Under the terms and conditions of this insurance BULSTRAD VIENNA INSURANCE GROUP will compensate, within the agreed limit of liability, all sums that the INSURED /certified public accountant, registered auditor or auditing company/ is liable to pay under a court decision or a settlement regarding claims for material damage incurred by the Insured’s client / principal / user of financial statements during the policy period, when such damage is а direct and immediate consequence of professional misconduct or an omission to act on the part of the Insured.
The insurance also covers:
- default interest, when the Insured is liable for that interest to the injured party, in accordance with the provisions of the Insurance Code;
- the expenses awarded to the injured party in court proceedings against the Insured for establishing the latter’s third party liability, in case the Insurer has been engaged in the proceedings;
- the expenses incurred by the Insured to limit the damage, when they have acted with the required due diligence, even if their efforts have been unsuccessful.
This insurance cover is valid for the territory of Bulgaria.