Professional Indemnity Insurance for Auditors and Auditing Companies

The subject of insurance is the liability of auditing companies and independent auditors for damage caused to third parties while performing auditing activities. This type of insurance covers the liability of the certified auditor (company or independent) for damage caused to a legal entity based in the Republic of Croatia.

Insured events include each individual case of failure to provide legal protection or error causing damage to third parties.

A failure or an error is considered to be known when the insured has established or found out about it before the submission of a claim by the damaged party or an announcement of such a claim being submitted.

SUM INSURED

For damage that an auditing company or an independent auditor may cause by performing auditing activities, a minimal coverage amount per loss event is HRK 300,000.00.

For damage that an auditing company may cause by performing audits of banks, pension and investment funds and insurance companies, a minimal coverage amount per loss event is HRK 3,000,000.00.

For damage that an auditing company with only one certified auditor employed may cause by performing auditing activities, a minimal coverage amount per loss event is HRK 100,000.00.

The above mentioned insurance amounts represent coverage limits stipulated by the Auditing Law.