Professional-Indemnity on Pitsas Insurance

Professional indemnity insurance for fund administrators in Cyprus in 2025.

Sun, 17 Dec 2023 00:00:00 +0000

Fund administrator’s professional indemnity insurance

Even if you’re an experienced fund administrator, mistakes can happen. Regardless of your experience level, there is always the possibility of an error and omission.

Professional indemnity insurance for fund administrators can protect companies from any liability incurred if you allegedly provided poor advice, services, or designs to a client.

After 2017 the number of fund administrators in Cyprus skyrocketed. Requests for comprehensive professional indemnity insurance have also increased significantly.

Professional Indemnity Insurance in Cyprus in 2025. A complete guide on Professional Indemnity Cover in Cyprus.

Tue, 20 Jun 2023 00:00:00 +0000

Professional Indemnity Insurance in Cyprus

Professional indemnity, otherwise known as errors and omissions (E&O) insurance, protects businesses against professional mistakes regarding their company’s services.

Professional Indemnity Insurance Cyprus

Even experts make mistakes. In some cases, you might be falsely accused of making mistakes.

In any case, financial protection for legal defence costs can be a lifeline for your business.

Suppose a client sues your company for professional mistakes that allegedly harmed them. In that case, professional indemnity insurance can shield you from paying out-of-pocket costs for legal and potential compensation fees.

Professional Indemnity Insurance FAQ

Mon, 19 Jul 2021 19:00:00 +0000

Though the term was previously reserved for more mainstream professions, a 'professional' is now regarded as any person who offers specialist advice or services to another. As the definition has expanded, so has the possibility for making mistakes during work and consequently causing financial loss.This is where Professional Indemnity Insurance comes in to protect you.

1.What is Professional Indemnity (PI) insurance?

Professional Indemnity Insurance is a policy designed to protect business owners, freelancers and the self-employed in case a client claims their services were subpar and decides to sue. PI insurance is designed to safeguard service-based enterprises no matter what.

Professional Indemnity Insurance at a glance

Sat, 11 Jan 2020 00:00:00 +0000

Why become insured:

Coverage for actions or neglect arising from civil law and other existing divergences contingent on each profession.
Provisions for the protection of natural or legal persons’ reputations.
Exposure to potential clients.

Insurance coverage provided:

Compensation for third-party claims arising from the job’s negligent practice.
Third-party claims due to defamation or slander.
Breach of copyright/breach of duty/breach of confidentiality.
Defense expenses regardless of the validity of the accusation.
Potential out-of-court settlement amount.

Additional provisions:

Loss of documents
Third-Party claims due to employees’ malignant actions.
Court expenses
Extensive claims period for professional indemnity
Extensive experience in insurance underwriting
Specialized claims management, with particular sensitivity and discretion toward your business relations
Desire to build a long-term relationship of mutual trust with our clients
Leading position on a global level in the General Insurance market

The usual exclusions of our contracts relate to 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

Who can be insured:

The legal entity through which the profession is practiced
The natural person as a freelancer
Partners
Employees
Heirs of all the above

Which professions:

Lawyers – Legal companies
Accountants – Accounting firms – Audit firms
Technology companies (IT)
Telecommunications companies
Consulting services companies (Management Consultants)
Administrative services providers
Architects – Engineers – Surveyors
Advertising companies
TV and Radio stations
Newspapers and magazines
Publishing Houses
Printing companies
Graphic Arts companies
Market Research companies
Marketing & PR companies
Personnel recruitment companies
Loss Adjuster companies
Real Estate firms
Educational Organisations
Translation Companies
Outsourcing companies
Photographers

You can learn more about Professional Indemnity insurance by contacting the specialists of our company by phone 26 600 620 and e-mail info@pitsasinsurances.com.

To calculate the cost of Professional Indemnity insurance, follow the link: [Professional Indemnity Insurance](https://www.pitsasinsurances.com/en/products/professional-indemnity/)

Professional indemnity insurance

Mon, 30 Dec 2019 00:00:00 +0000

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:

Professional Indemnity insurance worldwide and in Cyprus

Thu, 01 Jun 2017 00:00:00 +0000

Professional liability insurance (PLI), also called professional indemnity insurance (PII) and commonly known as Errors and Omissions Insurance (E&O), is a form of insurance that helps protect sole proprietors and companies providing professional consulting and/or other services from the full legal and defense costs arising from the clients’ negligence (error, omission) claims and damages awarded in such civil claims. Over the past decades, this type of insurance has become widespread throughout the world and in Cyprus in particular. The lever of progress in this case, oddly enough, was the direct consumers of the services of professional specialists, who from year to year take an increasingly active position in protecting their rights and interests.

The object of professional liability insurance is the civil liability of the insured for the harm/ damage caused to the life, health and/or property of third parties in the course of their conscientious exercise of professional activity. Errors and omissions, as well as negligence committed on the part of the policyholder in the performance of his professional duties, if the harm is caused unintentionally, may serve as the basis for making claims. Professional liability insurance can take different forms and names depending on the profession.

Quite often professional liability insurance coverage includes the costs of attorneys, including if the litigation turns out to be unfounded. Insurance coverage does not include criminal prosecution or all forms of legal liability under civil Law, but only those specifically listed on the insurance policy. Forms of civil liability that are not listed in the insurance policy may be covered by other types of insurance. For certain types of professional activities, professional liability insurance is compulsory by Law.

In this article Pitsas Insurances will try to answer the most important questions on topics related to professional liability insurance, namely:

1. What are the reasons for professional liability insurance?