INSURANCE PLATFORM TERMS AND CONDITIONS

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 Souqalmal Bahrain WLL and shall apply to any purchase of insurance products made through this platform.

By accepting this agreement, the Purchaser agrees having also accepted Souqalmal.com’s Website Terms & Conditions and Privacy Policy, it being specified that neither Souqalmal.com nor any of its owners, officers, employees or agents are participants in this agreement, nor shall they bear any liability whatsoever with respect to this agreement.

Definitions

In this agreement unless the context indicates otherwise:

“Broker” means Souqalmal Bahrain WLL (Licensed by the Central Bank of Bahrain as an Insurance Aggregator), a company organised and existing under the laws of Bahrain, with its principal place of business located at Bahrain Fintech Bay, Arcapita Building, Road 4612, Block 346, Water Bay, Kingdom of Bahrain

“Policy” means any insurance contracts available for purchase through this platform;

“Purchaser” means any person or persons, legal or natural, jointly and severally, who are purchasing insurance products through this platform.

Purchase of Insurance Products

The Broker shall facilitate the purchase of any or and all insurance contracts through this platform, selected by the purchaser.

In addition to these terms and conditions, the terms and conditions of the insurance provider supplying the Policy shall apply to any Policy purchased through this platform. The terms and conditions of the insurance service provider shall be binding over the purchaser of the policy, at any time of dispute, shall supersede any terms and conditions related to the purchase, mentioned anywhere in this website.

By purchasing a Policy through this Platform, the Purchaser acknowledges having read and understood the insurance provider’s terms and conditions applicable to such Policy.

Any information regarding a Policy presented on this platform is for information purposes only. The Purchaser should rely solely on the insurance provider’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.

Important Points:

1. Your KYC related information could be shared with potential insurer(s) in order for them to process your quotation request.

2. Rates quoted are not bound on Souqlamal.com and could be changed or declined by the insurer at any point, unless and until the premium collection is completed.

3. Material mismatch in the information supplied to process the transaction could render the policy to stand cancelled. Any third party liabilities arising on such contracts shall be recoverable from the purchaser.

4. Cancellation of policies can be requested through Souqalmal.com. The request shall be placed to the concerned insurer. The proportionate premium return shall be through the same mode through which the premium was collected.

5. The customer should always keep a hard copy of the insurance policy certificate in the vehicle, in case of any emergency.

6. Traffic upload of the insurance is done by the insurer and any glitch in those should be directly dealt with the insurer by the purchaser.

Cancellation of Purchase

All purchases made through this platform shall be legally binding.

Purchases may be cancelled by the Purchaser only in specific circumstances.

Acting as Intermediary Only

This platform and the Broker act as an intermediary between the Purchaser and the insurance provider offering a Policy through the platform. Neither the platform nor the Broker make any recommendation with respect to the suitability of any Policy, and any decision to purchase a particular Policy shall be the Purchaser’s sole responsibility.

The Purchaser understands that any claims in relation to any Policy must be made directly to the insurance provider, and not through this platform or through the Broker.

Representations and Warranties of the Purchaser

By using this Platform to purchase a Policy, the Purchaser represents and warrants as follows:

  1. it is over the age of 18 and has the legal capacity to enter into this agreement;
  2. all of the information that it has supplied to this platform is true, correct, and not misleading; and
  3. it has disclosed to the Broker 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 this platform.

Payments

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. We accept payments online using Visa and MasterCard credit or debit cards, in BHD (Bahraini Dinar) 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 irrevocable authority for the Broker to obtain authorisation and/or payment on the Purchaser’s credit card or charge card.

If any amount is not paid on the due date, the Broker may without prejudice to any rights it may have, charge interest on the overdue amount at a rate of 5% or the maximum amount allowed under the law, whichever is lower, and in the sole discretion of the Broker.

A certificate of any director, manager or accountant of the Broker as to any amount owed by the Purchaser to the Broker shall constitute prima facie proof of that amount.

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 Policy

All documents relating to insurance products purchased by the Purchaser, including the policy itself, shall be delivered to the Purchaser exclusively by e-mail. The customer is responsible for keeping a hard copy of the insurance policy in the vehicle

Limitation of Liability / Indemnity of the Broker by Purchaser

Neither the Broker nor any of its directors, officers, employees, service providers or agents shall be liable for any loss or damage, whether direct, indirect, consequential or otherwise arising from the purchase by the Purchaser of any insurance products through this platform.

The Broker, its directors, officers, employees, affiliates or agents are accordingly indemnified by the Purchaser against any claim of any nature whatsoever and howsoever arising from any damages or loss which might be instituted against the Broker, its directors, officers, employees, affiliates or agents arising from or connected with or pursuant to the purchase of insurance products contemplated in this agreement.

General

This document contains 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 Kingdom of Bahrain. The Purchaser consents to the jurisdiction of the courts of the Bahrain with respect to any disputes arising out of this agreement.

Multiple Bookings: The multiple bookings may result in multiple postings on the cardholder’s monthly statement