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Professional indemnity insurance

December 30, 2019

Professional Indemnity
Ian Westwood

Ian Westwood

Senior Insurance Specialist

Pitsas Insurances, with more than 35 years of experience, is one of the leading providers of professional indemnity insurance services in Cyprus.

Our standard professional insurance contracts provide cover for the legal costs and expenses arising from claims related to errors and omissions. The most common areas of risk are:

  • Breach of Duty (Professional liability)
  • Intellectual property infringement, i.e. unintentional infringement of any intellectual property right
  • Defamation and libel
  • Loss of goods or money
  • Loss of documents or data for which the insured is legally responsible. In particular, the policy covers any documents destroyed, damaged, lost, distorted or erased in the performance or non-performance of professional services
  • Fraud and dishonesty of any employee.

The usual exclusions of our contracts relate with any losses in connection with any claims related to the following:

  • Infringement of patents.
  • Infringement of trade secrets
  • Pollution of the environment
  • Bodily injury and property damage
  • Computer virus, malicious code or failure to prevent unauthorized access to your company's systems
  • Contractual liability or other obligation assumed that goes beyond the duty to use such skill and care as is ordinarily applied to your usual professional services
  • Employment harassment or discrimination
  • Government and regulatory actions
  • Mechanical, electrical or telecommunications failure
  • Insolvency
  • Work carried out by joint venture of which the insurance forms part
  • Misdeeds (criminal, dishonest or fraudulent acts)
  • Infringement or misappropriation of patterns or trade secrets
  • Claims made prior to or pending at the inception of this policy excluding all cases to which we provide retroactive coverage
  • War and terrorism

In Cyprus, professional indemnity insurance is compulsory only for lawyers and legal advisers. In addition, the Cyprus Securities and Exchange Commission regulating financial firms (i.e. brokers, fx companies, portfolio management companies ) requires from all its members a minimum coverage for professional indemnity.

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