LAWYERS PROFESSIONAL INDEMNITY

Introduction

 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:

• The predecessors of the above persons in the company.
• Any other person or persons who, during the validity of the Policy, become partners or shareholders
• Any person employed by the Insured at any time, to handle any work on behalf of the Insured.
• Any service, management or fiduciary Company owned by the Insured at the time the claim arose.
• The administrator or legal personal representative of any deceased or legally incapacitated Insured.

Covers 

• The Insured’s legal responsibility for paying compensation to his clients and other persons for claims related to his breach of professional duties due to his negligent act or omission.
• Defense Expenses authorized by the Company

Additional Covers 

Loss of Documents

Libel and Defamation

Frequent questions

 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:

Insurance intermediaries

Real estate agents

Lawyers

Based on the manual of the Association of Chartered Accountants of Cyprus (SELC):

Accountants

Auditors

Based on decision of the Health Insurance Organization (GESY):

Health care service providers

In addition to:

Research companies

Insolvency consultants

Clarification

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.