OREANDA-NEWS. August 31, 2009. Chelyabinsk branch of ROSNO’s Ural Directorate has concluded a voluntary liability insurance contract with VneshEconomAudit Ltd. specializing in audit and consulting services. The contractual insurance amount is 30 mln. roubles, reported the press-centre of ROSNO.

The liability insurance contract has been concluded in favour of the clients of VneshEconomAudit Ltd. who had signed contracts for appraisal services. Under the contract, the insured accident is constituted by factual infliction of damage to the appraiser’s customer resulting from violation by the appraiser of the RF legal provisions regulating appraisal activities, and of the federal appraisal standards set by the self-regulating organization of appraisers, whose membership was held by the appraiser at the moment when the said damage was inflicted.

"Insurance coverage of appraisal activities is required by the RF legislation", comments Mr. Sergey Solov’ev, head of the appraisal division of VneshEconomAudit Group. — "And insurance contract is necessary for both parties: appraisers and their clients. By insuring its operations for a large insurance amount, the appraiser automatically upshifts the degree of its liability and raises its status. Besides, presence of a liability insurance policy is one of the conditions required for provision of necessary accreditations. In its turn, the customer can be confident that the rendered services will be professional, and that the risks will be minimized".

Mr. Vladimir Epifanov, Deputy Director of ROSNO’s Chelyabinsk branch, in his turn, emphasizes: "The major problem existing today in the market for professional services (such as audit, legal advice, medical aid, realting, etc.) is the absence of an effective arrangement for compensation of damage inflicted as a result of unintentional errors or negligent acts. The list of such cases is quite extensive: from lost documents to serious damage to people’s life and health. In all developed countries such problems have for a long time been solved through professional liability insurance, whether in obligatory or voluntary forms. In accordance with the terms of professional liability insurance, the insurance company reimburses all material losses arising due to negligence displayed by specialists in course of performance of their job duties. On the one hand, this makes consumers more confident, and on the other hand, it secures financial independence of the contractor".

The contract has been concluded for one year and can be extended.