Professional Indemnity Insurance also known as Omissions and Errors, is an insurance that protects the insured professional against claims that a professional service provided, resulted in financial loss to the client due to errors or omissions or failure to perform or complete a service. This type of protection is not part of any general liability insurance.
Even the most diligent professional runs the risk of making mistakes. Professional Indemnity insurance allows you to continue practicing your profession and at the same time have a peace of mind.
Lawyers’ Professional Indemnity Insurance is mandatory.
The policy covers
The legal liability of Lawyers from their negligent acts, omissions or mistakes in relation to the exercise of their professional activities.
The policy is addressed
To any natural person practicing law in accordance with the provisions of the Law on Lawyers, Chapter 2 or any other law amending or replacing it, to the person or persons specified in the table of the policy, as well as:
Loss of Documents
Libel and Defamation
Is Professional Liability Insurance mandatory?
Mandatory is an insurance that a law or regulation imposes on individuals or businesses. In Cyprus, Professional Liability insurance is mandatory for the following occupations.
For the issuance of their license to practice their profession:
Real estate agents
Based on the manual of the Association of Chartered Accountants of Cyprus (SELC):
Based on decision of the Health Insurance Organization (GESY):
Health care service providers
In addition to:
The above information may differ from one Insurance Company to another. Depending on the insurance policy that will be proposed to you, you will get all the relevant information you need, so that you can decide on your own choice. Request our offer today. Based on your own insurance needs and budget, we will choose the right insurance for you.