Professional indemnity of notaries
is taken out by entities providing notarial services. It is compulsory pursuant to the Notaries and Notary Activities Act.
Armeec Insurance JSC insures 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 damages caused to their clients while performing their professional obligations as notary public (including as a result of negligence or errors or omissions).
- Any expenses for claims settlement made with the consent of Armeec Insurance JSC. The limits agreed under the policy shall include the claims settlement expenses.
- Any sums due under a) and b) above resulting from the liability of the notary’s assistant or apprentice or any employee in the notary’s office (as mentioned in the insurance policy).
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 insured shall be indemnified within 14 days’ period after establishment of the grounds and amount of the claim on the basis of an out-of-court settlement between the parties to the insurance contract and the injured third party; in case the parties cannot reach an agreement – on the basis of an enforced court decision.