Professional Indemnity Insurance

Overview

Professional indemnity insurance concerns breaches of professional duty. It can cover compensation that a natural or legal person is legally obliged to pay, including claimants’ costs and expenses, arising from claims made against the insured, its employees or directors because of negligence, error or omission in the course of business.

Who Can Be Covered?

• Accountants, Auditors and Accounting Firms
• Lawyers
• Civil Engineers and Architects
• Surveyors and Loss Adjusters
• Certification Bodies
• Security Companies
• Other Professions Subject to Agreement

Key Features and Benefits

• Clear Policy Terms, Exclusions and Conditions
• Limits Up to €5,000,000 or More by Special Agreement
• Cover for Greek and Cypriot Companies
• International Operations
• Tailored Professional Indemnity Proposals
• Responsive Service and Advice

How Liability Arises

The source page explains the framework for professional liability resulting from Greek implementation of relevant EU directives:

• A service provider is liable for damage culpably caused in providing the service.
• A service provider is a person independently providing services in the course of professional activity.
• The injured party must prove damage and causal connection between the service and the damage.
• The service provider bears the burden of proving the absence of fault.

Core Insurance Cover

Under the policy wording, insurers indemnify the insured for compensation and claimants’ costs that the insured is legally obliged to pay as a result of claims made against the insured and notified during the policy period, arising out of negligence, errors or omissions by the insured or by persons, partnerships, companies or businesses acting for or on behalf of the insured in the course of its business.

Insurers may also pay costs incurred in investigating, defending or settling claims within the policy.

Tips

Programmes can be adapted to local markets and country-specific requirements.

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