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Professional indemnity of certified public accountants and financial auditors

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The Professional Indemnity of Certified Public Accountants and Financial Auditors

is a compulsory insurance taken out by entities performing such activities in accordance with the Independent Financial Audit Law.

 

Armeec Insurance JSC covers the professional liability of the insured in respect of:

  • Any sums up to the agreed limits of indemnity which the insured shall be legally liable to pay as compensation for property damage, caused to trustees and being a direct and immediate consequence of a culpable breach of his/her professional obligations as certified public accountant or registered financial auditor  (including negligence, errors or omissions) in accordance with the operative legislation.
  • Any claims settlement expenses made by the insured with the consent of the insurer, up to the agreed limits under the insurance.

 

The insurance is signed on the basis of a proposal-questionnaire duly completed by the proposer. The policy is issued after payment of the insurance premium which is a fixed sum per insured person depending on the chosen limits of indemnity.

 

In case of a valid claim the indemnity shall be payable to the insured within 14-days’ period after establishment of its grounds and the amount due on the basis of an out-of-court agreement between the parties to the insurance contract and the injured third party. If such agreement is not reached the indemnity will be payable on the basis of an enforced court decision.

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