The stages of concluding the insurance contract in practice according to the UAE Civil Code and its amendments.
The insurance contract is a contract between two parties which are the insured and the insurer, which obligate the first party (insured) to provide an amount of money which is the insurance money for the insurer in case of the agreed risk happened that described in the contract WhatsApp: +971555570005
The stages of concluding the insurance contract in practice according to the UAE Civil Code and its amendments.
The insurance contract is a contract between two parties which are the insured and the insurer, which obligate the first party (insured) to provide an amount of money which is the insurance money for the insurer in case of the agreed risk happened that described in the contract, in exchange for a financial instalment that pledged by the insured to pay it to insurer which is called the insurance premium.
As to stages of conclusion of the insurance contract:
The conclusion of the insurance contract go through different stages , starting when the insured provide the insurance application ,and the second stage is when the two parties concluded temporary agreement ,while waiting for the final agreement ,as the insurer send to the insured the temporary coverage memorandum, then the final agreement concluded by signing the insurance policy including the possibility that the parties will make an addition or modification to the original insurance contract, and they included that in the supplement to the insurance policy .
Therefore, the conclusion of the insurance contract passes through four stages in sequence as the following:
1. The insurance application
2. temporary covering memorandum
3. the supplement to the insurance policy.
Moreover, it must taken into consideration some points in the insurance contract, which are write down any revisions or additions for the original contract in the supplement signed by the insured and the insurer, in addition to that, the parties could before deliver the insurance contract or the supplement to undertakes to each other to submit a covering memorandum indicating their adoption of the general conditions of the insurance contract, unless otherwise provided.
Attorney / Mohamed Al Marzooqi
Mohamed Al Marzooqi Advocates & Consultancy
Lawyer in Abu Dhabi, Dubai – UAE
