Professional Indemnity Insurance covers damages caused by the Insured to third parties as a result of non-fulfillment of his obligations in the exercise of a certain profession or provision of a certain type of professional service for which the Insured has the relevant legal capacity.
Most of the Professional Liability insurances are obligatory under the current legislation. Their main parameters are defined in the relevant regulations. Phoenix Brokers Group Ltd. offers Professional Liability insurance in the following categories:
Lawyer’s Professional liability, according to Art. 50 of the Bar Act;
The insurance covers all amounts not exceeding the agreed limits of compensation, which the Insured will be legally obliged to pay as compensation for damages caused to clients as a result of culpable non-fulfillment of professional obligations as a Lawyer (including negligence, mistakes or omissions) whereat the legitimate interests of the principal or defendant in accordance with applicable law are infringed.
Notary’s Professional Liability– according to Art. 30 of the Law on Notaries and Notarial Activity – compulsory insurance;
All amounts not exceeding the agreed limits of indemnity are covered, which the Insured will be legally obliged to pay as indemnity for damages caused to clients due to culpable non-fulfillment of professional obligations as a Notary (including negligence, errors and omissions) according to current regulations.
Doctor’s, Dentist’s and Medical Staff’s – Art. 189 of the Health Act;;
The insurance is intended for all persons who practice medicine. This insurance also covers the personal liability of persons who do not have medical qualification, but for whom the Insured is liable under applicable law. The minimum limits for one insured person practicing medicine are determined by the type of activity performed and the risk group in which they fall. The insurance may cover higher than the limits required by the Ordinance.
Tour Operator’s Liability – according to Art. 61 of the Tourism Act;
This insurance covers the liability of a licensed tour operator specified in the insurance policy for damages caused to the consumer (s) of organized group and individual tourist trips with a total price (organized trips) due to non-payment by the Insured with his contractors and / or suppliers, incl. in case of its insolvency and bankruptcy.
Hotels’ and restauranteurs’ Liability– according to Article 124 of the Tourism Act;
Subject of insurance is civil liability of Insured for damages caused to guests or visitors in own or rented tourist site during hotel and/or restaurant activity.
Insurance Brokers’ and Agents’ Professional liability – Art. 305 and Art. 316 of the Insurance Code;
The professional liability of the person specified in the policy is covered, in respect of all amounts not exceeding the agreed limits of indemnity, which the Insured Insurance Broker or its employee will be legally obliged to pay as indemnity for damages incurred during or in connection with carrying out insurance and / or reinsurance mediation as a result of guilty act or omission in accordance with the current legislation.
Chartered Accountants’ and Registered Audutors’ Professional Liability ;
The professional liability is covered in respect of all amounts not exceeding the agreed limits of compensation, which the Insured is legally obliged to pay as compensation for property damages caused to creditors, if they are a direct and immediate consequence of guilty failure to perform professional duties as a certified public accountant or a registered financial auditor (including due to negligence, errors or omissions) in accordance with applicable regulations.
Professional responsibility of designers, architects and engineers or independent construction supervision – according to Art. 171 of the Spatial Planning Act
Cover is for professional liability of:
- Designer – for elaboration of investment projects;
- Consultant – to assess the compliance of the investment project with the essential requirements for construction;
- Consultant – for exercising construction supervision;
- Builder – for complete execution of all construction works or separate types of construction or assembling works;
- the person exercising construction supervision – for constructions of the fifth category, in cases when supervision is performed at the request of the assignor;
- the person exercising technical control under Constructive section of the investment project for which no conformity assessment has been performed by a consultant
As per Art. 171 of the Spatial Development Act – liability of Insured is covered for all sites on which he has exercised his activity (except for sites as per Art. 173 para 1 of the Spatial Development Act). The insurances under this clause are concluded for a period of one year and are renewed annually without interruption while the Insured exercises its activity. After termination of activity of Insured, the insurance under this clause is concluded for a period of five years, covering the harmful actions performed after the retroactive date.
under Art. 173 para 1 of the Spatial Development Act – the liability of the Insured is covered only for one specific site. The insurances under this clause are concluded for a period longer than one year.