Lawyers Professional Liability Insurance covers lawyers because of any act, failure or error committed during the practice of the legal profession in Cyprus exclusively based on the Cyprus Law.
This insurance has been developed in line with the requirements for advocates’ compulsory professional indemnity insurance in accordance with the advocates law (amending) no.(2) of 2009, as per the decision of the Cyprus bar association and at the same time can be customized to meet your particular needs.
The insurance shall cover the Advocate himself/herself, the Lawyer’s company or partnership, his/her ex partners, the shareholders of the Lawyers’ Limited Company (LLC) of which he/she may be shareholder, the trainee advocates at his/her firm or of the company, the employees and the representatives of both him/her and the company.
In addition, the definition of the Insured Person shall comprise of:
- the predecessors of the Insured Person at the law office or company
- any other person or persons who become partners or shareholders during the insurance’s period of validity
- any person employed by the Insured Person for the conduct of any work on behalf of the Insured Person
- any service provision company, management company or trustee company belonging to the Insured Person at the time the claim was created
- the administrator or legal personal representative of any deceased or legally incompetent Insured Person
A. Minimum Insurance Amounts for third party claims
(a) €170.860 for every claim
(b) €341.720 for every Insurance Period
B. Minimum Insurance Amounts for Defense costs
The Minimum insurance amount for defense expenses is set to €25.630 in addition to the Insurance Limits referred to herein above Geographical Limits/ Court Jurisdiction
European Economic Area for the legal profession exclusively based on the Cyprus Law Extension of Insurance Period:
In case the Insured Person fully terminates his/her activities, he/shall have the right to request extension of his/her insurance coverage for a further period up to two (2) years.
The insurance company should be bound to provide the relevant coverage.
- Law Firms
- Law Partnerships
- Present and former Partners
- Trainee Lawyers