More powerful guarantees of possible damage for notaries’ clients

01.10.2008

Vilnius, 1st October. From this moment notaries’ clients will be more protected from possible damage. Cooperation Contract for obligatory insurance of notaries’ professional civil responsibility, becoming effective from 1st October, which has been signed by House of Notaries of Lithuania and private stock company of insurance brokers “IIZI”, representing an insurance company of Great Britain “Association of Underwriters known as Lloyd’s”, provides that.

“From this moment notaries’ clients are more protected from possible damage in consequence of notaries’ actions. House of Notaries of Lithuania is the first association of lawyers which signed such insurance contract with foreign company”, - said Marius Stračkaitis, the president of House of Notaries of Lithuania.

Till now notaries has been insuring for obligatory insurance of professional civil responsibility in Lithuanian insurance companies, but in case these companies refuse to render them such services they have to look for possibilities to insure their lives abroad.

Law provisions of notaries’ office of the Republic of Lithuania (came into force five years ago) determine duty for notaries to insure their lives of obligatory insurance of civil responsibility for made damage to natural and legal persons, and the rules that have been confirmed by Government determination regulate it. By these law acts notaries’ clients are being protected from illegal actions of notary, his representatives or the employee of notary’s office, as a result of which damage has been found.

In accordance with the contract of the House of Notaries of Lithuania and private stock company of insurance brokers “IIZI”, each notary will have to pay annual instalment and then he will get insurance certificate. Each notary will be insured to 29 thousand euro (about 100 thousand litas) for every damage.

House of Notaries of Lithuania – it’s professional self-government association, unifying all notaries of the country, coordinating their practice, liable for advancing of notaries’ qualification and fair performance of their services, and also representing the interests of notaries’ in state institutions of power and government. There are 262 notaries in Lithuania at present.