Protection of auditors' property interests in case of liability for damage caused by poor performance of their professional activities or failure to perform them at an adequate level

INSURANCE EVENT

The occurrence of liability of the insured for damage caused as a result of poor performance of professional activity or failure to perform it at an adequate level.

EXCEPTIONS TO THE INSURANCE EVENT

The following events are not considered an insured event:

a) any acts of war and their consequences, effects of mines, bombs, other weapons of war, civil disturbances and insurrections, terrorism, confiscation of property at the behest of military or civil government and any political organizations , be requisitioned, seized, destroyed or damaged;

b) nuclear explosion, radiation and radioactive poisoning;

c) actions of the policyholder or the beneficiary aimed at the occurrence of the insured event, including their deliberate actions in collusion with each other;

g) application of administrative penalties to the policyholder by government agencies as a result of the insurance event;

j) the occurrence of liability arising from any agreement other than the appraisal agreement concluded with the beneficiary, in which the insurer assumes obligations for the loss, and in the absence of which the legal liability of the insured does not arise;

z) non-performance of the work by the insured or violation of the established terms of the work being performed;

k) carrying out professional activities not provided for in the license or without a license or without a valid license;

l) withdrawal, confiscation, requisitioning, arrest or destruction of materials used in the evaluation according to the order of state bodies;

m) adoption of a legal-regulatory document requiring a mandatory assessment of a certain object of assessment according to a certain type of value;

n) loss of documents provided to the policyholder in the course of his professional activities, etc.

TERM OF INSURANCE

 One year

PAYMENT OF INSURANCE INDEMNITY

   When the beneficiary makes a claim about the damage caused, with the consent of the insurance company, he must obtain an expert assessment and official explanation of the disputed issues from the competent authorities and involve qualified experts to consider the claim.

The fact and amount of the loss must be confirmed by a court decision.

The insurance compensation of the company shall be made to the insured/beneficiary within 15 (fifteen) days after the signing of the deed on the insured event.