The Omani Lawyers Association (OLA) signed a number of agreements with insurance companies operating in the Sultanate of Oman following the amendments issued in the new Omani Lawyers Law, promulgated by Royal Decree No 41/2024. This law requires law firms to insure themselves against professional errors. The signing took place at the headquarters of the Oman Lawyers Association (OLA) on Tuesday.
The agreements were made with Arabia Falcon Insurance Company SAOG, Dhofar Insurance and Oman United Insurance Company SAOG. They will cover professional services such as legal consulting, judicial representation, legal documentation, arbitration and mediation. Additionally, they will cover employee breach of trust, loss of documents, defamation, slander, copyright infringement, breach of confidentiality, and loss mitigation clauses, all of which are automatically covered.
"In a groundbreaking move to enhance the professional protection of lawyers and improve the quality of legal practice, the Oman Lawyers Association has signed agreements with insurance companies in the Sultanate of Oman to protect against possible errors by law firms," said Dr Hamad bin Hamdan al Rubaie, Chairman of the Board of Directors of OLA.
The purpose of these agreements is to establish cooperation between the Association and insurance companies to provide professional liability insurance policies to lawyers and law firms. This will enhance the legal and professional protection of lawyers while they practice their profession. The agreements also cover financial losses resulting from professional errors, negligence, and omissions during legal practice, as well as legal expenses related to any claim covered under the policy.
Furthermore, the agreements will allow lawyers and their families to obtain comprehensive or third-party insurance for their private vehicles at preferential rates and favourable terms in accordance with the Unified Insurance Policy issued in Oman.
An insurance company stated that this initiative will create a safe professional environment for law firms. By forging agreements with insurance companies, appropriate and effective insurance solutions against professional liability will be provided to lawyers and law firms in Oman according to the terms and specifications in each agreement.
However, it's important to note that these policies do not cover intentional acts, war, terrorism, cyber risks, insolvency, delays, infectious diseases, contractual liability and other exclusions as specified in the policy terms.
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