Relationship

As an independent intermediary, we act as the agent of our clients. We offer products from a range of insurers. A list is available on request. Upon receipt of your instructions, we will place insurance with insurers, and keep you informed of the progress of our negotiations. We will advise you of any inability to place your insurance.

Level of Service & Policy Documentation

Policy documentation will be issued in a timely manner. This will normally be within 30 days of the contract of insurance being concluded.

Your policy documentation will confirm the basis of the cover and give details of the insurers. A debit note or premium billing will accompany this if it has not been sent to you earlier. The dates that the premium is due will be clearly shown and your policy may be cancelled if you do not pay premiums by due dates.

BMS Masaood will retain appropriate documents relating to business effected on your behalf in electronic or paper format for up to ten years after the expiry of the policy.

For some types of insurance cover it is possible that a claim may be made under a policy long after its expiry date and it is therefore important you keep such documents safe.

BMS Masaood may submit information to your insurers in an electronic format either by website or email.

BMS Masaood will provide you with written confirmation and details of the insurance that has been effected on your behalf, as well as the underwriters who have subscribed to the risk. Please check the details to ensure that they meet your requirements.

Cancellation Clause

Your insurance policy may contain a right to cancel within a specified period of time after taking up the policy. In the event that you fail to pay your premium by the due date the insurance may be cancelled forthwith or by insurers, giving notice of the cancellation. In the event of cancellation of the insurance contract, insurers may return a pro rata premium to us.

Once our remuneration has been earned, in the event that the insuranc e is cancelled after inception, our fees or brokerage will not be returnable.

Claims

It is essential that all claims are notified to BMS Masaood promptly and that all relevant and material facts are disclosed in order for us to inform underwriters.

Certain insurers prefer to deal direct on straightforward claims but we will always be on hand to assist. However, we do not accept liability for any unpaid claims following the insolvency of an insurer.

Your Duty of Disclosure to Insurers

It is your responsibility to provide complete and accurate information to insurers when you take out your insurance policy, throughout the life of your policy, and when you renew your insurance. Failure to disclose all material facts could render your insurance invalid and you may not be given protection in the event of a claim.

A material fact is information which would influence the judgment of a prudent insurer in fixing the premium or determining whether to accept the risk.

Please discuss with us if you are in any doubt as to whether or not information might be material or if you have any concerns that BMS Masaood might not be aware of all material information.

We do not have any liability in the event of any details provided by you is determined to be false, inaccurate or withholds any material information.

Payment to Third Parties

We may transfer client money to another person, such as another broker or settlement agent, for the purpose of effecting a transaction on your behalf through that person.

Confidentiality & Data Protection

Information you provide to BMS Masaood will be passed on to underwriters, co-brokers, subsidiaries and subcontractors when acting on your behalf. This information will remain confidential but may be used to help insurers check the information provided.

Information provided to you by BMS Masaood by way of reports and publications constitutes confidential and proprietary information belonging to BMS Masaood and may only be disclosed and/or used in accordance with permission granted by BMS Masaood.

Complaints & Compensation

It is our aim to provide a first-class standard of service at all times. However, there may be occasions where you feel that this has not been achieved.

All complaints should, in the first instance, be addressed to the Compliance Officer at our registered address. Complaints will be acknowledged, and you will be advised of the person who will be dealing with the complaint.

Taking Instructions From Someone Else

If you require us to take instructions or deal with someone other than yourself including your spouse, we will require written authority dated and signed by you.

Limitation of Liability

The maximum aggregate liability of BMS MA relating to or arising out of the services to the customer, shall be limited to an amount of AED 5,000,000 (Five Million UAE Dirham Only) (“Limited Liability”). This Limited Liability shall only applicable in event of breach of contract, breach of warranty, negligent acts, strict liability, misrepresentation or any other tort under the Laws of UAE.

In no event shall BMS Masaood, its employees or its directors be liable for any indirect, incidental, consequential or exemplary damages and loss of profits, arising directly or indirectly from the use of any of the policies or any other insurance products that the client uses, which may have been introduced by BMS Masaood, unless such damage, loss or liability arises directly from any negligent act or omission by BMS Masaood.

Security

We do not guarantee the solvency of any insurer we place business with. A liability for the premium, whether in full or pro-rata, may arise under policies where a participating insurer becomes insolvent.

Cancellation of This Agreement

Our agreement may be terminated by either party giving 14 days notice in writing to the other. In the event that our services are terminated by you we will be entitled to receive any fees or brokerage payable.

Law and Jurisdiction

Our agreement may be terminated by either party giving 14 days notice in writing to the other. In the event that our services are terminated by you we will be entitled to receive any fees or brokerage payable.