Chartis - Professional Indemnity Policy for Advocates

Professional Indemnity Policy for Advocates
Professional Indemnity Policy for Advocates

The Professional Indemnity Policy for Advocates from Chartis-American Home has been designed to offer professional indemnity coverage to law offices engaging in various practices.

Offered coverage and the policy’s characteristics satisfy and/or exceed the requirements set by the Cyprus Bar Association. Insured persons include the policyholder (partnership or public limited company), current and former partners, shareholders and directors of public limited companies, predecessors in exercising the legal profession, trainee advocates, employees of the law firm, service companies, managing or trustee companies and administrators or legal representatives.

Covered professional services include the exercise of the legal profession (article 2 of the Advocates Law), pertinent services (regulation 18 of Ethics) (consulting, supportive, related, equitant or complementary of the services offered or can be offered by an advocate personally or as a trustee), and personal appointments (executor of will, receiver, manager as per the Companies Law, liquidator, referee or any other personal appointment).

Basic offered coverage includes violation of duty, literary property, defamation, fraudulence and dishonesty, and defense. In addition, it is possible to extend the contract to cover court presence (€ 200 or € 100 daily), additional disclosure period (30 days), lost documents (€ 50.000), employee breach of trust (€ 50.000), quasi-legal expenses (€ 10.000), ongoing indemnity (two years), and representatives of the insured.

The total maximum indemnity limit for all the insured parties during an insurance period is € 10.000.000, while the deductible amount is a negotiable 0,5% on the annual sales of the law office.

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