IA-2.5 IA-2.5 Professional Indemnity Insurance
IA-2.5.1
Every
insurance aggregator must take out and continue to maintain a professional indemnity insurance cover from a licensedinsurance firm in the Kingdom of Bahrain. (See Section GR-10.1)October 2019IA-2.5.2
An
insurance aggregator must ensure that the insurance cover indemnifies against the following:a) any error or omission or negligence;b) any loss of money or other property for which theinsurance aggregator is legally liable in consequence of any financial or fraudulent act or omission;c) any loss of documents and costs and expenses incurred in replacing or restoring such documents; andd) dishonest or fraudulent acts or omissions byinsurance aggregator employees.October 2019IA-2.5.3
The indemnity cover should not contain any terms to the effect that payments of claims depend upon the
insurance aggregator having first met the liability.October 2019IA-2.5.4
The cover should indemnify in respect of all claims made during the period of the insurance regardless of the time at which the event giving rise to the claim may have occurred.
October 2019IA-2.5.5
The professional indemnity insurance cover must not be cancelled without the CBB's prior written approval.
October 2019
