The Professional Indemnity Policy shall be:
 

1. Issued by a company licensed by and registered with the IA, after the IA's approval of the conditions of such policy.
    
2. The insured shall be the Insurance Broker and the beneficiary shall be the Chairman of the IA Board of Directors in his capacity.
    
3. Issued for the purpose of guaranteeing any liability arising from damages resulting from practicing Insurance Brokerage, unintentional error, omission and unintentional negligence.
    
4. Valid throughout the license term and applicable to the annual renewal of the license. The Insurance Brokerage activity may not be practiced unless such policy is available and valid.
    
5. The insured sum under the policy may not be less than (AED 2,000,000) two million Dirhams for companies incorporated in the UAE, provided that the deductible amount may not exceed (AED 30,000) thirty thousand Dirhams for each accident. As for the branch of a foreign company or companies incorporated in any financial free zone, the insured sum under the policy may not be less than (AED 3,000,000) three million Dirhams, provided that the deductible amount may not exceed (AED 50,000) fifty thousand Dirhams for each accident.
    
6. Any amendment or alternation to the insurance policy may only be made under the written approval of the IA.