PROFESSIONAL LIABILITY

Subject of the insurance:

With the insurance contract “Professional liability”, the Insurance company is obliged to cover the liability, regulated in the legislation in force, of the Insured person for indemnity of damages, as a result of culpable failure of his/her professional obligations.

The insurance covers the professional liability of the Insured person as per written claims of the impaired parties about the suffered damages, presented within the term of the insurance contract.

Covered risks

The liability of the Insured person in relation to:

• all sums up to the amount of agreed liability limits, which the Insured is legally obliged to pay as indemnity for damages, caused to third parties, as a result of culpable failure of his/her professional obligations.
• Court expenses, incurred as a result of proceedings against the Insured person, instituted based on claims, covered by the insurance, when the Insurer was called in the proceedings.
• The insured event is considered as occurred, when the act or omission of the Insured, resulted in the cause of one or more damages, has occurred within the term of the insurance coverage.

The covered risks can be extended by:

• risks, set as excluded in General terms and conditions or in the Special terms and conditions for the specific profession type can be included in the policy’s coverage if there is no other insurance type or sub-type provided for by the law.
• agreement of a date of retroactive action of the insurance.

Insurance sum:

Limit of liability in annual aggregate and Limit of liability per single event, including the court expenses, no matter of the number of the impaired individuals who presented the claim, are agreed upon.

The deductible in each damage, as a percentage of the amount of the damage, as a minimal absolute sum in each damage or combination of both is agreed upon.

Insurance premium:  Determined by the tariff of the Insurer. Dependent on:

• aggregated limit of liability, by the ratio between the aggregated limit and the limit of liability per single event,
• the specifics of the professional activities,
• the incorporation of retroactive date
• number and qualification of the personnel of the Insured person, working under employment contract.

Duration of the insurance: One year.

Insurance indemnity:

The Insurer pays the insurance indemnity against written claim and based upon:

• enforced court decision against the Insured person if it is ruled with the participation of the Insurer;
• agreement between the parties of the insurance contract and the person, who suffered the damage.

Types of professional liability:

• Notaries;
• Lawyers;
• Expert-accountants and financial auditors;
• Medical personnel;
• Insurance brokers and agents;
• Tour operators;
• Teachers and educators;
• Receivers;
• Private Judicial Enforcers;
• Surveyors and values;