Professional Indemnity Insurance

The purpose of professional indemnity insurance is to provide insurance coverage for any damage caused by errors and mistakes in the performance of the insured profession to a third party. For many professions, taking out professional indemnity insurance is required by law.

Professional indemnity insurance covers the following:

  • any financial damage caused to the client of the insured by a misconduct in performing the insured profession
  • for selected professions, the coverage is extended to include damage to property or health, provided that this results from a breach of duty.
  • costs of legal defense of the insured in connection with the claim for damages brought against him resulting from the breach of obligations in the exercise of the insured profession
  • damage to documents taken over by the insured from the client for the purpose of performing the insured profession

Professional indemnity insurance can be arranged for the following professions:

  • auditors
  • tax advisors
  • accountants
  • real estate agencies
  • attorneys-at-law
  • bankruptcy trustees
  • notaries
  • auctioneers
  • financial intermediaries, financial advisers
  • experts, interpreters, translators
  • authorized engineers, authorized architects
  • construction managers, construction supervisors
  • companies providing IT services
  • any other professions based on individual request