Saudi Arabia – Insuring malpractice of real estate experts
Thursday, 04 07 2016, Category: Insurance and Reinsurance, Country: Saudi Arabia
The Saudi Authority for Accredited Valuers identified 6 errors that could be committed by members of the Authority such as evaluating a real estate land in which the expert has an interest as was confirmed by Mr. Essam bin Hamad Al-Mubarak the secretary general of the Saudi Authority for Accredited Valuers to the “Makkah Newspaper”.
He said that the Authority will not provide an insurance policy to real estate experts, but cooperates with insurance companies in order to launch a malpractice insurance policy, where every expert will choose the insurance company that he prefers in order to cover the errors that could be committed by experts when valuing the real estate.
Source: Makkah Newspaper