OREANDA-NEWS. On 20 July 2009 was announced, that Oranta National Joint-Stock Insurance Company offers a new product—professional liability insurance for customs brokers.

Oranta launched this product due to a high demand for it on insurance market. The demand, in turn, is conditioned by the fact that the state toughened the control for customs operations and obliged customs brokers to have professional liability insurance. The Customs Brokers Association claims that in 2008 customs brokers across Ukraine were fined for an amount that makes up 1.3% of all their customs brokerage.

According to the insurance program terms, the Company takes responsibility for the unintentional damage to a third party caused by customs brokers' professional activity.

Both a natural person who independently prepares customs documentation and a legal entity can become holders of this policy.   An insured must have a relevant certificate from Ukraine’s Customs Service (the certificate is valid for 5 years) and be registered in the Customs Brokers Register. The sum insured can not be less than UAH 34,000,000.

The policy covers damages caused by an insured to a third party due to an unintentional improper customs control or incorrectly filled out customs documents on condition that the third party's damages are well-founded and judicially proved.

Currently Oranta offers the following types of professional liability insurance:

- professional liability insurance for notaries;

- professional liability insurance for customs brokers.