Concept of Insurance

A contract of insurance is “an agreement whereby one undertakes for a consideration to indemnify another against loss, damage or liability arising from an unknown or contingent event.”[1]

Within the meaning of the Insurance Code, a contract of suretyship is deemed as an insurance contract “only if made by a surety who or which, as such, is doing an insurance business as hereinafter provided.”[2]

Best Legal Practices:

Safekeeping insurance contract or policy is highly recommended – As an insurance contract or policy is one that requires to be in writing, safekeeping the same is highly recommended considering it is the best evidence available.

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