not agree to be bound by these terms and conditions, the Purchaser should not use the Portal.
These terms and conditions were last updated on April 30, 2019.
The Service Provider may change these terms and conditions from time to time. The Service Provider will give a Purchaser notice of any changes by posting those changes on the Portal. The Service Provider will not vary any terms and conditions which the Purchaser previously agreed whilst using this Portal. However, any amended terms and conditions will apply to a Purchaser's use of the Portal from the date they are posted and if the Purchaser does not agree with the amended terms and conditions, it is entitled to cease using this website at that time.
In this agreement unless the context indicates otherwise:
“Broker” means Prosperity Insurance Brokers LLC;
“Model Policy” means the terms and conditions for a Policy which are provided in the Quote;
“Participating Insurer” means an insurer, licensed by the Insurance Authority to conduct insurance business in the UAE, whose Products are offered for purchase on the Portal and whose details are provided in the Portal;
“Product” means an insurance product offered by a Participating Insurer for purchase for the Portal;
“Policy” means any insurance policy underwritten by a Participating Insurer;
“Portal” means this website (finmaal.com);
“Purchaser” means any person or persons, jointly and severally, who are purchasing insurance products through this Portal;
“Quote” means a quotation provided by a Participating Insurer through the Portal for a Policy, including the terms and conditions set out in the Model Policy and any additional terms and conditions which may be included in the quotation;
“Service Provider” means FINMAAL DMCC;
“UAE” means the United Arab Emirates.
The Broker, Prosperity Insurance Brokers LLC, is a limited liability company incorporated in Abu Dhabi, United Arab Emirates with its registered office at Suite 1401 Al Ghaith Holding Tower, Al Wifaq Finance Building, Airport Road, Abu Dhabi, United Arab Emirates, PO Box 31998 and licensed by the UAE Insurance Authority to conduct insurance broking business.
The Service Provider, FINMAAL DMCC, is a limited liability company incorporated in the Dubai Multi Commodities Centre, Dubai, United Arab Emirates with license number DMCC - 507881 and registered address at Unit No: 270, Level No 5, Jewellery & Gemplex 2, DMCC Business Centre, Dubai, United Arab Emirates and licensed to conduct the activities of e-marketplace Service Provider.
FINMAAL is a trading name of the Service Provider used under license by the Broker in connection with insurance business conducted via the Portal. The Service Provider is not an insurance broker and doers not sell or promote Products.
The Portal is a website which, amongst other things, compares the price and key features of Products. Through the Portal, the Broker acts as an intermediary between the Purchaser and the insurance provider offering a Policy for purchase through the Portal. The Service Provider is the designer of the Portal and facilitates the use of the Portal by the Broker through a licensing arrangement. The Service Provider is not regulated by the UAE Insurance Authority and does not, and should not be construed as, acting as a licensed insurance broker, insurance agent or any other insurance professional requiring the Service Provider to be licensed by the UAE Insurance Authority.
The Portal is a channel of communication enabling potential Purchasers to obtain Quotes from a range of Participating Insurers. The Portal enables potential Purchasers to compare the key features and price of a number of Products as well as to obtain information about the Participating Insurers whose Products are available via the Portal.
A potential Purchaser must make its own choice, based on the factual information provided. The Portal does not provide any advice, recommendation or endorsement with respect to the suitability of any Product for the specific needs and circumstances of a potential Purchaser and any decision to purchase a particular Policy shall be the Purchaser’s sole responsibility. Should a potential Purchaser require specialist advice in relation to the suitability of a Product for its specific needs and circumstances or to review the terms of a Quote, it should seek the advice of an insurance broker licensed by the UAE Insurance Authority.
IMPORTANT NOTICE: The information and descriptions of Products may not be a complete description of all of their features and terms and conditions. It is important that you read all of the Participating Insurer's terms and conditions as set out in the Quote and, in particular, the Model Policy, before deciding whether to purchase a Policy.
By using the Portal, the Purchaser agrees as follows:
(a) It will only use the Portal for legitimate business price comparison purposes.
(b) It will ensure that all information it provides for the purposes of obtaining a Quote is complete and accurate and that it has double-checked all such information before submitting it.
(c) It will not post or transmit to or from the Portal any material:
a. that threatening, defamatory, obscene, indecent, seditious, offensive, pornographic, abusive, liable to incite racial hatred, discriminatory, menacing, scandalous, inflammatory, blasphemous, in breach of confidence, in breach of privacy or which may cause annoyance or inconvenience; or
b. for which the Purchaser has not obtained all necessary licenses and/or approvals; or
c. which constitutes or encourages conduct that would be considered a criminal offence, give rise to civil liability, or otherwise be contrary to the law of or infringe the rights of any third party, in any country in the world; or
d. which is technically harmful (including, without limitation, computer viruses, logic bombs, Trojan horses, worms, harmful components, corrupted data or other malicious software or harmful data).
(d) It will not misuse the Portal (including, without limitation, by hacking).
In order to purchase a Policy through the Portal, the Purchaser must upload accurate and complete information as requested on the Portal. The specific information required will vary depending upon the nature of the Product and the information required by a particular Participating Insurer.
If the information the Purchaser uploads is incomplete, inaccurate or unclear, it will impact the information displayed by the Portal and the Broker may be unable to provide the Purchaser's information to the Participating Insurer or provide a Quote and/or any Policy purchased may be incorrect. It is the responsibility of the Purchaser to ensure that its information is accurate and complete and neither the Service Provider nor the Broker will have liability in that regard.
There is no guarantee that copies of the information provided by the Purchaser or the Policy documents or other information provided to a Purchaser will be maintained on the Portal.
The Service Provider and the Broker reserve the right to: (a) reject or delete any information provided, at their sole discretion; or (b) terminate or restrict or suspend the Purchaser's access to any information uploaded without giving prior notice to the Purchaser. Neither the Service Provider nor the Broker will be liable to the Purchaser if for any reason the Purchaser's information is rejected or deleted or their access is terminated, restricted, suspended or otherwise unavailable at any time or for any period.
In order to obtain a Quote for a Policy, the Purchaser is required to provide certain information. The questions set out in the Portal are designed to elicit all the information necessary to provide the Purchaser with accurate and appropriate information in relation to the Products available from Participating Insurers and to provide a Purchaser with a Quote. The information uploaded by the Purchaser on the Portal will be provided to the Participating Insurers and they will rely on its completeness and accuracy when deciding whether or not to offer to underwrite a Policy and the terms and conditions of the policy, including the amount of cover and the price for the Policy.
IMPORTANT NOTICE: The Purchaser must answer all of the questions set out in the Portal truthfully, completely and to the best of the Purchaser's knowledge and belief. If the Purchaser is a business-user, it should make specific enquiries of its directors, officers and senior management to ensure that any information that is relevant and important is provided. In all cases, if the Purchaser fail to provide complete, accurate and not misleading information: (i) its Policy may be invalid and its claims may not be paid; (ii) the Purchaser may be required to pay an additional premium to reflect the increased risk for the Participating Insurer; and/or (iii) the Purchaser could be liable for damage and loss caused to a third party in the event it causes an accident.
The price, length of offers, or special conditions relating to a Quote are determined by the Participating Insurers and are not set by the Service Provider or the Broker. Each Quote will specify how long it is valid for and any special conditions relating to it. Participating Insurers prices, rates and offer times are updated and amended on a regular basis so the price comparisons available through the Portal may be subject to change from time-to-time.
For most Products, the Purchase will be able to view a comparison of the prices and features offered by the Participating Insurers. However, for some Products and for "non-standard" or "high risk" coverages the Purchaser may be asked to discuss its requirements over the telephone. In these circumstances the Purchaser will be notified of the appropriate contact details for the Broker at the time of requesting a Quote.
Purchase of Insurance Products
The Purchaser may purchase, through the Portal, the Policies selected by the Purchaser. These terms and conditions, will apply to the process of obtaining a Quote and purchasing a Policy. Please note that the terms and conditions of the Participating Insurer will apply to any Policy purchased through this Portal.
By purchasing a Policy through the Portal, the Purchaser acknowledges having read and understood the Participating Insurer's terms and conditions applicable to such Policy. Such terms and conditions are set out in the Quote and a copy sent to the Purchaser in accordance with these terms and conditions. Any Policy purchased is a contract between the Purchaser and the Participating Insurer. The Participating Insurer is solely responsible for its obligations under the Policy and neither the Broker nor the Service Provider are responsible or shall have any liability in the event of the Participating Insurer's failure to satisfy its obligations under a Policy.
Any information regarding a Policy presented on this Portal is for information purposes only. The Purchaser should rely solely on the Participating Insurer's terms and conditions in respect of any Policy, because it is those terms and conditions that will apply to the Purchaser’s insurance coverage.
Cancellation of Purchase
All purchases of Policies made through this Portal shall be legally binding.
Purchases may be cancelled by the Purchaser only in specific circumstances as set out in the Policy.
The Broker reserves the right to refuse any refund which is not made through the original mode of payment.
The Purchaser understands that any claims in relation to any Policy must be made directly to the Participating Insurer, and not through this Portal or through the Broker.
Representations and Warranties of the Purchaser
By using this Portal to purchase a Policy, the Purchaser represents and warrants as follows:
(a) it is over the age of 18 and has the legal capacity to enter into this agreement;
(b) all of the information that it has supplied to via the Portal is complete, accurate and not misleading; and
(c) it has disclosed via the Portal any circumstances, including other contracts or legal instruments to which the Purchaser may be bound, that would or may impede, impair or render illegal the Purchaser’s purchase of a Policy through the Portal.
All payments in relation to a Policy purchased by the Purchaser are due on demand. All charges payable by the Purchaser shall be payable by credit card. Payments may be made online using Visa and MasterCard credit or debit cards, in AED only.
The Purchaser will not be entitled to set-off or withhold payment of any amounts due in terms of this agreement for any reason whatsoever.
The Purchaser’s acceptance of this agreement will constitute its irrevocable authority for the Broker to obtain authorisation and/or payment on the Purchaser’s credit card or charge card.
It shall be the responsibility of the cardholder to retain a copy of transaction records as well as a copy of the terms and conditions set forth in this agreement.
Delivery of Policy
All documents relating to the Products purchased by the Purchaser, including the Policy and all associated documentation, shall be delivered to the Purchaser electronically.
Limitation of Liability / Indemnity of the Broker by Purchaser
The Service Provider and the Broker will use their best endeavours to provide the Purchaser with a quality service and virus free website. However, the Service Provider and the Broker are not responsible for computer viruses or other computer related problems suffered by the Purchaser as a result of using the Portal, to the extent that such viruses and computer related problems are beyond their reasonable control. It is recommended that the Purchaser uses its own appropriate virus checking software.
The Company, the Broker, and any of their group companies and their respective officers, directors, employees, shareholders or agents, exclude all liability and responsibility for any amount or kind of loss or damage that may result to the Purchaser or a third party (including without limitation, any direct, indirect, punitive or consequential loss or damages, or any loss of income, profits, goodwill, data, contracts, use of money, or loss or damages arising from or connected in any way to business interruption, and whether in tort (including without limitation negligence), contract or otherwise) in connection with the Portal in any way, including by the purchase Products via the Portal, or in connection with the use, inability to use or the results of use of the Portal, any websites linked to Portal or the material on such websites, including but not limited to loss or damage due to viruses that may infect the Purchaser's computer equipment, software, data or other property on account of the Purchaser's access to, use of, or browsing the Portal or the Purchaser downloading of any material from the Portal or any websites linked to the Website.
Nothing in these terms and conditions shall exclude or limit liability for:
a) death or personal injury caused by negligence
b) fraud; or
c) misrepresentation as to a fundamental matter; or
d) any liability which cannot be excluded or limited under applicable law.
If the Purchaser's use of material on the Website results in the need for servicing, repair or correction of equipment, software or data, the Purchaser assumes all costs thereof.
Whilst the Service Provider and the Broker always aim to provide a high level service, regrettably things can go wrong on occasion. When this happens the Service Provider and the Broker will do everything we can to put things right and assist the Purchaser to the extent reasonably possible.
If the Purchaser has a complaint about the services provided via the Portal, please contact the Service Provider and the Broker by email at firstname.lastname@example.org, email@example.com. your complaint by close of business the following working day. If the Service Provider and the Broker are unable to resolve the Purchaser's complaint, they will try and agree the next steps with the Purchaser and a time frame in which they will be completed. The Service Provider and the Broker will advise the Purchaser of the name and job title of the person who will be dealing with the complaint.
The Purchaser should include its name and address, a contact telephone number, the Quote number and a description of why the Purchaser is unhappy with the services provided. If insufficient information to investigate the Purchaser's complaint is provided, the Broker will try and contact the Purchaser to ask for further details.
For the purposes of handling complaints, the Broker's working day is 8am – 5pm Sunday to Thursday, excluding any public holidays.
A final response will be sent within 15 working days from date on which the complaint is first notified by the Purchaser. If this is not possible, a letter or email will be sent to the Purchaser explaining why the Service Provider and/or the Broker are still not in a position to issue a final response and advising you of when the Service Provider or the Broker expects to be able to do so.
If the Purchaser is unhappy with the response to its complaint, it may contact the Insurance Authority at https://ia.gov.ae/en/services/insurance-disputes-resolution
Participating Insurers have their own complaints procedures. If the Purchaser has a complaint regarding its Policy purchased via the Portal, it should complain directly to the Participating Insurer responsible for underwriting the Policy using the details set out in the Policy terms and conditions or on the Participating Insurer's website. Neither the Service Provider nor the Broker can answer complaints on behalf of a Participating Insurer. Neither the Service Provider nor the Broker accept responsibility for any such complaints.
This document, together with the General Terms and Conditions, the Privacy Notice and the Disclaimers on the Portal contain the entire agreement between the parties regarding the matters contained herein and no party shall be bound by any undertakings, representations, warranties, promises or the like not recorded in writing.
If any provision of this agreement is found by a court of law to be invalid or void such provision will be severed from the agreement, without affecting the remainder of the provisions hereof.
No extension, latitude or other indulgence that may be given or are allowed by any party in respect of performance of any obligation hereunder, and no delay or forbearance in the enforcement of any party arising from this agreement, and no single or partial exercise of any right of any party under this agreement will in any circumstances be construed as implied consent or election by such party or operate as a waiver or a novation of or otherwise affect any party’s rights in terms of or arising from this agreement or stop or preclude any such party from enforcing at any time and without notice, strict and punctual compliance with each and every provision or term hereof.
This agreement and all matters or disputes arising there from or incidental thereto shall be governed and construed in accordance with the laws of the United Arab Emirates. The Purchaser consents to the jurisdiction of the courts of the United Arab Emirates with respect to any disputes arising out of this agreement.