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Valuators’ professional liability insurance

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Valuators’ professional liability insurance is performed pursuant to the Federal Law “On Valuation Activities in the Russian Federation”. Our policy provides you with the insurance protection against claims of damage caused to third parties including customers suffering from valuators’ professional mistakes and negligence.  

Object of insurance:

• Complete professional liability or a particular item valuation agreement.

Insurable risks:

• Mistakes and negligence in valuation resulting in the distortion of valuation results;
• Measurement and calculation mistakes;
• Unintended loss or damage of documents obtained from third parties for object valuation;
• Unintended disclosure of information obtained for object valuation in cases other than when prescribed by the RF legislation.

Insurance compensation includes:

• Actual damage caused to third parties’ property interests;
• Benefit loss by third parties as a result of taxes overpayment caused by increased taxable base cost;
• Expenses associated with the preliminary establishment of insurance events’ circumstances and the extent of the Insured person’s guilt, as well as extrajudicial protection of the Insured person’s interests in the event of such claims being filed against him including expenses for experts’ services;
• Costs associated with the court and legal proceedings on the presumptive insurance events, including lawyer’s fees.

Insurance terms:

• Ingosstrakh Insurance Company represents your interests throughout the claim examination process. Legal defense can be provided either by Ingosstrakh lawyers or independent lawyers, whose services are also paid by Ingosstrakh.
• Concluding an insurance agreement with Ingosstrakh you determine the limit of liability - the maximum insurance compensation amount to be paid by Ingosstrakh in insurance events. If you are not sure as to which limit to choose our specialists will give you recommendations.
• The average insurance premium amounts to 0.2% - 1% of the selected liability limit and depends on such factors as types of valuation activities, work experience and specialists’ qualifications, company turnover, etc.