Insurance law deals with insurance policies and claims, and how these policies are formed and enforced. An insurance contract involves two parties, the first party being the insured (the policyholder) and the second party being the insurer (the insurance company). In this contract, the policyholder aims to transfer the risk of any unforeseen losses to the insurance company in exchange for a regular fee called a premium.
Once the event that is specified in the contract has incurred a loss to the policyholder, the insurance company assumes it and compensates the policyholder with a specified sum of money. An insurance policy may include third party liability coverage to cover any costs when the event that has occurred has lead to a physical injury or any damage to someone else or their property.
Insurance companies rely on lawyers to help them understand and implement the insurance laws of the country. In addition, insurance companies also employ lawyers to defend the policyholder in case a third party makes a claim against them. If the policyholder is found liable for damages experienced by the third party, the insurance company will cover the cost, as stated in the insurance policy.
Lawyers may also be employed by the policyholder in the case of bad faith insurance practices from the insurance company’s side. Bad faith practices include:
While the Insurance Law develops in UAE, Ahmed Al Maazmi Advocates and Legal Consultants has to keep in touch to provide a group of outstanding lawyers and legal consultants whose expertise, competency and specialization in the field of insurance disputes in all its forms and subjects. We have a long experience in dealing with insurers, brokers and reinsurance companies and competency in resolving all issues amicably, as well as permanent review of all legal updates within UAE or abroad.
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