Compulsory civil liability insurance of auditors and audit organizations
25 June 2011 Reading: 2 min Views: 2 732
Audit practice — is a very delicate and complex activity. No one is immune from mistakes. The only one who will be on your side in this case — is your insurance company.
By accepting our offer of partnership in insuring your liability, you make resolving your occasional troubles our constant duty!
In Kazakhstan, since 2003, liability insurance of audit organizations has been carried out on the basis of Law of the Republic of Kazakhstan No. 440-II of 13 June 2003 «On Compulsory Insurance of Civil-Law Liability of Audit Organizations».
What is accepted for insurance?
Your liability and your property interest related to the obligation, established by the civil legislation of the Republic of Kazakhstan, to compensate for property damage caused to your clients during an audit are accepted for insurance.
For what amount will your liability be insured?
The amount for which your liability will be insured is set by agreement of the parties, but it must be no less than 10 000 MCI.
How much does an insurance policy cost?
The amount of the insurance premium is set by agreement of the parties, but it must not exceed 4.5% of the sum insured.
How much will our company pay if an insured event occurs?
The insurance company determines the amount of the insurance payout based on the amount of your client's claim on the basis of a court decision that has entered into legal force on compensation for the damage caused, but not exceeding the sum insured.