General AccidentProfessional Indemnity
Professional indemnity responds when a client alleges that professional advice or a professional service caused them financial loss - an error in a design, a missed deadline, negligent advice - and pays the damages together with the cost of defending the allegation.
In Saudi Arabia it is a practical requirement for engineering and design consultancies, accountants, and IT and management consultants, and it is frequently written into client contracts and government tenders. Cover is on a claims-made basis, so the policy in force when the claim is made is the one that responds.
Risk Coverage
- Alleged or actual negligence
- Defense costs
- Personal injury
- Temporary staff and independent contractors
- Claims arising from services provided in the past
- Claims and damages
Pre-requirements
Broker of Record- Commercial Registration
- Wassel /National Address
- VAT Certificate
- Proposal Form
- 3 years claims experience
- A declaration letter if first time insurance
- A Copy of Contract (Single Project)
- 3 years Audited Financial Reports in English