Comprehensive insurance policy covering the Insured’s legal liability arising from his negligent acts or omissions in connection with his profession.
This type of cover is compulsory for all real estate agents as provided by the Estate Agents Law of 1987 and for insurance mediators according to the Insurance Law of 2002.
What does the Professional Indemnity Insurance Cover?
- The Professional Indemnity policy indemnifies the insured against his liability at law for damages in respect of claims for breach of professional duty made against the insured by reason of any negligent act, error or ommission.
Limit of indemnity as specified by Estate Agents Law:
- For each occurrence € 85.430
Limit of indemnity as specified by insurance Law.
- For each occurance € 1.100.000
- For each Insurance period € 1.500.000
What does the Professional Indemnity Insurance exclude?
The policy is subject to certain exclusions, some of which are:
- War, acts of terrorism, loss, damage or liability arising from nuclear weapons material and radioactive contamination.
- Liability for loss of or damage to property that is under the control of or held in trust by the Insured.
- Fines, penalties.
- Employer’s liability.
- Cyprus Court Jurisdiction.
- Acts and ommissions prior to the day of the commencement of the policy.
Who can Benefit from the Professional Indemnity Insurance?
Professionals (lawyers, real estate agents, insurance mediators, accountants, auditors, architects, civil engineers, etc).
Some Advantages of the Professional Indemnity Insurance
- Option of choosing the limit of indemnity
- Cover of legal liability arising from the negligent acts or omissions of the Insured’s employees.
- Adjustment of the premium every year.