Professional liability insurance (PI)
An event is recognized as insured if:
Action or inaction
Cause and effect relationship
We indemnify for financial losses caused to third parties as a result of professional activities (professional duties)
What types of activities can be insured?
Activities that require special qualifications and education:
- Real estate
- Accounting, etc.
Benefits of insurance in INGO
Experience and compliance
Optimal insurance conditions
Amount and payment of insurance indemnity
The amount of the insurance indemnity is determined on the basis of documents from the competent authorities or by a court decision. If, by a court decision, the amount of indemnity exceeds the limit of liability under the insurance contract, the insurance indemnity shall be paid within the limit specified in the contract, and the balance shall be paid by the insured.
If there is no doubt as to the essential circumstances of the insured event (the fact of the event and damage, the existence of a causal relationship, the amount of damage, etc.), the insurance indemnity may be paid out of court.
Within the limits of the insurance contract, reimbursement of expenses incurred to prevent and/or reduce losses may be provided for, even if the measures taken were unsuccessful.
Only financial losses are covered, not material losses. Damage to life, health or property is not covered.
The level of financial stability of INGO
outlook - «Evolving»
Frequently asked questions
The sum insured is determined by agreement of the parties - the insured company and INGO - based on the amount of possible losses that may be caused to third parties (the company's clients) in the course of the insured company's performance of its professional duties and legal requirements.
The cost of insurance is calculated individually and depends on the following factors:
- the amount of coverage
- type of activity of the insured company
- total turnover (current and next year)
- actual and planned revenue from the insured activity
- number of employees
- availability of non-resident employees
- work experience
- history of claimed losses
An exhaustive list of exclusions is determined by the insurance contract on the basis of the INGO insurance rules. Exclusions from insurance coverage are:
- Disclosure of information
- Intentional, criminal acts
- Losing a case in court, unless it was a direct result of a lawyer's mistake (missed deadlines, etc.)
- Actions of contractors
- Actions of a trainee or other unqualified person (including in case of replacement of an absent employee)
- Actions of the insured's representative who does not have the right to carry out the insured professional activity
- Loss of documents
- Claims based on the termination / termination of the contract between the insured and a third party
- Consulting services, other than within the framework of the insured activity specified in the contract, in particular: consultations on investments
- Actions of the Insured that are incompatible with his/her independent status (interest)
- Providing a deliberately false conclusion drawn up without verification
- Valuation of property that has cultural or historical value, is an antique
- Requirements for the return of fees