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Service Contract Liability (Insurance)
"I need a Service Contract Liability Insurance agreement for my IT consulting company based in Riyadh, with coverage starting March 1, 2025, that includes cyber liability protection and covers operations across the GCC region, while ensuring full Sharia compliance."
1. Parties: Identification of the insurer, insured party (service provider), and any additional named insureds
2. Background: Context of the insurance agreement and relationship between parties
3. Definitions: Detailed definitions of terms used throughout the policy, including technical and Sharia-compliant insurance terminology
4. Scope of Coverage: Detailed description of what service contract liabilities are covered under the policy
5. Policy Period: Duration of coverage, including start and end dates, and renewal terms
6. Premium and Payment Terms: Premium amount, payment schedule, and consequences of non-payment
7. Limits of Liability: Maximum coverage amounts and sub-limits for different types of claims
8. Exclusions: Specific circumstances, activities, or losses not covered by the policy
9. Claims Procedures: Process for filing and handling claims, including documentation requirements
10. Obligations of the Insured: Duties and responsibilities of the service provider under the policy
11. Cancellation and Termination: Conditions and procedures for policy cancellation by either party
12. Dispute Resolution: Procedures for resolving disputes, including Sharia-compliant arbitration provisions
13. Governing Law: Specification of Saudi law and Sharia principles as governing law
14. Notices: Methods and addresses for official communications between parties
1. Additional Insured Endorsement: Section defining additional parties covered under the policy, used when client requires coverage
2. Cross-Border Services Coverage: Special provisions for services provided outside Saudi Arabia, included when international operations exist
3. Cyber Liability Extension: Coverage for digital service-related risks, included for technology-based services
4. Professional Services Extension: Additional coverage for professional advice or services, used for professional service providers
5. Retroactive Coverage: Coverage for claims arising from services provided before policy inception, used for existing service providers
6. Takaful Pool Participation: Terms for participation in Islamic insurance pool, used when policy is structured as Takaful
7. Sanctions Clause: Compliance with international sanctions, included when dealing with international services
1. Schedule A - Service Description: Detailed description of covered services and associated risks
2. Schedule B - Premium Calculation: Breakdown of premium calculation and payment schedule
3. Schedule C - Claims Documentation Requirements: List of required documents and procedures for claims
4. Schedule D - Risk Management Requirements: Mandatory safety and risk management procedures
5. Schedule E - Coverage Territory: Geographical scope of coverage and any territorial limitations
6. Appendix 1 - Certificate of Sharia Compliance: Certification from Sharia board regarding policy compliance
7. Appendix 2 - SAMA Compliance Declaration: Declaration of compliance with SAMA regulations
8. Appendix 3 - Claims Forms: Standard forms for submitting claims under the policy
Authors
Professional Services
Information Technology
Construction Services
Facilities Management
Healthcare Services
Engineering Services
Consulting Services
Maintenance Services
Transportation Services
Educational Services
Financial Services
Security Services
Cleaning Services
Telecommunications
Energy Services
Legal
Risk Management
Compliance
Operations
Finance
Procurement
Business Development
Client Services
Quality Assurance
Claims Processing
Corporate Governance
Risk Manager
Compliance Officer
Legal Counsel
Insurance Manager
Operations Director
Contract Manager
Chief Financial Officer
Chief Operating Officer
Project Manager
Service Delivery Manager
Quality Assurance Manager
Procurement Manager
Business Development Manager
Claims Manager
Corporate Secretary
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