TERMS OF BUSINESS AGREEMENT

This Terms of Business Agreement (“TOBA”) serves as the foundation for the transparent and professional relationship between EIIB (hereinafter referred to as “the Broker” or “we” or “our,”) and an individual or legal entity seeking insurance services from the Broker, (hereinafter referred to as “the Client” or “you” or “your”).

Collectively, the Broker and the Client may be referred to as “the Parties.”

Scope

This Agreement comprehensively outlines the terms and conditions governing the provision of insurance services provided by the Broker to its Clients. It covers the roles, responsibilities, and expectations of both Parties throughout the course of our engagement. This Agreement shall come into effect on the date the Client chooses Broker for its insurance services and will be effective unless suspended or replaced by other Terms of Business Agreement sent to “you” by “Us”.

 

Our Role & Services

  1. Risk Assessment and Identification:

    We shall conduct a comprehensive evaluation and identification of personal and business risks upon initial discussion.

  2. Insurance Audit:

    We shall conduct a thorough insurance audit of your existing policies to identify gaps in coverage and recommend appropriate amendments. Any decision to accept the amendments shall solely remain yours.

  3. Product Analysis:

    Based on your requirements we will identify and recommend the right products from the UAE insurance market and suggest potential insurance partners.

  4. Insurance Placement Services:

    a. We will act as your intermediary with insurance companies, representing you in obtaining insurance quotes, and negotiating terms, conditions, and prices.
    b. We will provide assistance in evaluating the various insurance quotes received to help you make informed decisions.
    c. While we will offer guidance and advice regarding potential insurers, the final decision on insurer selection remains yours.
    d. Upon your confirmation, we will arrange for the placement of the insurance policy/policies.
    e. We will assist you in preparing the necessary documentation required for policy placement.
    f. We will review the policy documents and schedules received from the insurer to ensure accuracy and compliance.
    g. We will coordinate with the insurer for any midterm policy amendments based on your instructions.
    h. Our claims management services include notifying the insurer of the claim on your behalf, assisting with claim documentation, coordinating with the insurer and loss adjuster, representing you in the resolution of claims, and facilitating claim collection/settlement as per your policy terms and conditions.
    i. We will monitor and review claims, providing periodic performance updates to you.
    j. We will assist you in the renewal of insurance policies.
    k. We will keep you informed of insurance market trends and any changes that may impact your coverage.

  5. Regulatory Compliance:

    As your insurance broker, our primary obligation is to act in your best interests. We are committed to adhering to all relevant UAE insurance laws, CBUAE regulations, and industry standards that govern insurance brokerage services. EIIB operates solely as an insurance broker and does not possess the authority to underwrite policies or process claim payments. All transactions conducted by our firm fall strictly within our capacity as a broker, and we explicitly disclaim any responsibility for confirming coverage or facilitating claim disbursements through our representatives. Please note that all documentation related to policy issuance and claim settlements will be directly issued to you by the insurer.

  6. Remuneration:

    Our brokerage is calculated as a percentage of the premium you pay to the insurer. This percentage is predetermined and varies according to the specific insurance classes, as stipulated by the regulatory guidelines set forth by the (CBUAE). The remuneration is disbursed to us by the insurer upon the successful placement of the policy and after you have fully settled the premiums. It’s important to note that brokerage and associated fees are earned over the duration of the policy period, and we reserve to retain all or a portion of any commission earned in cases where premiums are subsequently returned.

  1. Your Responsibility:

    a. As per CBUAE guidelines you are required to furnish us with a Broker Authorization Letter, granting us the authority to act on your behalf.
    b. It is your duty to fully and accurately disclose all material facts to the insurers prior to the policy inception. A material fact is any information that could influence an insurer’s risk assessment. If in doubt about the relevance of a fact, it is advisable to disclose it. Failure to disclose material facts could result in the insurers voiding the policy from its inception.
    c. Certain insurance classes may require the completion of a proposal form, questionnaire, or a similar document. While we will always offer guidance, however, it is your responsibility to complete these documents to the best of your knowledge and provide accurate information.
    d. Premium payments must be duly settled by the agreed-upon date before the policy issuance. Failure to do so may invalidate the coverage.
    e. Unless otherwise arranged, all premiums are due on the policy’s inception date. Your insurance contract may incorporate a cancellation clause. Failure to pay your premium by the due date may prompt insurers to immediately cancel the policy, providing notice of the cancellation. In such cases, insurers may still require a pro-rata premium to be paid. If we have not received the premium from you, we are under no obligation to make the premium payment to insurers on your behalf by the due date. In the event of policy cancellation after inception, we are not obligated to refund any fees or brokerage. However, we will return any premiums, less the commission refunded by the insurers.
    f. As per Insurance Authority guidelines premiums for the following classes of business must be remitted directly to the insurer.
    – Life Insurance & Fund Accumulation
    – Group Medical Insurance
    – Cargo Insurance
    – Hull Insurance
    – Petroleum Insurance

     

  1. Complaints Procedure:

If you have any feedback about our services or wish to raise a complaint you may do so by contacting your Account Executive or the senior management team.

How to register your complaint – You may reach out to us for any complaints or suggestions on the following:

Email – info@eiib.ae

Telephone – 04 3967777

Hours- 8am to 5pm (Monday – Friday)

  1. Governing Law and Jurisdiction:

The laws of the United Arab Emirates (UAE) shall govern this agreement, and any disputes arising under or in connection with this agreement shall be subject to the exclusive jurisdiction of the UAE courts.