Auditors’ and consultants’ professional liability insurance
Insurance of the auditors’ professional liability is performed in accordance with Art. 13 of Law “On Auditing activities”, although it is not mandatory. However, we strongly recommend you to acquire this policy. It guarantees compensation of damage caused by the auditor’s mistake or neglect and therefore will secure your reputation and client’s loyalty.
Among our clients are:
BDO Unicon, FBK, Balance, Marillion, Rosexpertisa, KPMG, Ernst & Young, Deloitte & Touche etc.
Our policy covers the following risks:
Mistakes in financial audits, including incorrect evaluation of compliance with the RF legislation, incorrect statement on the authenticity of financial (accounting) reporting, failure to establish significant distortions in the financial (accounting) reporting under consideration;
Mistakes in establishment, recovery or keeping of accounting records;
Mistakes in tax returns execution and accounting (financial reporting) documents not created earlier by other persons;
Mistakes in consultancy services in tax, financial, bank and other RF business legislation;
Other mistakes (as agreed by the parties), including those resulting in breach of the mandatory audit agreement by the Insured person;
Unintended loss or damage by the Insured person of accounting or financial reporting documents, tax returns and other documents received by the Insured person from third Parties during their performance of professional duties.
Insurance compensation includes:
Penalty amounts paid or due by the clients of the auditing companies to the relevant budget;
Revalidation expenses in the event of identification of incompetent audit;
Expenses associated with recovery of lost documentation;
Essential and reasonable 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:
The insurance compensation can be paid both upon the court ruling and before court proceedings as agreed by the parties.
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 0.5% - 1.5% of the selected liability limit and depends on such factors as company experience, specialists’ qualifications, company turnover, etc.
Our Contacts
If you have any questions or need additional information, please contact:
Financial and professional risks insurance department
