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Professional indemnity of insurance brokers and insurance agents

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The Professional Indemnity of Insurance Brokers and Insurance Agents

is a compulsory insurance taken out by entities performing such activities in accordance with the Insurance Code and the Regulation on the insurance brokers and insurance agents.

 

Armeec Insurance JSC covers the professional liability of the insured with regard to:

  • Any sums up to the agreed limits of indemnity which the insured broker or their employee shall be legally liable to pay as compensation for damages occurring in the course of or in relation to the performance of his/her professional obligations as insurance and/or reinsurance intermediary as a result of a culpable act or omission according to the operative legislation;
  • Any sums up to the agreed limits of indemnity which the insured shall be legally liable to pay as compensation for damages, resulting from a culpable act or omission of the insurance agent, if he/she is a natural person, or by his/her employees, if it is a legal entity with regard to the performance of  insurance mediation according to the operative legislation;
  • Any claims settlement expenses, (including loss of profit, representing a direct and immediate result of a tort and a late payment interest charged to the insured) made with the consent of the insurer, which are included in the agreed limits of indemnity.
 

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.

 

The indemnity shall be payable for any valid claim submitted in writing within the period of the insurance, resulting from insured events occurring within the agreed period of insurance on the territory of the Republic of Bulgaria and the EU and EEA member states.

 

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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