Public Commission Agents Professional Indemnity Cheap Insurance

This type of policy provides protection from the risks of liabilities for damage the insured may cause to parties in distraint proceedings, if they have culpably violated any of their responsibilities stipulated by the Distraint Law.

In accordance with the rules of professional conduct, the commission agent is obliged to take over, classify, keep, insure, maintain and display movable property, give information thereon, advertise its sale, sell it and handle thus received financial assets.

Movables are dispatched to the commission agent as per bailiff’s order.

In specific matters of distraint over movable property, the public commission agent’s activities are supervised by a distraint arbiter who is in charge of the proceedings in that particular matter.

Insured events under these conditions include a failure or error on the part of the insured, in relation to performing their activities conscientiously and accurately, i.e. expertly and professionally, resulting in damage claimable by the injured party. An insured event has occurred when the insured has culpably violated any of their responsibilities stipulated by the Distraint Law.

This type of cheap insurance does not cover liabilities for the failures or errors which were known at the time of entering into insurance contract or could not remain unknown to the parties involved in the proceedings.

Failures or errors are considered to be known if the insured has established or found out about them before the submission of a claim by the damaged party.

In case of doubt, the failure or error are considered to have happened on the day when measures should have been taken in order to prevent the damage.

Sum insured, reduced by the agreed deductible, is the upper limit of the insurer’s obligations per insured event, regardless of the number of damaged parties, and amounts to USD 1.500,000, unless otherwise stipulated by the contract (minimal sum insured).

The cheap insurance contract is valid if, at the time of loss occurrence, the public commission agent had a valid work permit issued by the relevant authority.