Insurance Archives - Fichte & Co Legal

Introducing Sanadak: UAE’s first Ombudsman Unit for Financial and Insurance Consumer Disputes

Anna Mkrtchyan — Thu, 28 Mar 2024 06:00:40 +0000

The UAE has taken a significant step towards enhancing consumer trust and protecting consumer rights with the introduction of the new ombudsman unit, “Sanadak”. This move follows the merger of the UAE Insurance Authority with the Central Bank of the UAE in 2020, forming a unified regulatory body for both insurance and banking sectors. The …

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A Glance in the New Insurance Law in the UAE

Ravi P. Jawani — Fri, 02 Feb 2024 04:30:40 +0000

In a significant development for the insurance sector, the recently published New Insurance Law on 31 October 2023, set to be enforced from 30 November 2023, marks an important moment in the regulatory landscape of the United Arab Emirates (UAE). The main reason for this legislative update is the formalization and codification of the transfer …

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Is the Arbitration Clause included in the General Terms and Conditions of the Insurance Policy a valid clause?

Mahmoud Ahmed — Thu, 07 Oct 2021 03:26:37 +0000

Our client approached us to assist him in filing a case against one of the well-known UAE Insurance Companies. The client complained about his insurance company refusing to cover a surgery under the medical insurance policy. The reason brought for the rejection was that the natural condition of the Insured is due to a congenital …

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Covering the same Risk under Multiple Insurance Policies

Ahmed Salih — Tue, 28 Sep 2021 08:40:14 +0000

The concept of insurance depends on the participation of a group of persons, whether physical or corporate (the insured), that distribute the risks that may result from specific events. The insureds pay pre-determined contributions to the insurance company (the insurer), which undertakes, accordingly to the policies agreed, the responsibility to pay the insurance amount for …

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Is it going to be the end of abandoned vessels in UAE waters?

Jasmin Fichte — Wed, 07 Jul 2021 03:53:31 +0000

Recently, we have witnessed the massive development in the UAE maritime industry; the UAE has acceded to two major international conventions, namely the 1996 Protocol on Limitation of Liability (“LLMC“) and the 2001 International Convention on Civil Liability for Bunker Oil Pollution Damage (“Bunker Convention”). Further, negotiations are carried out for the ratification of the …

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Civil Liability for Bunker Oil Pollution Damage

Siri Hashem — Mon, 21 Dec 2020 07:21:05 +0000

UAE APPROVES TO JOINING OF THE INTERNATIONAL CONVENTION ON CIVIL LIABILITY FOR BUNKER OIL POLLUTION DAMAGE UAE Federal Law No. 166/2020, issued on 10th November 2020, has approved the joining of the International Convention on Civil Liability for Bunker Oil Pollution Damage 2001 (the “Convention”). In this article, we aim to highlight the most important …

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News Alert: Economic Substance Requirements Guidance Issued

Dr. Laura Voda — Tue, 18 Feb 2020 09:57:08 +0000

Introduction On 11 September 2019, the UAE issued Ministerial Decision No. 215 of 2019 on the Directives for the implementation of the Economic Substance Regulations (ESR). The ESR was earlier published in April 2019 as the Cabinet of Ministers Resolution No. 31 of 2019. The Ministerial Decision of September 2019 (the “Guidance”) is served as …

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Everything You Need to Know about the New Joint Property Law

Dr. Laura Voda — Tue, 18 Feb 2020 09:36:15 +0000

Background and introduction Just recently, His Highness Sheikh Mohammed bin Rashid Al Maktoum Vice President and Prime Minister of the UAE issued Law No. (6) of 2019 pertaining to the Joint Ownership of Properties (Joint Ownership Law) in Dubai. This newly enacted law repeals Law No. (27) of 2007 concerning Jointly Owned Property in the …

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10 Things to Know about the New Incoterms 2020

Fichte Legal — Mon, 27 Jan 2020 10:07:47 +0000

Published since 1936, the International Chamber of Commerce (ICC) has published a set of three letter trading terms for the use in sale and purchase contracts. These ‘Incoterms’ deal with the obligations of the buyer and seller and consistent of 11 three- letter trading terms grouped as follows: C rules: governs where the seller arranges …

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Will insurance cover damages by rain? UAE law firm clarifies

Fichte Legal — Tue, 14 Jan 2020 04:13:05 +0000

Residents have questions whether these damages are covered under the insurance as rains are caused by “intentional act” of cloud seeding. Damages to vehicles and properties caused by the ongoing record-breaking rain spell are generally covered under the UAE insurance policies unless it has been explicitly excluded in the agreement, legal experts have said. Sridhar …

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