Syndicates
Professional Assignee’s Liability Insurance is required for any individual who is appointed as assignee, provisional assignee, or bankruptcy trustee in a particular insolvency procedure (under Part IV of the Commercial Code) which is required to conclude it.
What coverage does this insurance provide?
This insurance provides protection against claims for compensation filed by the debtor and/or creditors due to culpable failure of the trustee’s obligations in particular insolvency proceedings under the rules of Commercial Law.
Damages are indemnified on the basis of claims brought against the insured within the statutory limitation periods, provided that they are based on a default by the insured’s liability within the term of the insurance.