Any system or network is vulnerable to various online risks despite best of the security systems employed. These risks may lead to losses to the enterprise itself called First Party Liability or losses to others, which may be attributed to the enterprise resulting in legal damages, the later being called as Third Party Liability. The First Party Risks are Hacking, Virus, Electronic Fraud, Credit Card Misuse etc., which may result in loss or damage to computers, networks, software, loss of data and other financial losses. On the other hand, Third Party Risks may lead to legal liability claims arising out of Professional Negligence, Breach of Privacy, Copyright Infringement, Libel, Slander, etc.

Charge backs are an unfortunate fact of online business when accepting credit card payments. Chargeback occurs when a Service Bank debits a merchant's account as a result of credit card having been used fraudulently on the merchant's website and the consumer repudiates the transaction.

In the US and Europe, where credit card transactions online have become widely accepted, merchant loss due to credit card fraud could be significant. Designed to protect merchants from such losses Merchant Charge back Insurance from Oman Insurance Company reimburses the merchant up to the limit of indemnity for the loss on account of any claim arising out of merchant's liability to the service bank for a credit card purchase where the use of credit card was unauthorized and made fraudulently. 

Since charge backs are a major issue in online business, we are pleased to announce our strategic partnership with Oman Insurance Company PSC., Dubai to offer a unique 'Merchant Charge back Insurance' to our customers. All you need to do is to complete the proposal form (Insurance Proposal Form) and wait for a response from Oman Insurance Company who will approach you with the terms and pricing for this insurance. Once you confirm your agreement to the terms, your worries are transferred to Oman Insurance Company and you are financially protected from credit card frauds taking place on your site.

Further, if your business is exposed to Professional Liability or your website is exposed to the risks of Hacking and Fraud - these may result not only in physical damage to your valuable data, networks or software but also in loss of business and third party legal liabilities. Here again, you can opt for a Comprehensive e-Insurance Policy to tackle these issues.

In case you require more information or want to discuss this offering with Comtrust or Oman Insurance Company, please call up Comtrust on 04-2222777 or Oman Insurance Company on 04-3911321 or fax in the Insurance Proposal Form to: 04-3911326.

For more info on our products please email us at info@comtrust.ae