Mandatory Professional Liability Insurance for Notaries, Specialists, and Translators Now Enacted under UAE Laws
In a significant move aimed at enhancing protection for clients and claimants, the UAE government has issued three new Ministerial Decisions related to the Notarial Profession, Expertise Before the Judicial Authorities, and the Translation Profession. These decisions, numbered 208/2024, 211/2024, and 215/2024, were issued in May 2024 and are expected to drive increased demand for professional liability insurance products tailored to these professions.
The new laws cover a wide range of specific types of cases, including loss, damage, destruction of documents, negligence, breach of duty, dishonesty, fraud, defamation, libel, and other professional and technical errors. This expanded coverage is designed to provide a greater level of protection for affected clients and claimants.
The Ministerial Decisions provide clarity and detail about the professional indemnity insurance (PII) coverage required for experts, translators, and private notaries in the UAE. However, the specific requirements for PII policies for these professions, as outlined in these decisions, are not detailed in the available search results.
While general information related to insurance regulations and prudential requirements in the UAE context is available, there is no direct mention of the terms and coverage specifics required by Ministerial Decisions No. 208/2024, 211/2024, or 215/2024 in the context of UAE notaries, experts, and translators.
Insurers will need to offer policy products that meet the specific requirements outlined in the Ministerial Decisions, such as minimum coverage limits and non-revocable terms. Minimum coverage amounts are mandated, particularly for policies obtained by expert and translation houses.
The mandatory insurance requirements have the potential to impact practices in the UAE for the better, encouraging risk management measures to reduce claims and insurance premiums. By requiring professional liability insurance, the UAE government is fostering a culture of accountability and transparency within these professions, ultimately benefiting both service providers and their clients.
For precise details about the coverage amounts, terms, mandatory policy features, or compliance procedures for these PII policies as per the ministerial decisions, official UAE government or legal sources (such as the Ministry of Justice or Federal Insurance Authority) or the full text of the ministerial decisions themselves would be required. Further research with access to these specific legal documents or authoritative UAE regulatory sources is recommended.
Financial institutions may be compelled to formulate and provide professional liability insurance products that adhere to the specifications outlined in Ministerial Decisions 208/2024, 211/2024, and 215/2024, targeting the Notarial Profession, Expertise Before the Judicial Authorities, and the Translation Profession in the UAE. This move could potentially spark increased business opportunities within the industry for insurance providers offering insurance products custom-tailored to meet the unique needs of these professions, thereby fostering a more accountable, transparent, and secure business environment.
