“Subscribing to a policy has proven to be a form of engagement for future protection. However, a mastery of the actual policy to subscribe needs guidance from the insurer”
Insurance Law in Cameroon deals with claims against persons and entities who are insured, and focuses, to a large extent, on claims relating to the liability of insured persons in Cameroon for harm or damage caused to others within the Cameroon territory. This can include the loss of or damage to property, and even injury to or the death of, a person or persons.
The insurance law in Cameroon is governed by the CIMA code of February 15, 1995, which is applicable in 15 West and Central African states, and the Merchant Marine Community Code of 2012 applicable in the CEMAC region.
The CIMA Code which is known as the Inter-African Conference for Insurance Markets governs non-marine insurance and life insurance whilst the Merchant Marine Community Code of 2012 is applicable to marine insurance in Cameroon.
KEY ASPECTS OF THE INSURANCE LAW IN CAMEROON
- Proximate Cause: This establishes the direct link between the insured event and the loss suffered.
- Subrogation: This allows the insurer to step into the shoes of the insured and pursue legal action against a third party who caused the loss.
- Utmost Good Faith: This prevents fraud by requiring full disclosure and ensuring only those with a genuine financial stake can claim.
- Indemnity: This is a guarantee to restore the insured to the position he or she was in before the uncertain incident that caused a loss for the insured.
- Contribution: This allows for the insured to claim indemnity to the extent of actual loss from all the insurance contracts involved in his or her claim.
- Insurable Interest: The insured party must have a financial stake in the property or life being insured.
- Payment of Claims: An insurance claim is a formal request from the policyholder to their insurance company asking for payment after a covered incident, such as a hospital stay, a natural disaster, theft, and more.