In accordance with Art. 50 of the Bulgarian Bar Act of 1 Jan. 2005, the insurance of Professional Indemnity of Lawyers is mandatory for all persons with a lawyer’s practice.
BULSTRAD VIENNA INSURANCE GROUP has developed and presented for approval to the Supreme Bar Council the respective General Conditions, limits of liability and method for calculation of the insurance premium under the insurance of Professional Indemnity insurance for Lawyers.
Based on an analysis of the terms and conditions offered by all insurance companies, the Supreme Bar Council issued the opinion that the terms of BULSTRAD VIENNA INSURANCE GROUP were among the three most attractive offers on the insurance market. For us at BULSTRAD VIENNA INSURANCE GROUP this opinion commends best our product, the insurance policy for Professional Indemnity of Lawyers.
Main parameters of the policy
Basic cover: BULSTRAD VIENNA INSURANCE GROUP indemnifies lawyers, junior lawyers and law firms for claims brought against them regarding material damages which represent a direct and immediate consequence of breach of professional duty as defined in the Bar Act, the Code of Ethics and the Ordinances of the Supreme Bar Council, as well as breach of responsibilities on the part of the assistants at the law firm.
Additional cover: In consideration of additional premium payment, cover is also provided under the conditions of this insurance for all costs and expenses incurred for investigation, legal defense or negotiation of claims settlement, as well as related legal costs.
The sum insured (limit of liability) is fixed per insured event and as a total limit of liability in aggregate for all occurrences within the period of the insurance policy. The minimum sum insured offered by BULSTRAD VIENNA INSURANCE GROUP and required by the Supreme Bar Council is BGN 20,000 (twenty thousand).
- The sum insured under the additional cover cannot exceed by more than 10% the limit of liability in the aggregate specified in the basic cover.
- The sum insured for the assistants at the law firm will be within the amount of the sum insured agreed for a lawyer/junior lawyer.
The insurance premium is determined as a percentage of the selected sum insured and depends on:
- key aspects of the lawyer’s practice (notarized transactions, civil court cases, commercial court cases, criminal court cases, legal analyses, consulting services, etc.)
- the work experience of the lawyers/junior lawyer (or date of establishment of the law firm).
For more information, please call the office of BULSTRAD VIENNA INSURANCE GROUP in your area (information on the telephone numbers of our offices is available here).