Professional liability resulting from certification, licensing and controlling activities (land surveyors, engineers, assessors)

the liability of natural persons, licensed to issue certificates, appraisals, permits and other official documents and, in particular, the liability pursuant to the requirements of the Geodesy and Cartography Act for compulsory insurance of natural persons licensed to perform such activities.

Subject to indemnity under the policy will be:

• Any sums up to the agreed limits of indemnity, which the insured will be legally liable to pay as compensation for damages caused to third parties as a result of negligence, errors or omissions in the course of performance of his/her professional obligations according to the operative legislation, as engineer, land surveyor, assessor and other activities related to verification of circumstances, certification, licensing and control.
• The damages shall be established on the basis of claims, which have been initially submitted in writing within the period of insurance provided the culpable unlawful acts/omissions resulting from the performance of professional obligations and the damages occurring as a direct consequence thereof, which give rise to the claims made, have occurred after the inception date of the insurance or after the retroactive date mentioned in the policy, (if such has been agreed).
• Any claims settlement expenses will be indemnified by Armeec Insurance JSC if made with the consent of the insurer. Such expenses shall be included in the limits agreed under the policy.

The insurance premium is determined on the basis of information provided in a questionnaire duly completed by the proposer and shall be set as a fixed sum per person depending on the limits of liability, number of clients and the other risk factors.

In case of a valid claim the indemnity shall be fixed on the basis of an out-of-court agreement between the insured and the injured party, approved by the insurer. If such an agreement is not reached the indemnity will be payable on the basis of an enforced court decision.