Mandatory Professional Liability Insurance for Notaries, Experts, and Translators Now Law in UAE
In a significant move aimed at enhancing the protection of clients and claimants, the UAE government has introduced new Ministerial Decisions mandating professional indemnity insurance for experts, translators, and private notaries. The decisions are related to Federal Decree-Law No. 20/2022, No. 21/2022, and No. 22/2022, and their Implementing Regulations contained in Cabinet Decision No. 16/2024, No. 17/2024, and No. 18/2024 respectively.
The policy term for this insurance is set at three years, which mirrors the term of registration for the professionals on the relevant UAE roll or register. The mandatory insurance requirements may encourage these experts, translators, and private notaries to adopt strong risk management measures to reduce claims and insurance premiums.
The insurance coverage is not limited to negligent practices but also includes claims related to defamation, dishonesty, and fraud. The coverage amounts are substantial, particularly for policies obtained by expert and translation houses. Insurers will need to offer policy products that meet the specific requirements outlined in the Ministerial Decisions, such as the minimum coverage limits and non-revocable terms.
While the specific details and requirements of Ministerial Decisions No. 208/2024, 211/2024, and 215/2024 concerning professional indemnity insurance for private notaries, experts, and translators in the UAE are not currently available, further research is underway. Additional or more focused sources, such as official UAE government publications, the UAE Ministry of Justice, or UAE regulatory authority announcements, would be necessary to obtain precise and reliable details on these decisions and their requirements.
In conclusion, the new Ministerial Decisions aim to provide a greater level of protection for affected clients and claimants, and encourage professionals to adopt risk management measures. As more information becomes available, it is expected that the UAE will continue to lead the way in fostering a safe and secure business environment.
- The substantial coverage amounts of the mandatory professional indemnity insurance for experts, translators, and private notaries in the UAE may lead to an increase in finance within the affected industries.
- Compliance with the new Ministerial Decisions regarding professional indemnity insurance could potentially create opportunities for financial institutions in the UAE's insurance sector.
