Notaries professional indemnity insurance

The Lithuanian Chamber of Notaries informs that since the beginning of this month, the amount for the notaries professional indemnity insurance has doubled compared with the amount provided for by the law.
“At present, the Law on Notariat provides that the minimum level of professional indemnity insurance cover is 29,000 EUR for each notary and every insured event. Consensus was reached with the insurance company to almost double the minimum insurance cover for the new insurance period”, states the president of the Lithuanian Chamber of Notaries, the notary of Klaipėda city Marius Stračkaitis.
According to him, the need to increase the insurance cover is influenced by the fact that the value of real estate transfer and other transactions, certified by the notaries, is growing.
According to M. Stračkaitis, starting from 1 October of this year, after the new period of insurance came into force, all the notaries in Lithuania will be insured for the minimum level of professional indemnity insurance cover of 50,000 EUR for each insured event. This is covered by the agreement of professional indemnity insurance entered by and between the Chamber of Notaries, the insurance company AIG Europe Limited and the insurance broker UADBB Balto Link.
Pursuing firmer guarantees to compensate the potential damage, the notaries of Lithuania may hold a voluntary civil liability insurance for the chosen amount.
The Law on Notariat provides that the notaries civil liability will be insured against damage caused by the fault of notaries, their representatives and notary office employees in the performance of the duties of notaries.