LIABILITY INSURANCE
Professional liability insurance
If you are performing a professional activity that requires insurance, then this is for you. This is an insurance product that provides protection for your business for which you are responsible. The most important aspects of insurance are described below.
Compulsory professional liability insurance can be concluded by people with different professions: doctors and medical staff, lawyers, notaries, architects, accountants, auditors, PEAs, brokers.
How is the insurance premium determined?
The insurance limits are in accordance with the regulatory requirements for each type of insurance: for one event and for all events during the insurance period. The premium is determined depending on the chosen limit of liability and the type of profession.
What does this insurance cover?
The Insurer indemnifies the Insured Party, up to the agreed limit, for the amounts he is obliged to pay to third parties under Bulgarian law for damages caused by culpable failure to perform his professional duties due to error or inaction committed by the Insured, his employee, including subcontractors, agents or consultants acting on his behalf and for whom he is responsible while they are carrying out their professional activities during the insurance period.
Exceptions: War, strike, civil unrest, terrorist acts, nuclear reaction, toxic pollution. Actions of the insured outside the scope of his professional activity. Infringement of intellectual property rights, trademarks, patents. Defamation and insult. Loss and damage of documents entrusted to the insured. Damage caused by force majeure. Claims filed under foreign law, loss of future income. Activities performed by the insured abroad.
What are the different professions insured for?
DOCTORS AND MEDICAL STAFF: According to the Health Act, all medical institutions in Bulgaria must have compulsory insurance for persons practicing the medical profession in a medical institution for property and non-property damages caused by them to third parties as a result of practicing the medical profession in or on behalf of a medical institution. The insurance is concluded for doctors and nurses in hospitals.
LAWYERS AND NOTARIES: The insurance combines different types of financial liability for different categories of persons who may cause material and moral damage to third parties during the performance of their professional duties.
DESIGNERS AND ARCHITECTS: The coverage includes risks related to the professional liability of the insured, for damages and financial losses caused to third parties with whom the insured has a legal relationship during the performance of his professional activity.
CERTIFIED ACCOUNTANTS AND AUDITORS: The Professional Liability for Certified Public Accountants and Financial Auditors insurance is compulsorily concluded by persons performing auditing activities in accordance with the Independent Financial Audit Act.
PRIVATE ENFORCEMENT OFFICERS: Professional Liability for Private Enforcement Agents insurance must be concluded by any private enforcement agent who has obtained his legal capacity under the Private Enforcement Agents Act.
INSURANCE BROKERS: The Professional Liability for Insurance Brokers and Insurance Agents insurance is compulsorily concluded by the persons performing such activities in accordance with the Insurance Code and the Ordinance on the insurance broker and the insurance agent.
IT COMPANIES: The Professional Liability Insurance of companies in the Information Technology sector provides protection of the Companies in the field of development of information products against damages to a technological product during the performance of professional duties. Damage to the technological product may occur as a result of non-performance of obligations: due to negligence, action, error, erroneous or misleading statement, breach of confidentiality or omission in the performance or non-performance of professional services.
Risks covered: professional liability, breach of confidentiality, infringing intellectual property, defamation, internet liability, fraud – causing financial loss to customers as a result of the actions of disloyal employees, legal costs, costs of recovering lost or destroyed computer data .
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