This insurance policy covers the professional liability of the person named in the policy (e.g., lawyers, notaries, receivers, accountants, doctors) in relation to: all amounts, not exceeding the agreed limits of compensation, which the insured is legally obligated to pay as compensation for damages caused to clients, as a result of culpable failure to fulfill professional duties (including negligence, errors, and omissions) in accordance with current regulations. Damages are established on the basis of claims submitted for the first time in writing during the insurance period, provided that the events on which the claims are based occurred within the Republic of Bulgaria after the start date of the insurance or after the retroactive date entered in the policy (if such is agreed).
The insurance covers property and non-property damage to other participants in the construction or to third parties, as a result of the professional activity of the insured in the design and construction. This insurance is mandatory and is entered into in accordance with the requirements of Art. 171 of the Spatial Planning Act.
The following may be insured:
- Designers - For the development of investment projects;
- Builders - For the complete implementation of the construction or individual types of construction and assembly works;
- Consultants - For the assessment of the compliance of the investment project with the essential requirements for construction and/or for the exercise of construction supervision;
- Persons exercising construction supervision - For constructions of the fifth category, in cases where supervision is performed at the request of the client;
- Persons exercising technical control under the "Constructive" part of an investment project for which a compliance assessment has not been performed by a consultant;