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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
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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