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TERMS of USE

Information About Us

Insurancemarket.sg and insurancemarket.com.sg are websites (the “Website”) operated by Insurance Market Pte Ltd. (“IM”, “we” or “us”). We are a general insurance broker registered in the Republic of Singapore under the Unique Entity Number 201419683E and are fully licensed by the Monetary Authority of Singapore.

License to Use

We provide a platform for retail insurance policy comparison, information and purchase and a matching platform for peer-to-peer loans or Notes (the “Services”). We grant you a limited, personal, non-exclusive, non-transferable license to use the Services for your own personal use, subject to the terms contained herein (“Terms”).

Agreement Between You and Us

These Terms are an agreement between you and us about your use of the information, software, products, and services contained in or available through the Website. Your access to and use of the Website is conditioned on your acceptance of and compliance with these Terms. “Using” the Website includes doing actions like clicking on links, entering information, contacting us, reading our acting upon our information, articles, using our contact forms, or browsing. You using our Website or Services constitutes your agreement to all the terms, conditions, and notices contained in these Terms.

You affirm that you are either more than 18 years of age and are fully able and competent to enter into the terms, conditions, obligations, affirmations, representations, and warranties set forth in these Terms and on the Website, and to abide by and comply with these Terms.

These Terms limit the remedies available to you in the event of a dispute and require the use of arbitration on an individual basis to resolve disputes, rather than court proceedings or class actions.

Modification to Terms

We may update and make improvements to the Website regularly and can change the content at any time. We will use our reasonable efforts to keep the Website available to you, but if necessary, we may suspend access to the Website, or close it indefinitely. We will not be liable if for any reason the Website is unavailable at any time or for any period. You understand and agree that your use of the Website after the date on which the Terms has changed will be treated as acceptance of the updated Terms.

Third-Party Links

The Website and some of the articles on the Website may contain links to other resources and businesses on the Internet. We provide these citations and aids to help you identify and locate other Internet resources that may be of interest. We are not responsible for any loss, injury, claim, liability, or damage (“Loss”) related to your use of the Website or any website linked to the Website (“Linked Website”) including if this Loss (i) arises from errors or omissions in the content of any Linked Website, or (ii) is as a result of any Linked Website being down or (iii) arises from any other use of any Linked Website. Your use of any Linked Website is at your own risk. In addition, the citations do not mean that we sponsor, are affiliated to or associated with, or legally authorised to use, any trade name, registered trademark, logo, legal or official seal, or copyrighted symbol in the links.

Your Privacy

Protecting your privacy is important to us. Please review our Privacy Policy, which explains how we treat your personal information and protect your privacy.

No Unlawful or Prohibited Use

As a condition of your use of the Website, you warrant to us that you will not use the Website for any purpose that is unlawful or prohibited by these Terms. You must not use the Website in any manner that could damage, disable, overburden, or impair the Website or interfere with any other party’s use and enjoyment of the Website. You must not obtain or attempt to obtain any materials or information through any means not intentionally made available or provided for through the Website.

The content found on the Website (“IM Content”) is protected by copyright and all other applicable intellectual property rights. IM Content is for your personal use only and not for resale or third-party use. Your use of the Website does not entitle you to resell or otherwise redistribute any IM Content from the Website. For the avoidance of doubt, your use of the Website constitutes your acceptance of these Terms and your promise that you will not resell, redistribute or otherwise attempt to commercially benefit from the IM Content without the express written consent of IM. If you print, copy or download any part of the Website in breach of these Terms, your right to use the Website will cease immediately and you must, at our option, return or destroy any copies of the materials you have made.

Liability Disclaimer

Although we will use our reasonable efforts to keep the Website available and the information on the Website reasonably accurate, we, IM and/or our officers and employees make no representations about the suitability, reliability, availability, timeliness, and accuracy of the information, software, products, services, and related graphics contained on the Website for any purpose. All such information, software, products, services and related graphics are provided “as is” without warranty or condition of any kind. To the maximum extent permitted by law, we, IM, our officers, employees, agents or sub-contractors (i) expressly exclude all warranties and conditions with regard to this information, software, products, services and related graphics, including all implied warranties or conditions of merchantability, fitness for a particular purpose, title and non-infringement, and (ii) any and all liability to you, whether arising under these Terms or otherwise in connection with your use of the Website.

The foregoing is a comprehensive limitation of liability that applies to all damages of any kind, including (without limitation) compensatory, direct, indirect or consequential damages, loss of data, income or profit, loss of or damage to property and claims of third parties. Notwithstanding the foregoing, nothing in these Terms is intended to exclude or limit any liability that may not by law be excluded or limited, and in particular none of the exclusions and limitations in this clause are intended to limit any rights you may have as a consumer under Singapore law or statutory rights which may not be excluded, nor in any way to exclude or limit our liability to you for death or personal injury resulting from our negligence or that of our employees or agents.

To the extent that foregoing limitation of liability is prohibited, our sole obligation to you for damages shall be limited to S$100.00.

No Liability for Damage

Obtaining any information or materials through the use of the Website is done at your own discretion and at your own risk. We shall have no responsibility for any damage to your computer system or loss of data that results from the download of any content.

Right to Refuse

We reserve the right to refuse service to anyone and to cancel user access at any time.

Site Access within and outside of Singapore

You are responsible for making all arrangements necessary for you to have access to the Website. You are also responsible for ensuring that all persons who access the Website through your internet connection are aware of this Terms and that they comply with it.

We will use reasonable efforts to ensure that the Website is available at all times. However, we cannot guarantee that the Website or any individual function or feature of the Website will always be available and/or error-free. The Website may be unavailable during periods when we are implementing upgrades or carrying out essential maintenance on the Website.

We make no promise that the materials on the Website are appropriate or available for use in locations outside Singapore. Accessing the Website from territories where its contents are illegal or unlawful is prohibited. If you choose to access the Website from elsewhere, you do so on your own initiative and are responsible for compliance with local laws.

Peer-to-peer Lending program

To participate in the “Peer-to-Peer Lending Program”, you must be an accredited investor as stipulated under the laws of Singapore. Lenders that use or avail of the Peer-to-Peer Lending Program warrant that the are an Accredited Investor and consent to be treated as an accredited investor in respect of all transactions booked with or through the Website and all the relevant services and products offered by or through the Website.

You agree that any transaction under the Peer-to-peer Lending Program is done directly between the Lender and Borrower. We only carry out specific agency roles in the Peer-to-peer Lending Program, which are described and limited to the below:

All Loan Contracts are subject to these Terms of Use and your acceptance also constitutes your acceptance of any Loan Contract or Note issued for a Loan between one or more counter parties and you, in a Peer-to-peer loan transaction in accordance with the Terms of Use.

We can act as agents for the Lender(s) and Borrower(s) in relation to the Note or Loan Contract, acting in accordance with the tasks outlined here.

You acknowledge that the effective and efficient functioning of the Peer-to-peer Lending Program is subject to all parties to a Loan Contract strictly complying with these Terms and further specific instructions thereto sent by us.

Auction

Loans or Notes with varying tenors and principal amounts are published regularly on the Website and open to bidding by potential lenders (i.e. buyers of the note). Interested parties bid for the note by submitting a bid for the interest rate that they wish to receive for the relevant loan or note. This is done by a process of Dutch Auction. The lowest interest rate bid at the cut-off time (when bidding ends) wins the note/loan. Loans or Notes can be collateralised by a security interest. Although making best endeavours to establish whether the security interest has been properly established, Insurance Market nor its staff or associates is not responsible for the enforceability or lack thereof. The Lender accepts that he is at full risk and that any effective value of any security or collateral may be fully absent.

Funding the Peer-to-Peer Account

Customer funds under the Peer-to-Peer Lending Platform are held in a separate Client Bank Account. You may fund your Peer-to-Peer Account through a direct bank transfer to this designated SGD P2P Client Bank Accounts. You agree that all banking charges shall be borne by you and shall be deducted/charged to your Peer-to-Peer Account. Failure to timely settle any obligations under the Peer-to-Peer Lending Program can have material financial consequences to the other parties involved in the transaction or the settlement thereof for, which you may be held liable. Rights, undertakings, agreements, duties, liabilities and/or obligations arising from a Loan Contract cannot be transferred to any party, without the prior written consent of all parties involved including Insurance Market.

Early Repayment

The Borrower is entitled to make an early repayment (full repayment) of the Loan Contract by giving Insurance Market an early repayment notice via e-mail. Partial repayment of the Loan Contract is not allowed. The early repayment of the Loan Contract will become effective one (1) business day after the full outstanding loan balance, including the full interest and any fees due is received from the Borrower.

Loan Maturity, Repayment and Roll-Over

The principal amount and/or interest and charges shall be due and payable on or before the relevant Due Dates stated in the Note or Loan Contract.

If any payment becomes due on a day that is not a Business Day, the Due Date of such payment will be brought forward to the last business day before the original Due Date.

If repayment does not take place by the Borrower on the the due date a 1 month remedy period will start. During this 1 month period the Borrower will pay an additional 5% (p.a.) interest. After this 1 month period the collateral documentation (if any) will be passed to the lender who can then pursue repayment in line with Singapore jurisdiction.

Warranties

By using the peer-to-peer program in whatever shape or form, the User warrants that you are not carrying on money lending as a business and that you are not engaged in any activity that, in conjunction with this Peer-to-peer Lending Program, might be construed as carrying on the business of money lending.

Entry into lending under the Peer-to-peer Lending Program serves as an acknowledgement and confirmation that you have carefully considered the risks involved in lending money through our Platform, and that your participation in any Loan Contract is undertaken independently by yourself and at your own risk.

You agree and understand that engaging in a peer-to-peer lending activity whereby you are lending directly to a borrower. At no time shall you, as a lender, be lending money to us as an agent. You further warrant that we have not offered nor have you received any investment advice from us relating to the suitability of any of the lending opportunities listed on our Website or Platform.

You represent and warrant that any funds used for settlement do not represent any proceeds of crime, including any tax-related offences, and that you, or your affiliates, shareholders, directors (where applicable) or connected persons have not engaged in criminal activity or tax offences. Note that we may return funds, no matter the consequences, if we are not satisfied with its source and proceed to cancel the requested transaction or settlement. In case of doubt, we may contact you to seek additional information concerning the funds' source, which you agree to provide. You hereby agree and acknowledge that we are entitled to suspend the transaction until such additional information is received from you and is satisfactory to us. In the event that we must take any action against you to enforce your obligations under these Terms of Service, including, without limitation, turning your account over to a collection agency or a lawyer for collection, you shall be liable for all of the costs and expenses incurred by us in connection with such action.

General

You agree that no joint venture, partnership, employment or agency relationship exists between you and us as a result of these Terms or your use of the Website.

Our performance of these Terms is subject to existing laws and legal process. Nothing contained in these Terms is in derogation of our right to comply with governmental, court and law enforcement requests or requirements relating to your use of the Website or information provided to or gathered by us with respect to such use.

If any part of these Terms is determined to be invalid or unenforceable under any applicable law, including, but not limited to, the warranty disclaimers and liability limitations set out above, then the invalid or unenforceable provision will be deemed superseded by a valid, enforceable provision that most closely matches the intent of the original provision and the remainder of these Terms will continue in effect.

Unless otherwise specified, these Terms constitutes the entire agreement between you and us with respect to the Website and it supersedes all prior communications and proposals, whether electronic, oral or written, between you and us with respect to the Website.

You must not assign or otherwise transfer these Terms, or any right granted under them, without our written consent. We can freely transfer our rights under the Terms.

Any failure by us to enforce or exercise any provision of the Terms, or any related right, will not be a waiver of that provision or right. Any rights not expressly granted in these Terms are reserved.

We may provide you with notices, including those regarding changes to the Terms, by email, regular mail, postings on the Website, or other reasonable means now known or developed in the future.

Copyright and Trademark Notices

All contents of the Website are Copyright © 2021 Insurance Market Pte Ltd. All rights reserved. The name Insurance Market is trade marked and can not be used without our written consent.

Governing Law, Arbitration, and Jurisdiction

All matters related to the Website will be governed by the laws of Singapore, without regard to conflicts of laws provisions.

If you have a complaint, question, or dispute (collectively, “Dispute”) regarding the Website, you are encouraged to bring it to our attention. You may contact us at [email protected], and we will try to address your concerns. If we are unable to resolve a dispute ourselves, any dispute relating in any way to the Website shall be submitted to confidential arbitration in Singapore, except that to the extent you have in any manner violated or threatened to violate our intellectual property rights, we may seek injunctive or other appropriate relief in any court of Singapore. Arbitration under these Terms shall be conducted in accordance with the prevailing rules and procedures of the Singapore International Arbitration Centre, with each party being responsible for its own costs and fees and the joint costs of arbitration being shared equally by the parties. The arbitrators’ award shall be final and binding and may be entered as a judgment in any court of competent jurisdiction.

To the fullest extent permitted by applicable law, no arbitration or claim under these Terms may be joined to any other arbitration or claim, including any arbitration or other legal proceeding involving any other current or former user of the Website, and no class action proceedings will be permitted.

By agreeing to arbitration in these Terms, you understand and agree that you are (i) relinquishing any right to pursue claims or have disputes resolved in a court of law, (ii) any right to compulsory discovery, and (iii) any right to the appeal of an adverse arbitration decision.

You agree that, regardless of any law or statute, any claim or cause of action you may have against us must be brought within one year after the claim or cause of action arises or is known or should reasonably have been known to you, or the claim or cause of action will be forever barred

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