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Professional Indemnity of Certified Public Accountants and Financial Auditors

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Professional Indemnity of Certified Public Accountants and Financial Auditors

A compulsory insurance under Art.34(1) of the Independent Financial Audit Law, which is in force since 01.02.2002. It is designed for certified public accountants, for firms of certified public accountants and for specialized auditing firms.

Insurance cover
The insurance covers the liability of the Policyholder in their capacity of a certified public accountant and/or certified auditor, including a certified auditing firm, for the sums the Policyholder is liable to pay in connection to:

  • claims resulting from damages to the principal, which are direct and immediate consequence of negligence, error or omission (art.34 of the Independent Financial Audit Law);
  • costs and expenses for the legal defense of the Policyholder, made with the consent of the Insurer, as well as the fees and legal expenses related to the claim.

The insurance cover can be extended with the issuing of the Retroactive Effect cover. A retroactive date is agreed under the policy, which precedes the starting date of the insurance policy, for example by a year. Based on that the Insurer revises and indemnifies claims laid during the period of the insurance but based on events that occurred after the retroactive date specified in the policy. 

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