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November, 16 2018
November, 15 2018
Professional Liability of Lawyers
As of January 2010, Professional Liability Insurance is a legal mandatory requirement for the renewal of a lawyer’s license.
According to the Cyprus Bar Association’s recent instructions, your insurance policy must begin on January 1st and end on December the 31st of each year.
Before the renewal of your insurance policy:
- Make sure that you are insured with a reliable company, which is able to meet your needs.
- If you practice Company Law, make sure that the company that provides you the Professional Liability Insurance Policy is in a position to offer you a Directors and Officers policy which covers the liability of directors & officers nominated by you in private companies.
- Confirm that your insurance policy, covers other relevant coverages (for instance registration of companies).
- Be sure that your insurance policy, offers coverage for loss of documents and libel. Some Insurance Companies include this coverage in their basic insurance policy, while in others can be added for an additional premium of low cost.
- Make sure that your limits of liability (and the various additional limits of liability offered, ex. loss of documents), serve your legal practice and / or your law firm΄s true needs.
- Confirm that you are insured for the liability for which you appear before court. Many lawyers who work independently under the same roof, or work independently in the same building, make the mistake of requesting to be included under the same insurance policy in order to obtain a cheaper insurance fee. In this case, the insurance is issued in the name of one of the lawyers of the group and the remaining members of the group are declared as his employees. The Cyprus Bar Association, might renew the professional license of all lawyers that are members of this group. However if legal action is taken against one of these lawyers, the Insurance policy will only cover the lawyer in the name of which the insurance policy is issued and his/her true employees. Thus, the remaining members of the group might be exposed to liability.
- If you decide to change your Insurance Company that provides your professional liability, ensure that your new insurance policy offers retroactive coverage for the entire former period, during which you were insured by the former Insurance Company. The retroactive coverage, in the case there was constant / uninterrupted insurance coverage by another Insurance Company and no claim has been filed, is usually given free of charge if so requested. If this is not the case, you will be exposed, as in the case of a claim against you, which arose during the period that you were insured by the former Insurance Company, none of the two Insurance Companies will compensate you.
For further information, offers or for setting an appointment, please contact us. We will do our very best to provide you with reliable and affordable solutions.
In case that you send us your present insurance schedule, we will be able to inform you in a short period of time about the new pricing, based on your present insurance policy limits.
If you complete the short questionnaire that is attached, we will be able to make a suggestion about the insurance policy that best meets your specialized needs.
Licensed Insurance Consultant
Registered Member of the Cyprus Insurance Institute
Tel.: 99-422008 & 22-251818