Bankruptcy Administrators Professional Indemnity Cheap Insurance

This policy covers the liability of bankruptcy administrators and temporary bankruptcy administrators for damage caused to all participants in the bankruptcy proceedings, in the case of culpable violation of their responsibilities stipulated by the Bankruptcy Law.

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A bankruptcy administrator can only be a solicitor, a solicitor’s firm employing a financial/economic advisor or a member of a public company registered by the court for performing bankruptcy administration activities.

The activities of the bankruptcy administrator are overseen by the bankruptcy judge, council of creditors and assembly of creditors, authorised to request information or reports on the state of affairs or business operations at any time.

Upon conclusion of the administration proceedings, the bankruptcy administrator shall, on the debtor’s behalf and for the account of the bankruptcy estate, cash in the debtor’s assets and use thus collected funds to settle the costs of the bankruptcy proceedings, and pay the remaining funds into the national budget. The bankruptcy administrator submits reports on all performed activities to the bankruptcy judge.

Factors for determining the cheap insurance premium.

The cheap insurance premium is based on:

• the bankruptcy estate size
• the receivables to bankruptcy estate ratio
• the cover limit (sum insured)
• the scope of cover (deductible)
• other factors as per Premium Tariff

The basic sum insured is USD 335,000 per loss event. You can save with annual car or cheap auto insurance bill.

A separate insurance policy may be taken out to cover insured events occurring outside the Republic of Croatia. In such cases, conditions and premium are determined by the Company Management.

With the appropriate correction of the premium, it is possible to conclude an insurance policy with a lower or higher sum insured.

The basic premium also includes liability for pure financial loss of up to 25% of the agreed sum insured. A higher percentage for pure financial loss insurance can also be purchased with the relevant premium surcharge.